Tag Archive for: mortgage excellence

Seller’s Market

As many of you know we are definitely in the midst of an intense seller’s market. New properties hit the market only long enough in some cases for your first and only viewing before it is sold shortly there after. It’s also the low number of new listings that are pushing the pricing higher on the remaining few on the market.

So while I am waiting to get the data that I requested from NSAR, here is some proof that we are in a very hot housing market. In Dec of 2020 the average cost of a home in Halifax/Dartmouth was $400,965 and just 12 months later that had jumped by 22.2% to $490,127. All the while the whole country averaged a 17.7% increase and the the markets everyone mentions in the news Toronto was up 31.1% and Vancouver was up 17.3%

While all this talk and news reports about pending rate increases may temporally calm the market, it will not correct the greater underlying issue which is that we have a fundamental supply problem. We do not have enough homes for people who want to buy them nor do we have enough rental unit for those looking to down size. This is preventing the empty nesters from selling as they have no place to go. Until these factors are correct we will be seeing price wars and multiple offers on properties for a while yet.

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

More Options

One of the benefits of dealing with a mortgage broker is that we have more financing options for our clients from more diverse lenders. Yes I know the other side of the debate and the multitude of products available at the big banks. However more products from the big bank may not help you when all you need is financing for your new home. Who cares if they have a great rate on savings accounts if they are unable to help you finance your property.

This brings me to the new lender to my portfolio. They have just started lending her in the maritimes and are registered with all three high ratio mortgage insurers. They have a rather unique product that you need to hear about. There are many lenders who have purchase plus improvement mortgage and these are proving a required element in today’s tight housing market due to the fact that the perfect home is now longer available so you must now make it perfect.

So back to the new guy, the typical purchase plus program allows you to increase your purchase price by 10% or 40K which ever is less. The new lender allows you to go to 20% or up to 100,000. This is incredible as with the recent spike in property prices and the cost of renovations, there is not much you can accomplish with 10% or 40K.

If the house that you plan on buying requires some work, and most do in today’s market then this is definitely a program to check out.

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

Discipline

discipline dĭs′ə-plĭn

noun

  1. Training expected to produce a specific character or pattern of behavior, especially training that produces moral or mental improvement.

Are you someone with high standards and has implemented a rigorous program of self-improvement and discipline. The common known fact about discipline is that you either put in the work now or you will end up paying for it later.

Yes it is tough when you are going through it, whether that be for your self or your kids. I still remember sitting on the floor with my wife outside my kids room when they were babies as we were sleep training them. Yes those first few moments were heart breaking but in the end it was well worth it.

The same applies to your fitness habits. Put in the work now so you can have a long and healthy life. In your professional career too, yes entry level jobs are necessary for society to function but if you have higher aspirations then you must be willing to work for it. Lastly but most importantly for a lot of people is your finances. Learn to control and manage your money even when you don’t have much, that way you will always be in control of your finances in stead of debt & money controlling you.

“Winners embrace hard work. They love the discipline of it, the trade-off they’re making to win. Losers, on the other hand, see it as punishment. And that’s the difference”. Lou Holtz

Today I am thankful for the continued pain and discomfort of discipline that has made me and my kids who we are today, a morning when it wasn’t raining or snowing in the first time in a week, and that fact that my kids could take the bus to school.

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

Sacrifices

Whether you realize it or not we all make sacrifices. In order to succeed in the future we sacrifice the instant gratification of the present. It is a trade off that only some of us are willing to make. However when you do your future self is rewarded with more sustained gratification than could have possibly have been obtained by not doing the work in the past.

What are you willing to give up or suffer through today to experience that massive delayed gratification in the future. Are you willing to get up before dawn every day so you can fit in some exercise just so you can experience longer lasting heath in the future. Are you willing to work 12-15 hour days so you create a better life for you and your family. Are you willing to give up watching tv and pick up a book in stead so you will be able to learn something new. Are you willing to pay your self first and master managing your money so you no longer have to live pay cheque to pay cheque.

There is short term pain associated with these sacrifices but it pales in comparison to pain and suffering you will experience in the future by not suffering through them in the present. Take your pick at what you want to do, make no sacrifices in the present only to experience lots of pain in the future or suffer a little bit now to have a long and happy future. It’s up to you to decide, I know which one I want.

“Don’t miss out on something that could be great just because it may also be difficult in the present”.

Today I am thankful for new books with great ideas, workouts that continue to push me every day and all the work from the past paying off in the present.

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

Do the Math

There is a lot of talk about the Bank of Canada changing overnight lending rate at it’s next meeting. So some ill informed homeowners are rushing to lock in their mortgage rates to avoid any rate hikes. That is entirely understandable if you are risk adverse, however if you haven’t already I think there is a few things you should know.

Ok so to make sure that you are informed, we need to do some math. I just looked at the our current rates, and for AAA credit clients who required an insured mortgage the variable rates are averaging at prime ( 2.45) less 1.10%, so that means they start at 1.35% and the fixed rates for insured mortgages average 2.89%. If you haven’t done the math that is 1.54% in the difference. For uninsured clients the rates are slightly different, variable is prime -.90 (1.55%) and fixed is 3.04%, which is a difference of 1.49%.

Historically the Bank of Canada has moved rates at .25% at a time. There have been instances where that has been .50% and also .15% but the average in the past 12 years has been .25%. Given the current disparity between the current fixed rate and the available variable rate, I still believe that the variable rate is the way to go. The BOC would have to move the over night lending rate 8 times at .25% to equate to the current fixed rate. Even at that the variable rate is still superior as the potential penalty to discharge or break it is a fraction of what it would be for a fixed rate.

So do the math and see if this makes sense to you. However if you are risk adverse you may sleep better knowing that you have a fixed rate but you should at least make an educated decision.

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

No Comparison

Far too many of us judge ourselves unfairly. Comparing our accomplishments or the lack thereof to others is a futile endeavour. While they may appear more fit, successful or rich, underneath it all they may have a less fulfilling relationship than you, have weaker family or social connections or have substance dependancies that nobody is aware of.

The only true comparison to your current status is your results of the past. Sometimes it is hard to tell if you are making any headway from day to day, but look back farther and look at a month, 6 months or a year ago. If you really tracked things you would realized that you have made monumental progress.

To give yourself a small taste of success, then start with something small and build it up over time. If your goal is to run 5 to 10K then start by walking if you have to and grow it from their. Similarly if your goal is to save up a down payment for a home, you could start by managing your money better with the help of YNAB then starting an aggressive savings program.

“When you compare yourself to others, you miss the miracle of who you are”. Mastin Kipp

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

Stick with it

365 Days ago I made the commitment to post something new on my website blog every day. I am extremely proud to say that I have not missed a day all year. It has helped my website ranking. It has allowed me to connect with more people and it has allowed me to improve my writing and communication over the past year.

So thank you for everyone who has read and or commented on these posts, it’s meant a lot to me. They have not always been about the mortgage business but that’s alright cause we can’t talk about work all the time. I feel very strongly about personal development as I think that we are all a work in progress and that we will continue to make progress as long as we stick with it.

What habit or past time would you like to pick up and or improve. All it takes is a little practice and a whole lot of stick-to-itiveness. In 365 days you could learn a new language, learn to play a musical instrument, improve your flexibility, gain muscle and or lose body fat and lastly and importantly for a lot of us is improve your interpersonal communication skills. There are many more things that you could do, you just have to start and keep it going.

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

Let the games begin

Today marked the beginning of the games of the XXIV Olympiad, also know as the 2022 Beijing Olympics. One of the best things about this games this year is that it allows us to focus on something other the pandemic or the current level of political discord that has been in the news across this country.

Yes we all ( myself included ) have our opinions about those two subjects but getting into intense discussions with people who feel the opposite is not very productive. This is why I am so happy to see that the Olympics have started again. 

The love of sport does not discriminate against you based on your political or other opinions, you just want to see your countries athletes or your favourite athletes do well. So for these next 16 days let’s all enjoy the completion and just get along.  

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

Keep Striving

While many people know that the tag line to Nike is “Just Do It” their actual slogan is “There is no finish line”. This underlines the fact that we should always be pursuing improvements in our lives each and every day. The race never ends, as the one you finished yesterday will prepare you for another one tomorrow. Keep striving and pushing yourself to get better all the time.

Just because you lost your bid on the previous 5 homes you looked at does not mean that you will fail the next time. The only way to guarantee that you fail is to strop trying. It’s true that it is a very challenging market for home buyers, however people are still being successful in buying new properties. Ask your agent for feed back on your unsuccessful bid to see how you can improve for the next one.

The only thing constant in life is change so what didn’t work yesterday may indeed work tomorrow, and what worked before may not work the next time. Stay focused on what is your objective and keep moving forward.

Today I am thankful for the short interruption in power this morning while everyone else was still asleep, going from one great book to another one as there is always more to learn and the lessons I have learned from everything that didn’t work.

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

Cost of Opportunity

Nothing absolutely nothing is free in life. There is always a cost whether it be time or money. In this case I am talking about opportunity cost. Sometimes the cost to take advantage of an opportunity is more that other times specially if you are backed into a corner and the only financing option is a private mortgage.

Private mortgages are by default expensive. However they are sometimes necessary if an opportunity is too good to be true. People have to understand that they are just bridge or short term financing. They are meant to bridge the gap so the opportunity can be seized and give time till less expensive financing can be secured.

So while expensive it is best to focus on the intrinsic cost if the current opportunity is lost. Private mortgage are short term solutions and allow financing for client that are current not ready to get financing through the bank channel. This may be due to credit, income or even time constraints. So see them as a solution to your current problem rather than just looking at the cost of funds.

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