Tag Archive for: Mortgage solutions

Real Estate Bubble???

We are in the midst of a crazy real estate market from coast to coast here in Canada. Properties are selling very quickly and in some cases there are multiple offers and they are selling not for thousands of dollars over list but hundreds of thousands of dollars over the listing price.

Here in Nova Scotia in particular where we are used to only modest gains in values of only single percentage points. There was recently a transaction in my subdivision, single family home, bungalow, 4 bedrooms, 1 bathroom and unfinished basement. The property had not been on the market since new 54 years ago. My Realtor told me that this home had 28 offers and sold for just under 300K over list price.

Now unless you have been under a rock lately you have heard some of the financial pundits talking about a possible real estate bubble here in Canada. While that headline does get a lot of attention, I don’t believe that is the case nor will we experience the pains that the US felt back in 2009.

A few facts to consider, since we are still in the midst of a pandemic our borders have essentially been closed to all except for necessary travellers. Normally Canada welcomes about 500K people per year to immigrate here but now it is down to just a trickle. Real estate inventories on the market are down compared to past years. So with low interest rates, record levels of immigration prior to the lockdown and general population with money to burn has only poured fuel on the fire that was already present.

Knowing this I don’t think we are on the brink of a similar bubble the American’s faced in 2009. We don’t have lenders making loans with low or no documents, nor do we have people qualifying for their mortgages on teaser rates like they did. Our mortgage stress test was implemented in 2016 and has served us well. With discounted AAA rates now at 2.24% and the qualifying rate still at 4.79% I would say that we still have a great buffer in place to protect consumers from rates rising too quickly.

I look forward to hearing from you in regard to your mortgage needs.

Cheers,

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).

Don’t put all your eggs in one basket

Warren Buffett is famous for saying this in regards to your investments, as it opens you up to greater risk. However I want to also tell you that it applies to your banking relationships as well.

We have some great banking institutions here in Canada. There are lots of great options for your personal banking, your investments, your mortgages and your commercial banking. However it’s best if they were not all with the same lender. Let me give you an example of why in regards to your mortgage.

The majority of lenders these days are securing your mortgage as a collateral charge. What this means is that they are registering the loan for the value of the property or the value + 25% depending on the market. The advantage of this is that it allows the lender to offer you a line of credit without you having to incur additional legal or appraisal fee’s. While that is convenient but what if you also have all of your savings, chequing and credit cards with the same lender and for some unforeseen reason you missed some credit card payments, because all of your lending is with the same source you could have your mortgage foreclosed upon because of a credit card default.

The solution is to make sure that your personal baking ( checking, saving & investments) are with lender ABC while your mortgage is with lender DEF, and your credit cards could be with lender XYZ. Diversify your personal banking as much as you diversify your investments.

I look forward to hearing from you in regard to your mortgage needs.

Cheers,

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).

All your ducks in a row

When you leave for a vacation do you scramble around the morning of your departure cramming suitcases and trying to think if you have everything and then invariably arrive late to the airport and almost miss your flight. I am sure there are some of you that do that but I assure you that is not the best way to go.

If you want the smoothest experience as possible it’s always best to plan ahead. That is the same way that I approach getting your financing for your property in order. For most of us this is the single biggest financial transaction in our lives. Wouldn’t you rater that it be as stress free as it can be for all involved.

The way that we do this is to work with you and gather all the pertinent documents upfront and then thoroughly review them prior to submitting them to the prospective lender. Thus allowing for your financing to get approved as quickly as possible so then you can focus on the other important things in your life.

I look forward to hearing from you in regard to your mortgage needs.

Cheers,

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).

Shack Happy

Shack Happy, Cabin Fever or whatever you want to call it you’re feeling cranky from being stuck inside with the same people for way too long. March Break is almost over, just be thankful that it didn’t last as long as the March Break that never ended in 2020. Now that the weather is finally starting to warm up and Spring 2021 is officially here today, to put yourself in a better mood go for a walk or better yet a run. Change your surrounding and just get out and move your body for at least 30 minutes. It will do yourself some good as well it will be beneficial for those you live with.

If you in fact desire to change where you live, please touch base with me so I can work to get you pre approved so you can be well on your way to your next property.

I look forward to hearing from you in regard to your mortgage needs.

Cheers,

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).

Snow shovelling

Just a quick post to make sure that you are shoveling safe today .

I look forward to hearing from you in regard to your mortgage needs.

Cheers,

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).

St Patrick’s Day

I would not be much of a Patrick if I didn’t not wish you a happy St Patrick’s Day. May the luck of the Irish be with you all day.

I look forward to hearing from you in regard to your mortgage needs.

Cheers,

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).

You vs You

Incase the title didn’t give it away, your only true competition is with yourself. Keeping up with the Jones next door is not what keeps me going nor should it be with you too. The only measurement that really matters is if you are doing more and better than you did yesterday.

A runner should only be concerned with how well they did today vs yesterday and did they make any improvements. My 1K pace may be different from yours and the true measure of performance would be to look at how well you are doing compared to yesterday, last week and last month. In crossfit we don’t compare our workout results to Matt Fraser or Rich Froning that would be totally unrealistic and defeat the purpose if you are actually making progress.

In regards to the mortgage business, there are possibly thousands of brokers and bank mortgage specialists across our great country all offering fairly similar rates. Some may be doing better or worse than I am doing, but at the end of the day my only goal is to do better than I did yesterday. I will do this by making sure your experience is second to none, and if it wasn’t to let me know how I can improve.

I look forward to hearing from you in regard to your mortgage needs.

Pat

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).

Get good at something great!

Let’s just face it that we are all good or great at things that don’t serve us. Who among us does not excel at procrastination! Better yet watching tv, eating junk food, playing video games, wasting your money, shopping, drinking or hours spent on social media. I am sure you are saying that everything in moderation is fine. However what has it gotten you so far???

So why not get good a something that moves you forward! This does not matter if you currently are a barista at Starbucks, a cook at McDonald’s or a customer service representative at a call centre. Being great at what you do gets you noticed, gets you promoted and helps you succeed. No job is worth doing unless you are doing it well.

I love what I do, let me be your mortgage expert and help you get your financing for your first home or your dream home.

I look forward to hearing from you in regard to your mortgage needs.

Pat

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).

Plan Ahead!

As the common expression goes ” If you fail to plan, then you plan to fail”. Since today is Sunday, it is the day the highly organized plan for their upcoming week. Athletes that I know call this meal prep Sunday where they prepare the meals for the upcoming week so it’s just one less thing to worry about during the week. They also plan their training for the week ahead.

Burnout is just another way of saying decision fatigue. You get to a point in your day where you are mentally spent from having made too many unplanned decisions. Steve Jobs notoriously wore the same outfit so it was one less thing that he had to decide on for his day.

Start slowly by planning what you will be wearing for the next day by laying it out the night before. I have been doing this for years and it saves a lots of time. Then if you are so adventurous plan the start of your morning. Including the time you will get up, your morning meditation or exercise routine, meal then right up till you start work.

By planning your day, it will make it easier for you to hit the objectives for your week, your month and your year. What every your objective it, plan ahead and break it down so it is more obtainable.

If your plan is to buy your next home, your dream home or refinance your current home let me know as I would love to help you reach your goal.

I look forward to hearing from you in regards to your mortgage needs.

Pat

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).

Take your pick!

The worst kinds of calls to get as a mortgage broker is when someone calls and asks for your best 5 year fixed rate. My answer typically is that it depends. Although I know what the rock bottom 5 year fixed rate is for that particular day, there is no guarantee that is what they will get.

You see after 30 seconds of being on the phone with someone I don’t know their credit, weather they are buying or refinancing, if the transaction would be high ratio or not and if they are self employed and require a stated income mortgage. All these things are required to determine what rate you will eventually receive.

Judging a mortgage by it’s rate is like shopping for a vehicle based solely on the horsepower. There is so much more to consider. This is why when working with a client I need all the documents upfront upon application so we can together find the best mortgage product that meets their needs.

The best rate comes with the best product that meets my clients particular needs at this particular time in their life. Sometimes is 12% , or 4.99% or even better 1.54%. Every situation is different so it’s best to get to know you so together we can find what works best.

I look forward to hearing from you in regards to your mortgage needs.

Pat

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).