Tag Archive for: mortgage options

Better

Just incase nobody has told recently, you’re better than anyone. Better than all the rest, anyone that i’ve ever met. You’re simply the best. This Tina Turner song played during my Peloton workout and it was the perfect start to the day.

This is what I texted my daughter this morning who is in the middle of her exams at university. Sometimes all is takes is someone to believe in you when you don’t even believe in yourself. If this is you, know that whatever you are going though it is only temporary and I believe in you and that you can do it.

So put on your headphones and crank up a feel good song like this one and shake off all your troubles. Now does’t that feel better?

Today I am thankful for FaceTime that allows us to be close to our kids 1400 km away when they really need it, that within a week they will both be back home and that signing at the top of my lungs when nobody is home is an awesome feeling.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Weigh your options

With the most recent move by the bank of Canada, it may be time to look at the age old dilemma of fixed vs variable mortgages. Sure over the past few years it made mathematical sense to take and stay with a variable rate mortgage. However the tides may have turned and it is an ideal time to look at this again and see if the numbers favour fixed or variable.

Currently the prime rate is at 6.45%. If your mortgage is insured ( CMHC, Sagen or Canada Gurantee) you will have a discount to prime of between .90 to 1.10 depending on the lender and when you took it out. This will put you around 5.45% for your current mortgage which is now above the 5.25% stress test rate that you qualified when you took out the mortgage.

So depending on your lender you may be able to switch to a fixed rate which would be much less than staying with the variable. So if that is the case then the math will work in the favour to switch. However some of the big 5 banks only offer the discounted rate at the start of the term and in those cases to switch out of variable will have you paying more. Do the math and see what makes the most sense to you.

Today I am thankful for all the birthday wishes from my kids, my family and my friends, a great workout to start the day and all the opportunities in front of me.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

The day after

The day after a big breakup, a job loss, a death in the family, a huge project collapsed or another rate hike. What do we do that next day? We just get up and continue to move on. Shit happens to everyone, it is how we deal with it the sets us apart. There is no sense doubting yourself with would have’s or could have’s. You can’t change the past but you can learn from it so you can change the future.

The faster you learn and recover the better you will be. The only thing constant in this thing called life is change and the better that we can adapt to those changes the more successful we will be. Sure it sucks but if you can take a few minutes and look back at all the challenges that you have overcome then you will realize that this is just another blip on your road of life.

Just know that you can over come this challenge. It’s the challenges and failures in life that teach us the valuable lessons. We don’t learn when it all goes well the first time, so consider this another lesson along the road of life long learning. Take a few minutes and cry in your beer if you have to, get it out of your system and move on. Babe Ruth was the greatest player to ever play Baseball but he also struck out more times than anyone else. So dust yourself off and get back to the plate.

Today I am thankful for the immediate lessons learned from a project collapsing yesterday, that my daughter bounced back form poor performance on a calculus test to acing the next one and discovering a new book about the greatest player to play the game.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Interest Rate Hike

Well the Bank of Canada met this morning for the last time this year and hiked the overnight interest rate by 50 basis points or a half a percentage point. This means that those with variable rate mortgages and home equity lines of credit will have to pay more to service the debt.

This is as a result of our staggering high inflation rate which is currently sitting at 6.9%. Although it has come down in recent months from the high of 8.1% back in June, it is not coming down fast enough or far enough. The rate hike is the banks way of wants Canadian’s to drastically cut back on our spending so that the inflation rate will come down more quickly to it’s 2% target.

So while inflation has made everything from food to fuel more expensive, now the bank of Canada is making the costs of servicing our debts even more so. Cutting back on unnecessary expenses may be the only way forward to get us out of this high inflationary environment.

Today I am thankful for the feeling of muscle soreness from my workout yesterday, that this may be the last of a long series of rate increases and that the best food in the city is made in my own kitchen.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Buckle Up

So most of the economists in Canada are predicting a 25 to 50 basis point increase to the over night lending rate tomorrow. This will mean that prime rate which effects our variable rate mortgages and home equity lines of credit will also go up by the same amount.

When you know something unpleasant is coming up around the corner does that make it any easier to bear? Stand still while I punch you in the face. You know it’s coming so anxiety of the anticipation may be worse than the actual damage itself. Sure we have had our share of increases in the past year so what’s one more. You have already punched me in the face 6 times this year, so what’s one more?

So the best advise is to buckle up and prepare for the worst, if you prepare for 50 bps and it only end up being 25 bps then that’s a win. Let’s take our punishment for the sake of high inflation and carry on the best that we can. Just like low rates could not last forever, neither can high inflation. This is only temporary and we can get through it.

Today I am thankful for lacing up my shoes and going for my 1st run in a month, that all the expected pains in the past were much less than the anxiety lead me to believe and chocolate covered peanut butter balls as a post run recovery snack.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Ho Ho Oh No

It’s now the 5th of December and just 20 days from the big day for those of us who celebrate Christmas. Just one thing I want you to keep in mind as you are doing your Christmas shopping, Don’t finance your gifts. Try to use debit or cash as much as you can. Credit card debt is the gift that keeps on giving long after the initial purchase. Specially these days with rising inflation and interest rates, when you buy on credit you are essentially robbing from Peter to pay Paul.

If you can’t pay for it in full now or at least in 30 days then don’t buy it. The reason for the season is not to spend as much as you can on your loved ones. It’s to spend as much time and attention with them as possible. The money you spent or the gift you bought will be long forgotten but the love and attention that you gave them will last a lifetime.

Today I am thankful for a dog that needs two walks a day even when I don’t want to go, for my Mom who loved this time of year and my wife who made a large batch of peanut butter balls yesterday and set aside a few for the dog.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Use it or lose it

Use it or lose it applies to your health, your finances, your time and your relationships. Invest in each of those areas so you will be able to reep the benefits as you grow older. George Bernard Shaw famously said that “Youth is wasted on the young”. Just like beauty is wasted on the vain and you would know this if you happen to have an instagram account with all the look at me pictures.

Far too often lately people are reaching old age broke, sick and lonely. However these things are all mostly within our control. We take good health for granted when we are young and don’t invest in it daily so it will last. The same applies to our finances, invest when you are young so you will have financial stability when you are older. Buy life insurance when you are young and in good health as it is much less expensive. In regards to your relationships, be a better friend, brother, sister, father, mother or cousin. Maintain contact with those you love, don’t just call or show up when you need something.

Don’t be one of the statistics of being old, broke and sick. Take a few minutes every day and invest in those areas while you are young irregardless of your age. The internet is full of stories of people in their 60’s, 70’s and beyond in the best shape of their lives who are running marathon’s and living full and happy lives. This could be you too if you take the time and invest now.

Today I am thankful for my daily workout which does as much for my body as it does for my mind, my dog who needs his walk even when I don’t feel like leaving the house and that I read the wealth barber 25 years 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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Currency

No it’s not Money, but time is your greatest currency. Whether you believe it or not, but you can always make more money. You can’t make more time. So if there is something that you have been putting off that’s important to you, then you best do it now before it’s too late.

“What would life be if we had no courage to attempt anything?” Vincent Van Gogh

  • Julia Child published her first cookbook at the age of 50
  • Leonardo Da Vinci painted the Mona Lisa at 51
  • Dr Seuss wrote “Cat in the Hat” at 54
  • JRR Tolken was 62 when “Lord of the Rings” came out.
  • Colonel Sanders was 61 when he started KFC
  • Nelson Mandela was 76 when he became President of South Africa

These are just some proof that it is never too late to be what you might have been. The future is still bright and anything is possible as long as you just believe that it is.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Soap Box

Just because you have the biggest soap box and are the CEO of several large firms ( which shall remain nameless) does not mean that the financial regulators in your country have to listen to and follow your advice. Yes these recent rate hikes have been painful to business owners and consumers alike, but it does not mean that they were unwarranted.

The US Federal Reserve Chairman Jerome Powell is due to address the state of the US economy and the effects of all the recent rate increases later today. As much as we all want the rate increases to stop and to even reverse course with some decreases, this is highly unlikely to happen. What is most likely is language addressing the continued need to move the rates higher to finely get control of inflation.

So criticize, condemn and complain all you want from your oversized soap box it is not going to change things. Inflation rates are still at record levels even though they have started to come back down, they have not come down fast enough or by margins that would dictate a reversal of course by the Federal Reserve or our central bankers.

Today I am thankful for the fact that our electrician showed up much earlier than expected, that we now have working under cabinet lights in the kitchen and functioning security lights.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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

Slow Progress

Slow progress is still progress. The latest economic figures are out and the Canadian GDP grew by .7% in the third quarter compared to the estimate of .4%. At an annualized rate the economy grew by 2.9% in the third quarter. While still not a recession the rate of growth has been shrinking over the past few months. This is down from an estimate of 3.2%, which was driven by strong exports of oil & gas products.

The key to the reports was the changing demand from Canadian consumers which was down 1% and business investment dropped 5.1%. Both key figures which point that we are heading towards negative territory very soon. The silver lining may be that these pullbacks may give the Bank Of Canada the data they needed to start softening the interest rate hikes so we may get the soft landing that they talked about.

As things stand right now, the market has priced in a .25% interest rate increase durning the next meeting on Dec 7th. This is significantly toned down from the 100 bps and 75bps increases that we have had recently.

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 (2022-3000179) Broker (2022-3000180), Ontario(M18001555) & in British Columbia(BCFSA #504098).

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