Closing Time

Just like that seminal song by Semisonic, sooner or later there will always be closing times to important events in your life. School graduation, marriage, birth of children or buying or selling your home are all important events. One chapter is closing and another is opening before you.

When you really think about it, major changes in your life also bring about new opportunities. School graduation = employment opportunities, marriage=lifetime of love and adventure, buying or selling your home= a chance to put down roots in a new location. My neighbour came over to talk with me this morning to tell me that they were selling their place. For one the timing couldn’t be better for them as the market is suffering from a severe lack of supply. The flip side is that I am going to miss seeing them every day as I have for the past dozen or so years.

The one thing constant in life is change, it’s how we adapt to those perpetual changes that will really set us apart. So roll with the punches as no two days are exactly alike.

“Everyone thinks of changing the world, but no one thinks of changing himself.” -Leo Tolstoy

Today I am thankful for the friendship that we have developed over the past dozen years, the excitement that new adventures bring and to be thankful that we met not sad that they are leaving as we will stay in touch.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

Chattle Mortgages

Most people are familiar with traditional mortgages on your average home, however chattle mortgages are loans secured against movable pieces of personal property. In this instance we will be taking about mini homes or most commonly called trailers. Now when they are on their own land and on a foundation they are as easy to finance as your average home. However often is the case people purchase them in a park where they will also be leasing the land where said mini home sits.

There are specified loan programs offered by many lenders that are part of CMHC’s chattle loan insurance program or CLIP. This allows you to purchase the mobile home in a park with as little as 5% down payment. This is available for new or existing mini homes that meet CSA standards. Contact me to see how this program may help you become a homeowner.

Today I am thankful for a great long Sunday run, overcast weather so I was not dehydrated when I finished and a big Sunday breakfast once I jumped out of the shower.

“I don’t know what I did in this life to deserve all of this. I am just a girl from a trailer park who had a dream.” Hillary Swank

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

Your Vacation Home

It’s that time of the year when we all wish we had vacations properties to go to for the weekend. Stick our feet up and relax and get away from it all. However truth to be told is that you can can purchase a vacation or second property now and with as little as 5% down payment.

You must meet normal debt service requirements and the property must be owner occupied or occupied by an immediate family member on a rent free basis. But the big thing is that it’s possible and no more hunting for the ideal Airbnb or other rental as you now have your own property to call your own.

The property can be up to 1M but must be accessible year round so no cottages that are only accessible in the summer or not winterized. Contact me so I can help you make your second home or vacation home dreams come true.

Today I am thankful for rain that held off so I could get my regular Saturday bike ride with friends, the fresh morning air minutes from the city and seeing wildlife along the route.

“Everyone can identify with a fragrant garden, with beauty of sunset, with the quiet of nature and with a warm and cozy cottage.” Thomas Kinkade

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

Bitter End

So last night I stayed up and watched 3 periods of the Canadiens vs Las Vegas. At the end of regulation it was a tie game 2-2. Given it was about 2 hours past my normal bed time, I hit the sack before the start of the overtime period. Not realizing that it was only going to last a minute and 45 seconds.

Anyway mortgages like important hockey games, you have to stay till the bitter end. In terms of mortgages, all is not said and done until the client gets the keys. So if your mortgage transaction is a purchase make sure all supporting documents are in and signed off by the lender before you waive your financing clause. Get everything done and signed off and complete and have the keys in the door before you celebrate. The period between getting all the supporting documents accepted and getting your keys is important as it’s not done till you have your keys. So ask I have said in a prior post, don’t quit your job, or take on new debts while going through this process.

Today I am thankful for a chance to watch my childhood favourite team play for Lord Stanley’s Cup, my son graduating grade 9 and for all the donations that I received yesterday to help me reach my fund raising goal.

“Starting strong is good. Finishing strong is epic.” Robin Sharma

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

90 Days History

This is just a short post to remind you that when applying for a mortgage the lender will require 90 days history to show your down payment. If you have more than one account, then 90 days from all your accounts. This is to prove that you did not borrow it and also did not obtain it through nefarious means.

A word of advice about your bank statements, redacting anything on the statements will cause them to be rejected. Honestly the potential lender does not care if you purchased medicinal marijuana or spent your last pay check at the strip joint, both are legal. You are potentially borrowing hundreds of thousands of dollars, everything will be checked and double checked.

Today I am thankful for reminders for appointments so they will not be forgotten, my girls who were rock stars on their exams and waking up to find out that my team had won the nigh before.

“It is well enough that the people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

Closing

This is all there is today. Enjoy your closings you lucky people who won the bidding wars. Closing can be tedious but in the end it’s worth it.

Today I am thankful for deals that are closing, new opportunities on the horizon and the possibility of travel again this summer.

“A chaque oiseau, son nid est beau”. “To every bird, it’s own nest is beautiful”. Translated from the original french quote.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

Creating your own down payment

Normally down payments can not be borrowed. However there are a few ways around this legally and ethically. So let’s first state that the down payment must be in your possession for 90 days and you must be able to provide bank statements to support that.

  1. You can borrow it from an existing line of credit. This should not be from the same source that is providing your mortgage, and you must be able to debt service for the payment.
  2. It can be gifted from a blood relative. A gift letter is required and you will then need to provide a statement showing that you are in possession of the funds.
  3. You can borrow it from your RRSP’s under the Home Buyer’s Plan. For a single applicant this amount is up to 35K and for a couple it is 70K. This is a tax free withdrawal and you have 15 years to pay it back.

However there is a better way to do the last step, and it’s best to start it as tax season is kicking off in February. Firstly consult a certified financial planner to find out your unused contribution room. Determine how much you need for your down payment. Take out an RRSP Loan for the amount of your unused contribution room. Then put this money in your RRSP for at least 90 days. Record this RRSP contribution on your tax return to get a refund. After the 90 days have passed take out the money from your RRSP and repay the loan. Lastly use your tax refund for your down payment.

Today I am thankful for the ability of exercise to clear my head, quiet early mornings while everyone else is still asleep and getting a peek at British farming life on the new Amazon Prime show Clarkson’s farm.

“Agriculture is our wisest pursuit, because it will in the end contribute the most to real wealth, good morals and happiness.” Thomas Jefferson

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

New House or new car?

The good weather if finely here and also now that phased reopening plans have started, this means that more and more people are out and about. I have noticed lately that lots and lots of people are shopping for a new vehicle, this is also coinciding with our current hot real estate market where it seems that everyone is also shopping for their first home or their dream home.

However I must caution you that as nice as those new wheels are, I would hold off on that purchase until after you have closed on your home. This is because that for every $400 in vehicle payments, it is effectively taking away $100,000 worth of purchasing power for your home. In the way that real estate has risen in the past year this is more like 200K as what was selling for 400K last year is now selling for 500K.

Finding out that your significant other is expecting does not mean that the 1st major purchase should be a mini van. Get the house sorted away first, keys in the door and closed BEFORE you even consider getting the vehicle. Just because you have received your mortgage approval does not mean that you can now put appliances on credit or finance a new vehicle. Lenders do a soft credit check prior to closing and if anything has changed prior to closing they will pull the financing. If a new vehicle is absolutely necessary prior to getting your home, buy used, buy cheap and pay cash.

Today I am thankful for another beautiful Sunday morning run on the trail, my favourite team sill in the hunt for the Stanley Cup and prospects who call on the weekend cause the banks are closed.

“Waiting is painful. Forgetting is painful. But not knowing which to do is the worst kind of suffering.” Paulo Coelho

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

Appreciation

Appreciation is the gift that keeps on giving. It is commonly said that people will do more for honest and sincere appreciation than they will for monetary compensation. Placement firms know this as it is challenging to entice someone away from a position where they are paid well and appreciated.

Another example of appreciation at work, my brother wanted to treat his staff to a surprise as they have all been working hard during the latest phase of the pandemic. He reached out to my daughter who loves to bake and asked her to make homemade cupcakes with buttercream frosting. The staff really loved them and to further pass on the appreciation he increased the rate that he had promised to pay my daughter for the cupcakes by 50%.

“Be thankful for what you have, you’ll end up having more. If you concentrate on what you don’t have, you will never, ever have enough”. Oprah Winfrey

Today I am thankful for my referral partners who continue to think of me to assist their clients with the biggest buying decision of their lives, I am thankful for my underwriters who in-spite of being over worked continue to be pleasant in all our interactions and my appraisers who are also working 12-15 hour days to meet the lenders demands continue to do it with a smile at least I feel that on the phone.

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here

Friends and Family

If I had friends or family opening a business I would support them. If it was a restaurant, it would be my restaurant. If friends opened a bakery it would be my go to bakery. The same could be said if someone opened a garden centre ( yes my family have a garden centre) a plumber, eletrician or even a mechanic. They would all be my go to people.

However there a few careers that make it difficult to deal with people you know. Chances are you may not go to confession if you grew up with the priest in question. You may not go to the shrink who is a member of your family. Sadly also people find it difficult to go the mortgage broker who is a member of the family or a close friend ( some cases but not all).

You see in each of those three cases you are getting really personal details about the other person. Even though the information does not go anywhere other than me and the bank, I do understand. There are no hard feelings and if a close friend or relative doesn’t want me to look at their personal financial details and their credit report I will gladly refer them to a colleague that I know and trust.

Today I am thankful for my Friday calls with my family and how close we have become over the past year, my daughter who loves to bake and has an order to make cupcakes for a client, the gentle reminder that I forgot to change my voice mail.

“Family and friendships are two of the greatest facilitators of happiness.” John C Maxwell

I look forward to hearing from you in regard to your mortgage needs.

Patrick

p.s- You can click on this link to start the process whenever you are ready. Schedule your meeting with me here.

p.s.s- I should tell you that I am licensed in Nova Scotia, Ontario(M18001555) & in British Columbia(BCFSA #504098).

p.s.s.s You can download my new mortgage app here