Tag Archive for: Vancouver Mortgage Broker

Do the Math

There is a lot of talk about the Bank of Canada changing overnight lending rate at it’s next meeting. So some ill informed homeowners are rushing to lock in their mortgage rates to avoid any rate hikes. That is entirely understandable if you are risk adverse, however if you haven’t already I think there is a few things you should know.

Ok so to make sure that you are informed, we need to do some math. I just looked at the our current rates, and for AAA credit clients who required an insured mortgage the variable rates are averaging at prime ( 2.45) less 1.10%, so that means they start at 1.35% and the fixed rates for insured mortgages average 2.89%. If you haven’t done the math that is 1.54% in the difference. For uninsured clients the rates are slightly different, variable is prime -.90 (1.55%) and fixed is 3.04%, which is a difference of 1.49%.

Historically the Bank of Canada has moved rates at .25% at a time. There have been instances where that has been .50% and also .15% but the average in the past 12 years has been .25%. Given the current disparity between the current fixed rate and the available variable rate, I still believe that the variable rate is the way to go. The BOC would have to move the over night lending rate 8 times at .25% to equate to the current fixed rate. Even at that the variable rate is still superior as the potential penalty to discharge or break it is a fraction of what it would be for a fixed rate.

So do the math and see if this makes sense to you. However if you are risk adverse you may sleep better knowing that you have a fixed rate but you should at least make an educated decision.

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

No Comparison

Far too many of us judge ourselves unfairly. Comparing our accomplishments or the lack thereof to others is a futile endeavour. While they may appear more fit, successful or rich, underneath it all they may have a less fulfilling relationship than you, have weaker family or social connections or have substance dependancies that nobody is aware of.

The only true comparison to your current status is your results of the past. Sometimes it is hard to tell if you are making any headway from day to day, but look back farther and look at a month, 6 months or a year ago. If you really tracked things you would realized that you have made monumental progress.

To give yourself a small taste of success, then start with something small and build it up over time. If your goal is to run 5 to 10K then start by walking if you have to and grow it from their. Similarly if your goal is to save up a down payment for a home, you could start by managing your money better with the help of YNAB then starting an aggressive savings program.

“When you compare yourself to others, you miss the miracle of who you are”. Mastin Kipp

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

Stick with it

365 Days ago I made the commitment to post something new on my website blog every day. I am extremely proud to say that I have not missed a day all year. It has helped my website ranking. It has allowed me to connect with more people and it has allowed me to improve my writing and communication over the past year.

So thank you for everyone who has read and or commented on these posts, it’s meant a lot to me. They have not always been about the mortgage business but that’s alright cause we can’t talk about work all the time. I feel very strongly about personal development as I think that we are all a work in progress and that we will continue to make progress as long as we stick with it.

What habit or past time would you like to pick up and or improve. All it takes is a little practice and a whole lot of stick-to-itiveness. In 365 days you could learn a new language, learn to play a musical instrument, improve your flexibility, gain muscle and or lose body fat and lastly and importantly for a lot of us is improve your interpersonal communication skills. There are many more things that you could do, you just have to start and keep it going.

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

Let the games begin

Today marked the beginning of the games of the XXIV Olympiad, also know as the 2022 Beijing Olympics. One of the best things about this games this year is that it allows us to focus on something other the pandemic or the current level of political discord that has been in the news across this country.

Yes we all ( myself included ) have our opinions about those two subjects but getting into intense discussions with people who feel the opposite is not very productive. This is why I am so happy to see that the Olympics have started again. 

The love of sport does not discriminate against you based on your political or other opinions, you just want to see your countries athletes or your favourite athletes do well. So for these next 16 days let’s all enjoy the completion and just get along.  

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

Keep Striving

While many people know that the tag line to Nike is “Just Do It” their actual slogan is “There is no finish line”. This underlines the fact that we should always be pursuing improvements in our lives each and every day. The race never ends, as the one you finished yesterday will prepare you for another one tomorrow. Keep striving and pushing yourself to get better all the time.

Just because you lost your bid on the previous 5 homes you looked at does not mean that you will fail the next time. The only way to guarantee that you fail is to strop trying. It’s true that it is a very challenging market for home buyers, however people are still being successful in buying new properties. Ask your agent for feed back on your unsuccessful bid to see how you can improve for the next one.

The only thing constant in life is change so what didn’t work yesterday may indeed work tomorrow, and what worked before may not work the next time. Stay focused on what is your objective and keep moving forward.

Today I am thankful for the short interruption in power this morning while everyone else was still asleep, going from one great book to another one as there is always more to learn and the lessons I have learned from everything that didn’t 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

Cost of Opportunity

Nothing absolutely nothing is free in life. There is always a cost whether it be time or money. In this case I am talking about opportunity cost. Sometimes the cost to take advantage of an opportunity is more that other times specially if you are backed into a corner and the only financing option is a private mortgage.

Private mortgages are by default expensive. However they are sometimes necessary if an opportunity is too good to be true. People have to understand that they are just bridge or short term financing. They are meant to bridge the gap so the opportunity can be seized and give time till less expensive financing can be secured.

So while expensive it is best to focus on the intrinsic cost if the current opportunity is lost. Private mortgage are short term solutions and allow financing for client that are current not ready to get financing through the bank channel. This may be due to credit, income or even time constraints. So see them as a solution to your current problem rather than just looking at the cost of funds.

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

Commercial mortgage priorities

So you have finalized your plans, gotten all your quotes, applied for your permits and have hired a general contractor for your new commercial construction project. Next on your list is to secure your financing so construction can start. Now while you have owned several homes and a few small residential rental properties, this is your first large scale commercial project.

It’s understandable that for your residential properties that your priority has almost always been interest rate when negotiating or arranging your mortgages. However things are different on the commercial side of things.

For your commercial project you have determined that you will need 21.5M to complete it. You have your value upon completion already from an AACI commercial appraiser and fully occupied it will be worth 32M. Now you have arranged your own residential mortgages before so you call your own bank and they are interested in your project but only give you an offer for 18.3M but with an incredible interest rate so they say that it’s better than any other commercial lender in the market.

Being short 3.2M is not going to get your project finished. So that shiny attractive interest rate will not cut it. This is why for commercial mortgages the loan amount is paramount, followed by amortization ( the amount of years to pay back the loan) and then by interest rate.

So when you’re ready to start construction on your commercial project, please talk with us and we can prepare your loan package and then speak with the 10-15 commercial lenders we have available. Quite possibly getting you better terms from your own personal bank as we answer all questions up front and present a full package thus saving time for you and the prospective lender.

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

Being Uncomfortable

Nothing ever great was achieved by staying in your comfort zone. You can’t get in shape by staying on the couch. You can’t get rich by staying in bed and you can’t grow and develop unless you have experienced some failure and discomfort.

You will never be able to afford a house if you keep spending all of your pay check. Sure there are some lenders offering no down payment mortgage but you still need to have your closing costs and deed transfer tax.

There is no free ride. The quicker you can be used to some regular discomfort that faster you will make some progress. Do something every day that would normally make you un comfortable. Give a speech, talk with some strangers, ask someone out, do a workout that you have never done before. Just make it a habit to push your comfort zone ever day.

Today I am thankful for those steel cleats on the bottom of my boots or my dog would not of gotten a walk today, new PR’s on workouts and daily opportunities to push my comfort zone.

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

Tenacity

Tenacity ;

noun

: ability or willingness to carry on despite danger, difficulty, or obstacle.

Watching Rafael Nadal grind out and win the Australian Open in 5 gruelling sets, to me is the epitome of tenacity. Your mind will always tell you to quit well before your physical capabilities have been depleted. Most of the battles I face on long runs are pushing through the battles with the mind to quit. We are capable of so much more as long as we keep going.

“When you grow up you tend to get told the world is the way it is and…to live your life inside the world. Try not to bash into the walls too much. Try to have a nice family, have fun, save a little money. That’s a very limited life. Life can be much broader once you discover one simple fact: Everything around you that you call life was made up by people that were no smarter than you and you can change it, you can influence it, you can build your own things that other people can use. Once you learn that, you’ll never be the same again.” –Steve Jobs, Interview with Santa Clara Valley Historical Association, 1994

Read that sentence in the middle over and over again if you have to, but also remember that they were tenacious and did not quit.

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

Get Real

It’s all well and good to pretend that things are better than they seem. To put on the rose coloured glasses and try to act like there is nothing wrong with you or the rest of the world. However ignoring the problem or only focusing on the shiny future does not make it go away.

If you’re fat, depressed and lonely own up to it the same if you’re broke, lazy and feel like a loser. See your faults for what they are. The alcoholic can never improve until he finely admits that he has a problem. It’s also fair to say that that it’s hard to relate to what you have gone thorough in life. We all have a past, some better and worse than others but it does not define where you can go in your life.

The sooner that you can take ownership for you lot in life the sooner that you can do something about it. There was nothing great ever achieved by staying in your comfort zone and nobody can do the work for you. Dissatisfaction can be a great force for motivation, feel it and own up to it and see where your life will be if continue down the same path. Now get fed up and do something about it.

“If you look in the mirror and you see a fat person, don’t tell yourself that you need to lose a couple of pounds. Tell the truth. You’re fucking fat! It’s okay. Just say you’re fat if you’re fat” David Goggins from Can’t hurt me.

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