Tag Archive for: Mortgage solutions

Herding Cats

Sometimes business and life is a lot like herding cats. You tell clients and kids what they shoud do and then they go off and do the opposite. Since the pandemic began last year we have been going out for groceries once a week on Friday’s. My kids take this as personal challenge to eat any and all remaining food that we have in the house on Thursday just so the cupboard is bare come Friday.

Also on the business side, to all those who are not in the mortgage business they think it’s a predominantly an analytical endeavour where it’s mostly about numbers. While knowing numbers does play a significant role in this business it is largely a people business. You see every client is different and has their own needs, requirements and personal history. By listening and hearing them out it makes them that much easier to help.

Today I am thankful for the fact that it is finally grocery day, challenges with clients have been overcome by listening to their needs and requirements and technology that allows me to keep relationships going with friends oversea’s.

“Dogs come when they are called, cats take a message and get back to you later.” Eloisa James

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

Push & Pull

There are still some old school sales people who use push and pull tactics to get people to buy from them. The sad part of that strategy is that they will most likely only buy from you once and never recommend you to friends and family. My business is built on a strong word of mouth from my past clients and my referral sources, so I am never going to push and pull you to do business with me.

Sure there are other people in my field who will reduce their commission to next to noting to get your business but you need to know in advance that is not me. I strive on treating my clients and referral sources how I want to be treated. I am not going to walk into your shop and demand a discount or I am waking. You have to make a living too. I am going to take the time and explain the opinions to you so you know that you getting a solution that is ideal for you.

I always come to the table with the best rates and terms that are available. That is the advantage of dealing with a broker. I told a client this week to take another offer on a private financing purchase as my investor and I could not match it. At the end of the day I want my clients to be happy and whether that is with my products and services or from a competitor that’s fine with me as I know that I have offered the best solution that I have available. I am not going to push or pull you.

“Stop selling, start helping” Zig Ziglar

Today I am thankful for waking up and seeing the results of the first snowfall of the year, for my clients and referral partners who choose to do business with me and for my daughter who can’t seem to keep track of her clothes.

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

Fixer Upper

In more normal real estate markets, people would look at several homes and then buy the one that was perfect for them. Show up on the day after it closed with all their suff and carry on with their lives. In today’s real estate market with next to no inventory, people are bidding on the first property they find with the hopes that their offer will be excepted.

This is also resulting in getting homes that are less than perfect for them. Kitchens from the the 1970’s, wall to wall shag carpet and general funky design themes. However these home are still selling for top dollar and most if not all cases well over the list price. In addition to these issues people are also wining the bid on homes with some serious issues that in almost any market would cause people to walk away.

Instead of walking away they are closing on these properties. This means that the day after close what ends up happening is a huge dumpster shows up in the driveway so the new owners can gut the property so they can make it perfect for them. Also well, septic and other structural issues are being added on to the purchase price as purchase plus improvements. Cause if you let the house go, it could take you months to find another one. So they just fix what needs to be fixed and carry on with life.

Today I am thankful for my lenders who have such incredible products that allow my clients to purchase and fix their new homes, past clients with new projects and the first snowflakes of the year.

“If you can’t find happiness in the ugliness, you’re not going to find it in the beauty either.” Joanna Gaines

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

Last minute challenges

Last minute challenges, call for last minute solutions. We all want things to proceed smoothly as planned, but sometimes that is not always the case. When problem arise as they sometimes do, don’t think why me. Instead think about being grateful for the opportunity to come up with some creative solutions. Always focus on the end in mind and solutions will appear much easier than if you are thinking about why you got the problem in the first place.

Today I am grateful for the last minute solutions to a challenge that popped up yesterday, prospective clients that take the initiative to call when they have questions or need help and business partners who go above and beyond to help.

“If you’re not apart of the solution, you’re apart of the problem.” African Proverb

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

Inflation and interest rates

There is lots of talk about an impending increase to the bank of Canada prime lending rate. This is because inflation has been on the rise recently. Also rising inflation is usually a sign that the economy is doing well. While I do not profess to be an economist and can’t really give you any hard facts on GDP, I do see the costs of almost everything going up. The cost of gas has almost doubled since last year, most car lots are empty as they can’t get enough vehicles and year over year the cost of new homes in Halifax has increased by 21.2%

Now does that all point to a booming economy as the real reason for the prices of almost everything increasing. I think it’s more complex than that. Nationally we are still adding jobs, 31K in October alone. Yet at the same time minimum wage positions are being left unfilled as more and more people can’t make ends meets at our current minimum wage of 12.95/hour. There are no vehicles on lots mostly due to the shortage of computer chips to build them, thus creating a high artificial demand for new and used cars. Lastly our real estate market, normally Halifax has around 2,100 listings at any given time. Currently we are around 335, which is not enough to meet the demand thus further adding increase of home prices due to rampant bidding wars.

So if and when the Bank of Canada decides to intervene and increase the rates, I don’t think it will change anything. This is because the interest rate adjustment will not actually address the root cause of the increase of so many of the items that are effecting our lives at this vary moment. Having no chip shortage will allow auto makers to ramp up supply again, thus brining down demand and prices. Also when more building permits equal more home starts and more listings then that will release some of the pressure of our housing market. So while increasing rates in the past may have seemed like the right thing to do to keep a cap in raising inflation, currently I don’t think that is the logically solution.

“Inflation is when you pay fifteen dollars for the ten dollar haircut you used to get for five dollars when you had hair.” Sam Ewing

I look forward to your thoughts on this as well.

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

Little Win’s

Sometimes in life it’s important to celebrate the little wins. It is because all the little wins added up over time give you the momentum to achieve the bigger wins in life.

Celebrate finishing your first 5K race, not your position at the finish line but the fact that you finished it.

Your son winning their first basketball game of the season. Not the championship but just as exciting.

The fact that you completed a workout is a win, as you are light years ahead of those who did not get off the couch.

Having your down payment saved up is a win as you have managed to take control of your finances.

Getting pre approved is a win as it shows that you have mastered your credit as well.

Getting your offer accepted is a win, specially in this hyper competitive real estate market.

Don’t wait for some far off date to celebrate those big wins. Take the time now and celebrate each and every small win.

Today I am thankful for a fun weekend with the wife and the kids, that it does not take much to realize that life is a series of small victories and that everything is so much more fun when you focus on the the victories.

” The great victory, which appears so simple today, was the result of a series of small victories that went unnoticed.” Paulo Coelho

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

Be Flexible

The renowned success coach Anthony Robbins says “be committed to your goals but flexible in your approach”. The first way that you tried to do something doesn’t always work out for you. You have to be willing to adapt, try new things and stay persistent until you have achieved your desired result.

This certainly applies to those who are looking to buy a home in this hyper competitive market. It’s very rare that people succeed at their first offer to purchase these days. While some are successful on their 3rd or 4th offer some are taking many many more. It is also a good idea look back at your past offers with your agent and see who close you were to becoming the winning bidder. This way you know what if anything you have to adjust to get your offer accepted.

This is because that doing the same thing over and over again yet expecting a different result is actually the definition of insanity. Be cognizant of what is working and what isn’t. Then have the wherewithal to make the required changes. Once done you will find out that things just come into place and it will all work out.

“Give up the thought that you have control. You don’t. The best you can do is adapt, anticipate, be flexible, sense the environment and respond”. Frances Arnold

Today I am thankful for my daily flexibility routine that keeps me moving well, clients who won the bidding war and learning from the mistakes of others so I don’t repeat them myself.

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


Don’t pull my credit

Sometimes clients who apply for a pre approval or a mortgage ask me not to pull their credit. They are concerned that my pulling their credit will negatively effect their credit score. When you apply for a mortgage through a broker or a financial institution, as part of the application process you give permission for them to pull a full and current credit bureau. This is required so we can get you approved for the loan.

There are two type of credit inquires. A soft pull when when you don’t have to give your permission and the institution only receives a condensed version of your credit report. This is typically done when you receive a pre qualified credit card offer in the mail or when you go to get a new cell phone. However when you are looking to borrow money for a car loan or a mortgage, we do a hard pull where we receive a comprehensive version of your credit report.

Typically people are worried that if too many people pull their credit report in a short period of time that this will negatively effect their credit score. So whether you are shopping around for a mortgage or a new car, the enquiries made within the last 30 days will not effect your credit score. Since creditors report to the credit agencies every 30 days, it’s the enquiries and credit over 30 days that really matter. Also when you give me authorization to pull your credit, I pull it once then use that same report with all my lenders that I have available.

If you are concerned that your credit is just at the cusp of qualifying for the loan and that if it gets pulled you then may not qualify. If this is the case then I highly suggest that you get a free copy of your comprehensive credit report from Equifax directly. As if this is the case you may need to work on it to improve your score. Here are some tips to help you do that.

Today I am thankful for sacrifices of our veterans and the freedom that we now have today, the slower pace of a weekday off and the cool crispness of a November morning.

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

Judgement

We could all use a little less judgement in our world. Not everything needs a label to define it, as sometimes those labels bring a negative connotation. Those labels can then be used to discriminate against people. Stop seeing people as young, old, christian, jewish, muslim, black, white, gay, straight, tall, short, fat, skinny, liberal or conservative. Fundamentally we are all the same and we have far more similarities than we do differences.

Much the same can be applied to the major events in our lives. What happens to you should not always be defined as good or bad, this creates massive mood swings that will go with that judgement. Events are just events, and you will get through them much better when you start to see them that way. Life is not what happens to you but how you react to it.

Not everyone has the same credit score, the same employment or down payment. This is why we have many different mortgage options for people. So judging your rate and approval or lack there of with your friends or neighbours is a recipe for disaster. Let’s work together to find options that fit your particular situation.

“It’s all about communication and a dialogue between individuals – get rid of the labels, get rid of the shame, get rid of the stigmas and just be…” Matt Bomer

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

Purchase Plus Improvements

In this age of highly competitive real estate market, sometimes you just have to jump and offer on the next available decent house in your price range. However since the homes are going for well over asking price and sometimes with interiors that have not been touched since Justin Trudeau’s father was Prime Minster, a purchase plus improvement mortgage may be something that you want to consider.

With this mortgage program it allows you to purchase an as is home ( not one that is not livable) and make some improvement to make it your own. The improvements are limited to structural and permanent fixtures ( paint, flooring, cupboards, roofing or furnace / AC etc) rather than appliances.

Depending on the lender programs can be the purchase price of your home + up to 10% or 40K whichever is less or some lenders are now doing the purchase price + 20% of the purchase price as improvements.

Here is an example, you were the successful bider on a home that you are buying for 500K. You still have room in your debt service ratios and want to improve the house to make it your own. So depending on the lender in some cases you can add 40K in improvements and others you can go up to 100K.

Don’t forget that if your purchase required high ratio mortgage insurance (CMHC,Sagen or Canada Guaranty) your down payment will now change. You will need to put down 5% for for 1st 500K and 10% of the improved value. So that would be 25K on 500K and 4K for 40K or 10K more if you were getting 100K worth of work done.

“When you are good at something, you will tell everyone. When you are great at something, they will tell you.” Walter Payton

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