Tag Archive for: mortgage options

Why?

Do you ever have those day when the first thing that you ask yourself upon waking is why do I have to get up? Then why do I have to go to work? Why do I have to eat right? Why do I have to do my workout? Why do I have to pay my bills? Why do I have to make my prospecting calls? Why do I have to pay my taxes?

If you noticed the key part of all those questions is “have to”. If this is how you are approaching life then you are looking at it the wrong way. We live in a free society, we have the power to “choose” to do whatever we want to. However we must also pay the price if it does not help us or the larger society as a whole.

It’s not your fault really as we have been conditioned to believe that “How” was more important than “Why”. This is why there are so many seminar’s, personal development programs and books pitching the latest how to lose 30 pounds, become a real estate mogul or sell your way to the top. Once you have a strong enough “Why” the “How’s” will just show up. Here are just a few ways to reframe your why’s.

  • Why do I have to get up to, I choose to as the early morning is the best part of the day and I am excited about what the new day will bring.
  • Why do I have to eat right & exercise, I choose to do these things as heart disease and cancer run in my family so by doing my part they don’t have to run with me.
  • Why do I have go to work, pay my bills or taxes or make my calls, I want a better life for my kids, I want to take the nice vacations and I know that nobody can serve my clients as well as I can.

Today I am thankful for the fact that I came up with the right answers to my why’s today, that even though I didn’t want to do my run I knew I would feel better when it was done and that almost anything is possible with a strong enough why.

“He who has a why to live for can bear almost any how.”
― Friedrich Nietzsche

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

To Stay or go?

Most of us are familiar with the classic song by The Clash ” Should I stay or should I go”. Well right now that applies to those of us in variable rate mortgages. There has been a lot of nervousness about staying in a variable rate and riding out the Bank of Canada rate announcements or bailing and going for a fixed rate.

There are a few things that you should look at if you are deciding to convert to a fixed rate.

  1. What is your current discount to the prime rate, and is the rate for a comparable fixed rate higher than what you are currently paying.
  2. Look at your mortgage statement and see if you are still paying interest & principal. If you’re not because of the recent rate increases it may be time to either increase your payments or consider the switch.
  3. Lastly it boils down to peace of mind. If you are comfortable with rate movements ( there may still be more) and you like the flexibility then stick with it. Otherwise if you are stressing about it then for your own good it may be time to convert to the fixed.

As with all the advise that I provide to my clients regarding mortgage financing, I can only provide the options for you to consider as at the end of the day it’s up to you decide what you want to do.

Should I stay or should I go now?
Should I stay or should I go now?
If I go, there will be trouble
And if I stay it will be double
So come on and let me know…… 3rd verse from should I stay or should I go which is somehow appropriate when considering your mortgage options.

Today I am thankful for the warm and windy morning, colleagues who are available to help when challenges need to be brainstormed and early morning calls from my daughter telling us about her day.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Apathy

Apathy, learned helplessness or give up itis, it’s all the same. It is when we have determined in our head that we can’t do it so why bother try. This in my mind is the one true pandemic in our society. Giving up on our goals and dreams without realizing that we were so close to achieving them in the first place.

Parents don’t give up on their children when trying to teach them to walk or talk, yet we give up on ourselves after just one or two failures or setbacks. There is a good chance that if you are married or in a long term committed relationship that you are not with the person with who you had your first kiss. You handled the ups and downs ( no pun intended) of relationships and kept at it till you found the perfect person for you.

However our society is littered with people who have given up in one way or another. The past high school or university athlete who now as an adult is vastly out of shape but has simply given up trying to lose weight. That person working in an office cubicle who started their career with so much enthusiasm and now just puts in their time. The person who is renting when all their friends and co worker are now home owners and paying less in mortgage payments than they do in rent.

Sure those situations suck but there are countless stories of people who have not given up and gone on to great success. The person who lost a hundred pounds or more and is now in the best shape of their life. People who have gone bankrupt and now multi millionaires cause they did not lose faith in them selves. Last but not lease the young people who have been able to purchase properties in their 20’s and I have helped many of them.

The cure for all this apathy, helplessness and give up itis is to know that what you are doing is making a difference. Your vote makes a difference, the smile you give someone in the morning makes a difference, putting down the sweet makes a difference, making the call makes the difference. Know that it all matters and that you can do it.

“If you are going through Hell, keep going.” Winston Churchill

Today I am thankful for the fact that I have picked my self up so many times after I have failed, the lessons that I have learned from those who have gone before me and my son who is now reached his first milestone birthday.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Market Place

Just this past week CBC Marketplace did an episode on mortgage fraud. To me it showed the lengths that some people would go to get a commission as the instances he demonstrated were initiated by the realtor in cahoots with a dishonest mortgage broker/bank mortgage specialist.

Just so everyone knows we are in a 100% commission business so we get compensated when our files close. If you are ever in a situation where someone in our industry ( realtor or mortgage) tries to show you a short cut then run in the other direction. I don’t personally need a commission bad enough that I would jeopardize my 20 year career.

I also want to offer a little clarity on fee’s. Yes there are times when it is necessary to charge a fee to successfully complete a mortgage transaction. However the majority of fee’s I charge are success fee’s, which means that the fee is only charged when the file has funded ( on alternative & commercial files). The other instance is for a complicated commercial file where a nominal fee may be charge upfront upon signing the fee’ agreement so the file can be prepared for the lender. That’s it, so if someone says they can help you but wants to be paid a substantial amount upfront then that is a clear sign to go the other direction.

Today I am thankful for the people in my industry who are honest and hardworking, CBC Marketplace for doing a great job on sensitive topic and that my referral partners and clients a top notch honest people.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Don’t Cry

Let me explain that further, don’t cry over spilt milk. More precisely don’t hold on and get upset over your past mistakes. We all make mistakes, learn from them and do your best not to repeat them and move on. This does not matter if it’s a mistake in your relationship, a mistake at work or something else. Nobody is perfect so learn from it to the best of your ability and move on.

Beating yourself up over something that you regret that you did does not help you today. Apologize if it’s possible, learn from it and move on. I was inspired to write this today as I had a service shredding some ancient documents and I made the mistake of not looking through a box more throughly and out went a bunch of personal memories from University Laval. I spent some of the best years of my life there but that was now 30 years ago and a lot has changed for me since then including marriage and 3 kids and a busy business. So getting upset over my stupid mistake does not help me any so it’s best to move on.

Today I am thankful for a having my girls home from Queens’ for their reading week, the photo album I grabbed before it was shredded and the happy memories of times long ago.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Market Mimic

Canada and the United Stated are pretty much joined at the hip economically. Whatever happens to our neighbours can soon be mimicked in our economy. So while their overall inflationary rate decreased to 8.2 in Sept from 8.3 in August, when you take out the two largest contributors which are energy & food you get core inflation which is now at 6.3% or the highest rate since 1982.

What this means is that the central bankers are pretty much locked in to rate increases in Nov & Dec. Predictions at this point at 75 basis points for each, however sometimes we don’t know the result till it actually happens. So as I have been saying in my recent posts, it’s time to tighten your belts and reign in your excess spending so you can limit the effects of the impending recession.

Just so you know for some reference, when core inflation is stabilized it is running just over 2%. We have a ways to go to there and most economists are predicting a bumpy road to get to that desired result.

Today I am thankful for a great week home with my girls, an energizing garage workout this morning and finding common ground with a new contact immediately upon meeting.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Recession Proof

With all the talk about an upcoming recession in 2023, now is the best time to prepare for the effects of a shrinking economy. While there may not be much you can do to influence the overall economy, there is plenty that you can do to influence your own personal finances.

  • Make sure that you have an emergency fund of at least 90 days of your personal expenses in the event of employment interruption. The best way to do this is to be using YNAB.
  • Sorry to those who work in restaurants & hospitality, but cut back or eliminate unneeded trips and meals out.
  • Trim back or eliminate streaming services that you no longer use, sorry Netflix.
  • Workouts at home were all the rage during the lockdown and may soon be again once people cut back on time spent at the gym.
  • Keep your credit score high by making sure that all your obligations are paid in full and on time.
  • Diversifying your income by taking on a side hustle if possible
  • Keep your debts to a minimum
  • Update your skills so that you are more desirable in the workforce
  • If self employed then 10X your efforts to grow your business by radically increasing your prospecting and client management.

We don’t all feel the same effects of an economic downturn, but if you’re prepared then the effects will be much less severe on you personally. The economy is constantly changing and a downturn next year may also be followed by economic growth the following year. Be prepared for the changes ahead so you can adjust accordingly.

Today I am thankful for the 5K run with my neighbour when I really didn’t feel like going, that my wife is an amazing home cook and that some of the best food I have ever eaten was here at home.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Spoiled Rotten

We have been spoiled rotten with the rock bottom low interest rates that we have had for the past 15 or so years. I am reminded of this fact now that the five year discounted rate is 5.14%. However this sill pales in comparison to high rates of the mid 80’s at 16 or 17%.

People keep asking me when do I see rates coming back down. Well if you listen to the central bankers like Tif Macklem who is the head of the Bank of Canada, it’s going to keep going up before it comes back down. This is because our overall inflation rate is till too high. With the last monthly report from August which had us at 7%. Yes it is coming back down from it’s record high this summer, it’s just not coming back to earth fast enough.

All this means that we will have to suffer out with higher interest rates until the inflation rate comes back down. So the sooner we can reduce our spending, the less action the Bank of Canada will have to take to force us to tighten our belts. Buckle up, it may be a bumpy ride for the next 6-12 months.

Today I am thankful for a trip to the valley with my wife and daughters yesterday to celebrate their birthday, having them home during their reading week from university and the perspective that things are not as out of control as they were in the 80’s.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

My Miracles

Exactly 18 years ago today my two little miracles came into this world. My girls Ella & Georgia were born today 18 years ago at 08:41 & 08:42. When they arrived 11 weeks early at 29 weeks gestation, they were 2″11 and 2″13 respectively. As they were quite pre mature the first few days and weeks were very anxious as it was going to take miracles for them to get through and make it. Fortunately they did and are now no worse for ware.

As they were born on Thanksgiving Monday in 2004, they have continued to be something I am thankful for each and everyday. If you think about it, we all have miracles in our lives. You just have to appreciate everything that you got through that allowed you to get to this very day. My Mom who passed away from breast cancer in sept of 2005 used to say that every day above ground was a good day. So it’s best if we appreciate and are thankful for everything in our lives as it makes life that much better.

Today I am thankful for my two little miracles who are now in their first year of university, the positive frame of mine that my mom always had and for the excellent NICU care they received at the IWK.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Ella Sawler
Georgia Sawler
Georgia @University
Ella @University

R&R

I love the slower pace and the chance to rest and relax that holiday’s bring. This weekend is a great time to get the extra yard work done before the weather turns too cold. Sleep in and not have to worry about traffic or work. Also a great time to sit back and enjoy a good book. I know what I will be doing, so enjoy yourself today.

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 Brokerage (2021-3000179) Broker (2021-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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