The path of least resistance

I just love this quote, and really rings true when we are talking about your mortgage renewal. This is because it is so easy just to sign the mortgage renewal from the big 5 bank and get back to your day. Other than signing the renewal statement you don’t have to do anything else. However what you don’t realize is that you will be paying through the nose. The banks are counting on you to take the avenue of least resistance as this is how they will make the most money.

Here is the thing, the big 5 banks are very competitive with the broker channel when it comes to you taking out the initial mortgage in most cases. However when it comes to your mortgage renewal they are counting on you being lazy and just signing the renewal statement and returning it to them. In fact they get between 80-90% of the renewals back to the because people are lazy and also because they don’t know any better.

However there is a better way. The big 5 banks are going to send you a renewal statement at posted rates. As of today this means 4.79% for 5 years, 3.49% for 3 years or 2.79% for 1 year. Now depending on whether your mortgage was insured (CMHC or similar) or not, this could mean a rate from 1.84% 5 year fixed ( uninsured) or 1.59% (insured) through the broker channel.

Let’s use an example, say that your uninsured mortgage is coming up for renewal with one of the big 5 banks. Your balance after 5 years is 225K. So at 4.79% 5 year fixed your monthly payment will be $1,453.13 on a 20 year amortization. Now with one of my monoline ( that is what they call non bank lenders) can do it at 1.84% over 5 years, this will give you a payment of $1,120.53 on a 20 year amortization. Now here is the fun part, this will save you $332.60 a month or $19,956 over 5 years.

Now isn’t a little upfront work worth a possible savings of almost 20K over the next 5 years. Now the work is nothing strenuous, it’s just a little paperwork and possibly an appraisal if needed, but this is hardly anything compared to your potential savings over 5 years.

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).

Words to live by

I would also add to this, before you purchase get pre approved.

I look forward to hearing from you.

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).

Stock up on the #Stormchips

According to Enviroment Canada we are in for a good old fashioned winter storm tomorrow. We could have up to 40cm. Check out this link from the Red Cross to make sure that you are prepared. Also when it comes time to shovel, make sure that you do it safely and these tips from the Mayo Clinic may help.

Also there is talk about a big sporting event later today, but I have to say I am more interested in what we will be eating than the actual event.

I look forward to hearing from you.

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).

Mom’s Favourite Mortgage Broker

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On Goals and Commitments!

Most people know there are differences between goals and commitments but they may not know exactly what they are. You could have a goal to run 5K, but if you don’t make the commitment to getting up and putting your running shoes and going for the run you will never get there. Goals are the objectives and commitments are the actions that make them happen.

I made a goal of reading 25 books in 2021, so to make that happen I have cut out TV almost entirely and have committed to reading at least an hour a day. Now as we enter the 2nd week of February, I have finished 5 books and am mostly through my 6th. If you are on Goodreads feel free to connect with me and share what you’re reading. Similarly I have a goal of helping 3 times as many clients get the mortgage that is perfect for them as I had over the past 2 years. In part of the process to make that happen I am committed to writing a bog post every day. It doesn’t matter if it is one sentence, one paragraph or one page, as long as I publish something.

So if your goal is to finally make the move into home ownership this year, then you will need to get committed about saving money, improving your credit if necessary and finding that dream home. Once you are ready let me help you get the mortgage that is perfect for you.

I look forward to hearing from you.

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).

p.s.s.s- I couldn’t resit adding this piece, when a lender approves your mortgage request it comes by way of a commitment. You don’t have a goal of making your mortgage payments, you are committed to following through and doing so.

Regrets, I’ve had a few

We’ve all made mistakes in our lives from time to time. I am a married man, just ask my wife she can probably give you a list of my many mistakes and shortcomings. Like a lot of people I view most if not all mistakes as learning opportunities. However I think it is of vital importance to have few to no regrets if possible.

Try to picture you’re 95 and looking back on your life. That time you took your Dad’s classic car out for a spin, well it was more like a trashing. It was a huge mistake according to my Dad, but was it a regret? Hell no! It was a lot of fun, and I am sure the decision would be repeated if one was put back in time and in the same situation.

I’ve had jobs and relationships that haven’t worked out but none of those were regrets, as I have grown from all those encounters. The only thing I can say that I regret and would change if I had a time machine and could go back and do it differently was selling my shares of Apple in 2014. I had a few hundred shares, and that if I had not sold them ( yes it was a very stupid reason) would now be several thousand shares thanks to their recent stock splits and worth a heck of a lot a money.

When you think about it, if people have regrets they tend to be about love or money. I want to help you not to have any regrets about the biggest purchase of your life which is your home. Let me help you get the mortgage that’s perfect for you.

I look forward to hearing from you.

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).

Who Am I?

When I started in this field 17 years ago, I tried my hardest to serve all sorts of clients. It didn’t matter if it was for your commercial project, you had a prior bankruptcy, you were self employed or new to Canada. I did it all. After all of those years I will still do all of those things but I won’t do it all for everyone.

It all boils down to one thing, we have to be a fit for each other. There are enough other people doing the same thing, if we are not a fit there is one out there.

If I have to buy the rate down to win your business, I am not your guy.

If you expect a split of my commission because you referred me some business, I am not your guy.

If you need me to turn my head the other way so you qualify for financing, then I am not your guy.

I am your guy if you want someone to go above and beyond to get your financing complete. I am your guy if answering the phone or getting back to you quickly is important. I am your guy if service matters, finding the right product matters and making this process as stress free as possible.

Today’s post was inspired by listening to Tim Ferriss’s podcast with Seth Godin. Seth is wonderful and full of all kinds of great ideas. For more you should check out his latest book.

Make today a great day, and reach out if you have any questions.

Cheers,

Pat

What is your “Endgame”?

Recently my wife and I took our son to see Avengers Endgame. It was awesome and I highly recommend that you see it. The movie was the cumulation of 11 years and 22 movies to get this point. The head of Marvel Studios Kevin Feige was the mastermind behind all of this success as he saw the big picture. The secret is that he had a plan and he got to work to making that happen.

The truly great people in this world have a plan. They know where they want to go and take consistent action to move them in the direction of their target.

In regards to your personal finances what are your goals?

Do you want to continue renting or buy your own home?

Do you want to invest more for retirement?

Do you want to take a fancy vacation every year?

If your goal is to buy a house and you currently rent, you should start with the following: How is your credit? Do you know how to improve it if it’s poor? Do you have a down payment saved up? If not, do you know how much you will need or how to get one if you don’t have one?

To start you should check your credit. Here are some ways to do it.

If you want to know how to improve your credit score, you can check this out.

Here are some ways to save up for a traditional down payment and improve your finances.

As for your other downpayment options and qualification, just reach out to a mortgage professional like me.

I look forward to hearing from you.

Cheers,

Pat

Entrepreneur’s Wanted

Hey Business Owner!

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Congratulations you’ve done it, you have started your own business. You have taken the 1st step. This could of been years in the making or a recent spark of inspiration that pushed you to it. Irregardless congratulations I am happy for you.

Now get your business registered, set up your banking and start making some sales. If you are boot strapping your early growth that is great as it shows that you have some skin the game. Once you have some preliminary success and you have proven your concept, now the future is starting to look bright. It may now become time to start thinking about financing your future growth.

We have years of experience in assisting entrepreneur’s finance and fund the future growth of their businesses. Whether you are looking for working capital or a private equity investment we can help you achieve your goals. We have a network of private equity, angel investors and institutional financing to get you to the next level.

Feel free to contact me to see how the various financing programs may help you. Whether you are looking for 100K or 50M we can help.

Sincerely,

Pat

David Bowie said it best

It was very sad to get up this morning to read about the passing of a rock legend David Bowie. I have always loved his music. The news reports talked about the impact his life has had on rock music, fashion, art and even financial securities with Bowie bonds.

I don’t know how many hundreds if not thousands of times I have listened to his song changes. Singing along and not realizing until today that I ( like many) was singing it wrong. He talked about “time may change me, but I can’t trace ( not change) time. I did not really get what he meant till today, and his career summed it up perfectly. You can’t go back in time. Bowie was always changing, and that’s what made him interesting.

Change is the one constant that we have in our lives. It’s how we adapt to it that determines our fate. You don’t listen to the same music at 2 as you would at 15, sorry Raffi. You don’t work at the same type of job at 15 as you would at 30, sorry Mc’D’s. Your finances also change along each stage of your life. We must adapt to meet these changes.

Are you spending more that you are earning? Are you paying down your debt? Are you saving for retirement? Are you working just to make bill payments or are you truly designing your life? Time may change you, but you can’t change time.  The choice is yours, cause you can’t go back in time and change your decisions of the past. Make some better decisions today so that your future is one that you have designed.

Thanks for the memories and the inspiration Mr Bowie.

Sincerely,

Pat