Dig deep!

Often with clients it’s necessary to ask them tough questions about their personal and financial situation. This is because we need to know in advance of sending their file off for approval if there are any possible roadblocks or issues that need to be addressed. You see I would prefer to know of anything that may prevent the client from getting approved so it can be dealt with prior to getting any surprises from a lender.

Getting to know my clients and getting as much as possible upfront allows the process to be much smoother for the client, the broker and the lender. Sure there are lenders who will approve files with just the application and the credit bureau but why run the risk of getting into trouble as you move toward funding.

In most cases this is the largest financial decision of your lives. So dealing with a competent broker is in your best interest. So if you have had past bankruptcies, consumer proposals, was married but now divorced, gifted down payment, co signed a loan for a friend or just started working for your self. These are all things that could impact your ability to get a mortgage.

My goal is to help you get into your first home or your dream home. Getting to know the real you is part of the process to making this happen.

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

Pat

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).

#TuesdayVibe

Well after several months of mortgage rates going down, they turned the corner and started going back up yesterday. As fixed mortgages are tied to bond yields, they hit a 10 month high on Monday with the 5 year bond closing at 0.67% forcing lenders to pass the increase on to borrowers.

The bond yields are increasing because there is belief that the US inflation with rise much quicker than initially expected. Thus taking our Government of Canada bonds up with them. While I have no crystal ball, we have been very fortunate lately with our current rock bottom fixed mortgage rates. Nothing stays low forever, so if you have been on the fence about buying a property then now is the time to get pre approved and lock in your mortgage rate in advance of future increases.

While these increases have only affected fixed mortgages. The variable rate is based on Bank of Canada Prime Rate. Which after their last meeting in January 2021, they kept their overnight rate at .25% and said that it will likely stay unchanged till 2023. So if you are comfortable with a variable rate, and 9 times out of 10 people have saved more money that way, then I would highly suggest sticking with a variable rate mortgage. As an added bonus even if you every break it, your penalty is only 3 months interest vs a much larger penalty for breaking a fixed rate.

Irregardless of slight changes in the 5 year fixe rate, don’t forget that to get a mortgage these days that you must qualify based on the 5 year posted rate of 4.79%. Also known as the stress test. So while your overall potential payment may have increased by a small amount your buying power remains the same.

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

Pat

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).

Plan Ahead!

As the common expression goes ” If you fail to plan, then you plan to fail”. Since today is Sunday, it is the day the highly organized plan for their upcoming week. Athletes that I know call this meal prep Sunday where they prepare the meals for the upcoming week so it’s just one less thing to worry about during the week. They also plan their training for the week ahead.

Burnout is just another way of saying decision fatigue. You get to a point in your day where you are mentally spent from having made too many unplanned decisions. Steve Jobs notoriously wore the same outfit so it was one less thing that he had to decide on for his day.

Start slowly by planning what you will be wearing for the next day by laying it out the night before. I have been doing this for years and it saves a lots of time. Then if you are so adventurous plan the start of your morning. Including the time you will get up, your morning meditation or exercise routine, meal then right up till you start work.

By planning your day, it will make it easier for you to hit the objectives for your week, your month and your year. What every your objective it, plan ahead and break it down so it is more obtainable.

If your plan is to buy your next home, your dream home or refinance your current home let me know as I would love to help you reach your goal.

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

Pat

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).

Work in progress

Let’s face it, we are all in some way or another a work in progress. Always striving to improve and better ourselves. We want to be in better shape, make more money, have a better relationship, get out of debt, learn a second language, travel the world or better yet learn more and faster.

If you believe you are the way you are and nothing can change that, you need to read Mindset by Dr Carol Dweck. We all have the capacity to grow and improve, you just have to learn the right strategies.

You want to run a marathon, start by walking, then jogging then running short distances and build up from there. The best way could be to do it for a good cause like this one.

You want to make more money, focus on being excellent at what you do now. Excellence has a way of getting noticed and getting promoted.

Want a better relationship, love yourself first then treat others how you want to be treated.

You want to get out of debt, you need YNAB. Nothing is better at helping you get in control of your money.

If learning a second language is on your list, consider starting with Duolingo. It’s great and helping me keep my french alive.

If traveling the world is on your bucket list, I would seriously wait until our current COVID-19 pandemic is behind us. In the mean time you can go to the local book store and start picking up travel guides.

This one is easy if you want learn more and faster, then stop watching tv and replace that time with reading. Start with a few pages or 15 minutes a day and go from there. Pretty soon you are reading a book a week. There is nothing better.

Now if you want to get into first home or your dream home, then I am your guy. In my 19 years of doing this I have encountered almost every type of scenario.

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

Pat

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).

Take your pick!

The worst kinds of calls to get as a mortgage broker is when someone calls and asks for your best 5 year fixed rate. My answer typically is that it depends. Although I know what the rock bottom 5 year fixed rate is for that particular day, there is no guarantee that is what they will get.

You see after 30 seconds of being on the phone with someone I don’t know their credit, weather they are buying or refinancing, if the transaction would be high ratio or not and if they are self employed and require a stated income mortgage. All these things are required to determine what rate you will eventually receive.

Judging a mortgage by it’s rate is like shopping for a vehicle based solely on the horsepower. There is so much more to consider. This is why when working with a client I need all the documents upfront upon application so we can together find the best mortgage product that meets their needs.

The best rate comes with the best product that meets my clients particular needs at this particular time in their life. Sometimes is 12% , or 4.99% or even better 1.54%. Every situation is different so it’s best to get to know you so together we can find what works best.

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

Pat

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).

Just good enough is NOT good enough!

Sure just getting a passing grade will probably mean that you will graduate high school but just scraping by is not a recipe for success in life. I am sure there are many careers for you if you just want to put in your time, get a pay check and drink with your buddies.

You wouldn’t want the doctor who barely passed med school to operate on you. The lawyer who squeaked by the bar exam to represent you in court. The accountant did the minimum requirements for their CA designation to prevent you from getting audited.

Let’s face it if you have a tooth ache you don’t try to do your own dental work. We all know what it looks like if you cut your own hair ( for those lucky few who still have lots of hair). There are many back yard mechanics out there but I wouldn’t go to them if my vehicle needed serious repairs.

The same applies to your mortgage. It’s because there are lots of brokers and lenders out there that you need to work with someone who will help you sort through it all and find the best product that meets your particular needs. Be aware that shopping for rate alone may come back to haunt you when you find out your lender doesn’t have a portability clause, or calculates your penalty on posted rates or that your mortgage is locked in and closed and you can only break it with the power of sale.

“We are what we repeatedly do. Excellence then, is not an act, but a habit” Will Durant 1926 ( Sorry not Aristotle folks)

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

Pat

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).

One of “Those” Days!

Let’s face it we all have one of those days where we just have to put on our big boy or big girl pants and put one foot in front of the other and just keep moving forward. It happens to the best of us. Just know that I am right there with you.

Together we will get there.

‘Vires adquirit eundo’ from Latin meaning we gather strength as we go.

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

Pat

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).

It’s all either marketing or sales

If you really think about it, everything you do is either marketing or sales. If you are married, you have made a sale. If you are single and on a dating platform then you’re marketing. If you employed for someone else then you have made a sale to get hired. If you are self employed then you are marketing for new business.

We are either selling our selves or our services. But when you actually come to think about it, it is much more enjoyable buying than being sold. When you know exactly what you want it is so much easier to say no to everything that is not in alignment with your goal.

My goal is to provide my clients with the information that they require so they can make their own informed decisions about one of the biggest commitments of their lives. There are hundreds of lenders and thousands of different mortgage products available to choose from. So it’s safe to say that together we can find a solution that is as unique as you are.

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

Pat

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).

Best Real Estate Apps for 2021

If you are in the market to buy your next home there is a very good chance that you also have a smart phone in your pocket. So here is a list of the apps that you should have to make your house hunting a little bit easier.

Let’s start with the most popular app Realtor.ca. It will help you whether you are looking for your dream home, next home or your investment property. This app with help you with your real estate search from coast to coast.

This one is pretty cool. Try Zolo.ca. It says that it is powered by MLS and that it’s listings are updated every 15 minutes so you will know when that hot property hits the market. Experience is similar to Trulia & Zillow which are huge in the US. However if you live in Manitoba or in Quebec you will be out of luck for the moment.

This one is my personal favourite, Viewpoint.ca. Everything you wanted to know about finding the perfect home in Nova Scotia. Sorry rest of Canada. I have used this app to look up comparable sales, to tax assessed values and previous sales prices. Find your perfect neighbourhood and the map will tell you what’s available and what has sold recently and for how much.

My go to app for calculating mortgage payments on fly is Canadian Mortgage App. If I am not in front of my computer then this what I use. Pre qualify ( not the same as a pre approval) for the property that you looking at based on your debts & income. Find out what your payments would be on the house you just looked at or the new listing that just popped up.

Let’s just face it we don’t all have the same sense of style regarding interior design. That’s why Houzz is great. They are billed as the social networking site for home improvement, interior design & architecture. Lots of great DIY ideas and tips to improve that house to make it your dream home.

Last but not least, you are going to need to sign some documents to close on your property. I will give you three options here. I use Zoho Sign, as the rest of my business is run on Zoho. Other brokers I know use Sign Now and then there is Docusign.

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

Pat

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).

Not created equal

Sometimes when things appear similar on the surface are in fact vastly different. My twin daughters for example, both extremely smart but couldn’t be more different. My 5K run vs your 5K run, yes the distance may be the same but you could be training hills while I am running flats. My Nissan Pathfinder vs my friends Pathfinder, same vehicle but two different dealership experiences and reliability histories.

The same can be said about your mortgage experience. Even when rates are similar, lenders can vary widely with pre payment privileges, qualifications and credit guidelines. This can also apply between brokers and with the same lender. This will all have to do what process they use.

If the bank and or broker that you are using has gotten you approved without requesting your income confirmation or reviewing all your documents then they have given you a disservice. There is a reason why I don’t post rates on my website it’s because every situation and every client is different. The best way to ensure that they’re no surprises for myself or the client is to obtain all the potential documents upfront and throughly review them prior to submission.

I like to have as little stress as possible in the whole transaction for all involved. So going over everything upfront prevents that from happening and provides a much simpler funding for clients, brokers and lenders.

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

Pat

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).