Tag Archive for: Patience

Hurry Up, and Wait!

The mortgage business like many others is filled with moments of hurry up and wait. Hurry up I need you to take my mortgage application, but have to wait to receive the supporting documents in order to submit it for approval. Hurry up and get me approved, but have to wait for the underwriter to review the file and approve it. Hurry up and get all the conditions met so I can advise my realtor, but have to wait for the fulfilment specialist to review all the documents.

As much as we and clients want things done yesterday, things take time. I find that the process proceeds much more smoothly when expectations are set in advance and advised what the timelines are for various stages. This is also why I request a full document package up front and upon submission so this minimizes any potential surprises and allows for a much smoother transaction.

Today I am thankful for receiving my 1st shot of the Pfizer-BioNTech vaccine, actually having access to a vaccine at all to fight this pandemic and being up before all the jackhammers started going this morning.

“Sure enough even the waiting will end…if you can just wait long enough.” William Faulkner

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

Game of Patience

Today’s hot real estate market is not for the faint of heart. Not for buyer, Realtor’s or us Brokers. If anything it requires a game of patience. It is now almost commonplace for listings to receive multiple offers and end up selling for much higher than the listing price.

People who are pre approved at 500K have to start house hunting around the 375K mark if they hope to be the successful bidder on the property. Also if the broker or mortgage specialist was smart that would mean that they are pre approved at the maximum amount so putting in an offer at 515K is not going to be approved.

Once becoming the successful bidder now the real work begins for us brokers. Yes we do underwrite up front and our clients all have pre approvals before starting shopping but the lenders are all overwhelmed and back logged. What was a 4 hour turn around time on our files is now turning into 4-5 days.

So let’s all take a deep breath, say Namaste and practice some patience and know that we will get there soon.

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).