Tag Archive for: Mortgage solutions

Lowest Price

The Lowest price isn’t always the law, sorry Zellers for those who remember them. More often than not quality is far more important that just the lowest price. If we were only concerned with the lowest price we would all be driving the $12,198 Chevy Spark. Instead the average new vehicle transaction in Canada last year was $45,594.

Incase you were wondering yes the same applies when you are shopping around for your new mortgage. This is where solid advice should be the most important part of your selection criteria. You see some of low rate fixed products come with some surprising conditions.

For the savings of 5 to 10 basis points ( note 100 basis points is equal to 1%) savings you are losing in some cases pre payment privileges, or have reduced pre payment privileges, you are locked in to that product and the only way to leave is a power of sale. Also if you are able to break it and leave the lender watch out for that nasty pre payment penalty.

“The bitterness of poor quality remains long after the sweetness of low price is forgotten” Benjamin Franklin

Today I am thankful for my dog who gets me out of the house even when it is -24c windchill, having a roof over my head when it is unbearably cold outside and a wife who makes the most amazing homemade food.

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

Should I refinance?

After looking at your Christmas bills you may be wondering if it is a good idea to refinance your mortgage. Below are a few things to consider to help you to properly make your decision.

  1. Will it lower my over all payments? It’s best to look at everything you may want to include in your refinance and properly determine if you will be saving money. Look at your current mortgage payment, your credit cards, lines of credit, student loans and any other debt that may be included and compare to what you are paying now to what you could be paying.
  2. Is it a better interest rate? Fixed rates have moved quite a bit over the last 9 months and currently are very close to where we were almost 5 years ago. Variable rates on the other hand are still quite low but there is potential of them increasing soon.
  3. Has my home increased in value enough? Home prices are up across the country so it’s a good idea to know this as refinances are limited to 80% loan to value while purchases top out at 95%.
  4. What will it cost me? Savings on your current payments are only one part of the picture, even if you could be saving money yet it will cost you too much to refinance then it’s best to hold off. Those who have a fixed rate mortgage could possibly be surprised at how much your bank will charge you to break your mortgage.
  5. Will I even get approved? Has the pandemic affected your income in any way, have you missed any recent payments or lost your job? Even with these scenario’s it is still possible to refinance but there is a good chance that you will be paying a higher rate.

See there is so much to consider so it’s best to talk with an expert to go over all your options.

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

Overwhelmed

With the Holiday’s now firmly behind us and now starting our first full week of the new year. Are you suddenly feeling overwhelmed with the amount of work that you have to do. The bills that you now need to pay off or the weight that you now need to lose. You’re not alone as it happens to everyone.

However the trick is not to burry your head in the sand and do noting even though that is probably what you feel like doing. Sit down and make a list of what you need to accomplish and just start doing something. That simple process of knocking off items on your to do list is actually quite empowering. This is because one accomplishment leads to two then you build from there. The point is to just start doing something.

Don’t get paralysis of analysis. The journey of a thousand miles begins with one step and one step at a time. This is only temporary and you can do this. Once you start moving everything will start falling into place.

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

Hidden Gem

What is the rule about finding something surprising wonderful? You are supposed to tell everyone near and far. And if you experienced a product or service that is less than stellar, then tell the provider so they can improve for next time.

When we come along a great movie or restaurant we want to tell all of our friends so they too can experience the same results. At least that is our intention. This also applies to books. Stumble upon a book that you don’t know how you came across it but turned out to be a hard to put down wonder read. I’ve had one of those recently and it was wonderful.

You see I have spent the majority of my free time recently reading helpful ( not always exciting) non fiction books. I was looking for something fun to read after I had finished my 25th book last year which was a record for me. I subscribe to a reading email list called “Bookbub” where you receive a selection of titles to match your reading tastes. Looking for something light and fun I took a chance on a book called “the undead Mr Tenpenny” by Tammie Painter.

Once you get into it, you can’t put it down. Loved it and it was fun which was exactly what I needed. So if you are looking to escape and to be entertained, then I highly recommend that you pick it up.

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

Lights Out

A good many of us lost power during the winter storm here in NS yesterday. However were you prepared in the event that you could lose your power. When the next storm rolls around ( and it soon will) here is a list of a few things to consider having around when and if you lose your power

  • Canned goods (especially stews and soups)
  • Bottled water (should be 1 gallon per person per day, should last for at least 3 days)
  • Cereal
  • Snacks like cookies and crackers in sealed packages
  • Peanut butter
  • Canned salmon and tuna
  • Canned vegetables
  • Hard cheeses (wax sealed)
  • Jarred sauce and dried pasta
  • Nuts
  • Dried fruit
  • Energy bars
  • Jerky
  • Coffee, hot cocoa mix, and tea
  • Shelf-stable juice
  • Paper towels and toilet paper
  • Eggs
  • Bottled water
  • Week supply of your prescriptions
  • Bread
  • Pet food
  • Lots and lots of board games & books

Other than your kitchen, please include these things in your emergency kit

  • Battery operated radio
  • Flashlights
  • Batteries
  • Waterproof matches
  • Can opener
  • Solar chargers or portable power banks
  • First aid kit
  • Battery Operated Generator
  • Rock Salt
  • Shovel
  • Thermal emergency blankets
  • Firewood if you have a fireplace or woodstove
  • Propane if you need to cook on your BBQ ( outside)
  • Cell phones fully charged
  • Make sure that your car has a full tank of gas

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

Flex Down

For those who don’t know there are other options to securing your down payment to buy your first home. Sure you can pinch pennies and save your hard earned cash. You can also receive it as a gift from your blood relatives ( mother, father, sister, brother) or incase you don’t know you can borrow it.

Yes you can borrow your down payment. This can come from arms length sources such as your line of credit, a personal bank loan, or lender credit. The loan payments must fit into existing debt service calculations, meaning that your GDS/TDS must not exceed 39/44 which are the existing limits.

You must have strong credit ( above 700 beacon score) and have the necessary 1.5% deed transfer tax from their own resources. This can be used to purchase a single family home or a duplex. However non arms length loans are ineligible. Such as builder or realtor incentives or loans that impact the purchase price of the property.

Please let me know if this is an option that you would like to consider. Remember even though this is a way to get into a home sooner it does come with higher interest rates than if you had saved up the money on your own.

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

Boosted

Boosted, and it feels so good.

Boosted cause we all understood

That we had to do our part

And it was just a simple shot

We are now all excited that we are now all getting boosted hey hey

Sorry Peaches & Herb, but I am just so excited that we are all getting boosted and hopefully this pandemic will be over sooner rather than later. Getting my 3rd one today hey hey.

Today I am thankful for the fact that 90% of us have had our shots and are not lined up to the the booster, for modern medicine for making this happen so quickly and years and years of research that laid the ground 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

Absence

What’s that old expression by Eleanor Roosevelt, “Absence makes the heart grow fonder”. Also known as the fact that you will miss something more when it’s no longer here. Like the brakes on your car, you don’t think of them till they don’t work. The same applies to your power, when a storm knocks it out it’s now top of mind. Your friends and family, your health and your finances. Don’t take these things for granted. Take some time to appreciate everything you have in life.

This all occurred to me this morning when I no longer had access to my email and my website was down. You appreciate and miss things far more when they are no longer there. I am thankful for the tech support and the fact that both are now working again. So today try not to take the little thing for granted and appreciate all that you have.

Today I am thankful for the amazing people who work in tech support, specially those who take my call at 5:30am, and teenagers who sleep till noon so we can get work done.

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

Pitter-Patter

Pitter-Patter let’s get at’er. Today is officially the first day back to work this year for many people. While the break was nice, in some ways it was too long. There is only so much Netflix one can watch, however my kids may disagree.

Also the return to the regular routine of work does us good. It allows us to focus on being more productive instead of just being entertained. With the new year also brings new goals and targets to hit. So put on foot in front of the other and start making some progress.

Today I am thankful for the return to the regular work routine, a very chilly morning run and a steaming hot shower.

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

Come from away

Nova Scotia is in the midst of a population boom, and we recently crossed the 1 million mark in December of 2021. Our interprovincial migration is now second only to British Columbia. However we are not only getting people coming back home from other provinces we are getting them coming home from other countries.

In my almost 20 years of being a mortgage broker I have never processed as many files from people coming home to Nova Scotia or coming here for the 1st time. It is a very exciting time here after so many years of us suffering population drain to Ontario & Alberta. It’s nice to see that tide reversing.

For those coming here from another province as long as you have an employer who is letting you work here remotely or a position already lined up then your financing will be fairly straight forward. For those coming home from another country, we can still do it as a citizen non resident with your foreign credit bureau and bank letters of reference.

I have always believed that we live in the best place in the world. Now it seems that the word has gotten out and they have decided to join us and welcome 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, Ontario(M18001555) & in British Columbia(BCFSA #504098).

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