Tag Archive for: Mortgage solutions

New House or new car?

The good weather if finely here and also now that phased reopening plans have started, this means that more and more people are out and about. I have noticed lately that lots and lots of people are shopping for a new vehicle, this is also coinciding with our current hot real estate market where it seems that everyone is also shopping for their first home or their dream home.

However I must caution you that as nice as those new wheels are, I would hold off on that purchase until after you have closed on your home. This is because that for every $400 in vehicle payments, it is effectively taking away $100,000 worth of purchasing power for your home. In the way that real estate has risen in the past year this is more like 200K as what was selling for 400K last year is now selling for 500K.

Finding out that your significant other is expecting does not mean that the 1st major purchase should be a mini van. Get the house sorted away first, keys in the door and closed BEFORE you even consider getting the vehicle. Just because you have received your mortgage approval does not mean that you can now put appliances on credit or finance a new vehicle. Lenders do a soft credit check prior to closing and if anything has changed prior to closing they will pull the financing. If a new vehicle is absolutely necessary prior to getting your home, buy used, buy cheap and pay cash.

Today I am thankful for another beautiful Sunday morning run on the trail, my favourite team sill in the hunt for the Stanley Cup and prospects who call on the weekend cause the banks are closed.

“Waiting is painful. Forgetting is painful. But not knowing which to do is the worst kind of suffering.” 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

Busy vs Effective

Let’s face it we are all guilty of being busy. Constantly moving from one task to another but never really accomplishing anything. Busy just fills time, effective gets things accomplished.

I have talked about planning your day and working your plan in the past. Recently while reading an excellent book called The Ultimate Sales Machine, the author Chet Holmes talked about a simple yet effective strategy of touching something once. What this basically means if you are going through your email for example and the note requires action, do it right away and then move on to the next task. No more piling things up for odd chance that you will complete it later.

It is small but effective strategies like this that will allow you to accomplish more in your days, weeks and years. Don’t fill your day with busy work and activities that don’t move the needle. Start a task, finish said task then move on to the next one.

Today I am thankful for the sound of the rain over night, the dirt that it washes away and green that is brings especially this time of the year.

“If the ladder is not leaning up against the right wall, every step we take just gets us to the wrong place faster.” Stephen Covey

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

Back to Normal?

Whenever massive changes happen to us as individuals or as a society there is always a pull to return to the previous norm or the baseline. Take weight loss or weight gain in terms of muscle mass. Sometimes people who have undergone radical personal transformations whether through losing massive amounts of weight or gaining muscle mass often return to their previous state once the catalyst is no longer present. People get married, or divorced, get promoted and or lose a job or a thousand other things thus causing them disruptions to their previous habits and returning them to their previous state.

Now that our daily infection rates have been steadily dropping and vaccinations rates have been steadily increasing are we going to return to exactly how we have lived before? Are people going to continue to wear masks out in public or at least doing the flu season? Is the current real estate market going to return to what it was like in 2019 prior to the pandemic? As for the last question this will entirely depend on new listings coming to the market as we are currently experiencing a severe lack of supply thus causing the outrageous demand and multiple offers on almost every listing.

Only time will tell how things unfold. I suspect there will be more listing on the market but not sure if it will be enough to quell the pent up demand. As for mask wearing I am all for wearing one in crowed spaces or during flu season however most people may not want to stick out being to only one wearing one.

“There is light at the end of the tunnel, but the way out is through”. David Allen

Today I am thankful the kids going back to school, beautiful morning so my son could walk to his school and Teachers who adapted quickly to the remote learning then back to the classroom.

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

Go for the easy win

After a year and a half into this pandemic many of us are feeling burnt out, overwhelmed or just plan run down. The good news is that the end is in sight with more people getting vaccinated and new infections steadily decreasing. Nova Scotia and many other provinces are entering a phased reopening so things will slowly get back to normal.

In the meantime a few simple things to lift your spirits and give you a sense of accomplishment that may help you feel less stressed out. Try a 5-10 minute meditation to help change your state of mind. Go for a good 20-30 minute walk in the sunshine, the endorphins and the sun will definitely improve your mood. Make your bed immediately upon getting up as this is will put the first check in the win column for the day. Reach out and call an old friend as the conversation will do you both good.

So if you are in the real estate market like myself and many others just take a deep breath and take it one task at a time. I remind my pre approved clients that it may take several tries to find the offer on the property that sticks. This is a game of patience more than anything else. Knowing that it will all workout eventually is the best attitude to have.

Today I am thankful for a beautifully sunny walk with my dog, a great podcast ( 10% Happier) to listen to while we walked and to be able to workout outside in the warm June sun.

“In dealing with this who are undergoing great suffering, if you fee “burnout” settling in, if you feel demoralized and exhausted, it is best, for the sake of everyone, to withdraw and restore yourself. The point is to have a long term perspective.” Dalai Lama

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

Rainy days and Monday’s

These are a few of the things that should not get you down. In fact no outside influence should have any effect on your overall mood. It should not really matter if it is rainy or sunny, your team wins the big game or looses, you get the date with your crush or they turn you down, you got the job or not or if your offer was accepted or not on the home you wanted to purchase.

The only one who decides your current mood is you. So when you get up in the morning, decide right away that it is already going to be a great day irregardless of what happens. Just having the right attitude will tend to make more of the great things come your way in the first place.

Today I am thankful for how great I feel after running 15K yesterday, clients who maintain a positive attitude in this challenging market for buyers and the therapeutic effect of writing every day.

“People may hear your words, but they feel your attitude”. John C Maxwell

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

Plan of Attack

Do you have a plan of attack for your days, your month or your year? Or do you just react to what life throws at you and hope for the best? Sure you’re probably really busy if you are always in reactive mode, but are you really getting anything accomplished as you are most likely just treading water?

If you really want to make progress toward your goals, then you definitely need a plan of action. This applies if your goals are getting in better shape, paying off your debts or buying your first home or your dream home.

Plan your workouts, plan what you will be eating, use YNAB to plan your budgeting and talk with a mortgage professional to get pre approved then work with one of the excellent Realtor’s in the market.

The best way to do it is in 24 hour blocks by planning out your day. Set your priorities ( no more than 6-8) for the next day, then schedule your time and work your plan.

Today I am thankful for a quiet peaceful walk with my dog early this morning, a 90 minute power zone endurance ride on my bike courtesy of Peloton and people who I have cold called calling me back.

“By failing to prepare, you are preparing to fail.” Benjamin Franklin

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

Stress Test

The purpose of a stress test is see if you have any weaknesses that need to be addressed. Like those who have heart disease and are required to jump on the treadmill to see how their heart responds to exercise, we have a stress test( since Jan 2018) for those looking to purchase a home or refinance their mortgage.

The purpose of the stress test for your mortgage is just to make sure that you will still be able to afford the payments in the event that mortgage rates increase rapidly. Until rather recently the rate used for qualification was 4.79%. While fixed and variable rates are much lower than this rate, it is used as a benchmark to make sure that you can still afford a mortgage if rates were to increase to that point. Now the government ( more specifically The Office of the Superintendent of Financial Institutions or OFSI) took action and changed the qualifying rate to 5.25% or the mortgage contract rate +2% whichever is greater. These changes take effect as of June 1st/2021.

What this essentially does is decrease your buying power by about 5%. Now I don’t think it will do anything to address the overheated real estate market. The problems that we are facing today have to do more with a overwhelming lack of supply rather than people spending more than they can afford to get into a home. Yes I know ( cause I am doing one for a client right now) that CMHC has programs available for developers of multi unit properties where they will finance up to 95% of costs if a certain percentage of units are deemed affordable housing units. However at the rate that these new developments are coming on the market it may take years for our real estate market to balance out. So tit tight, hang on and enjoy the ride.

Today I am thankful for a refreshing light rain during my morning run, reminders that come up in my calendar just in time to make sure that I don’t miss important events and a wonderful sales book written by an author that left us far too early.

The greatest weapon against stress is our ability to choose one thought over another. –  William 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

3-2-1 GO!

Those who have done a few crossfit classes are uniquely familiar with the expression above. It signifies the start of massive action. What have you been putting off that really needs to get done? Do you need to start exercising, then 3-2-1 go and do it. The same applies to eating better, calling and staying in better touch with your loved ones. What ever it is that you have been putting off or afraid to start just 3-2-1 and do it.

I faced the same thing a few months ago. I wasn’t happy with my current results that I was generating. I realized that if it is going to be then it is up to me so I really need to do something. 650 cold calls latter my business is in a vastly different place that it was at the start of the year.

Yes taking massive action is scary, but you know what it’s not as scary as standing still and doing nothing. Focus on where you want to go and start moving in the right direction.

Today I am thankful for a call out of the blue from an old friend, new perspective on an old game plan and renewed optimism towards the future.

“People may doubt what you say, but they will believe what you do.” ―Lewis Cass

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

Victoria Day

Happy Victoria Day fellow Canucks! Celebrated in honour of Queen Victoria’s birthday it is also the official kickoff of the summer season here in Canada. Now only if the weather would cooperate. Short post so get out there an enjoy yourself.

“What good is the warmth of summer, without the cold of winter to give it sweetness.” -John Steinbeck

Today I am thankful for the banks being closed today so it’s much slower pace in the office, early morning sunrises when everyone else is still sleeping and new business relationships and new clients.

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

30 Years in the making

Just like sometimes people choose to take 30 years to pay off their mortgage. Good things take time. Growing up takes time. Personal development takes time. Getting fit takes time. Growing your nest egg takes time. Just like building a life takes time.

I found out yesterday that our beloved Tragically Hip, yes almost 4 years after loosing lead singer Gord Downie to cancer, have just announced the release today of 6 previously unreleased tracks. They had planned to make Road Apples a double album but now thankfully that didn’t happen. The new album is called Welcome to Saskadelphia, and I have already listened to it when I got up at 6 today. This was also 30 years in the making, further proving the point that good things take time.

Today I am thankful I have been able to hear new tunes from one of my favourites bands, good music no matter when it was originally recorded or released is timeless and the tears of joy at hearing Gord’s voice again.

“I had my hands in the river and my feet back up on the banks I looked up at the lord above and said hey man thanks” The Hip

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