Tag Archive for: Vancouver Mortgage Broker

5 to 10 basis points

This amounts to .5 to .10 of a percentage point as a basis point is essentially 1/100th of a percentage point. I bring this up as consumers will shop their mortgage business and leave an existing relationship at the last minute for perceived deal of 5 one hundreds of a percent.

So here is some mortgage math for you. Let’s take the average current mortgage balance of 400,000, taken over 5 year term and 25 year amortization. At current 5 year fixed rates of 2.09% that would give you a mortgage payment of 1,711 per month. There are also some no frills quick close deals at 1.99% giving you a monthly payment of 1,692 per month. This amounts to a savings of $19 a month or $1,140 over the 5 years. Or $5 per hundred thousand mortgage balance.

Remember not all products are created equal. Some products are locked in closed for the term, meaning that the only way to break it is with the power of sale. Some have reduced pre payment privileges or no portability features. Make sure that you look at everything as there is more to consider than just the rate.

Today I am thankful for a warm and refreshing run this morning before it got too hot, a delicious burger delivered right to my door yesterday and that my dog recovered quickly from overheating on Friday night.

“Do not let Sunday be taken from you. If your soul has no Sunday, it becomes an orphan.” – Albert Schweitzer

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

Beach Day!

Some weeks the accomplishment is just making it to Friday. If this is you, I feel your pain. However with the warm humid weather we are having it will be a great time to head to the beach. One of the things we are blessed with here in Nova Scotia is lots and lots of beaches. We have over 90 beaches and 7,500 km of coastline you are guaranteed to find one that you like.

Although our summer’s are typically short and now that the hot humid weather is here, a day at the beach could be a great idea. With the hot air temperature and cool water make a perfect combination to refresh and recharge. Here is a link to find the perfect beach for you so you can enjoy a perfect day by the water.

Today I am thankful for the relatively cool nights that have accompanied these warm days, having several beaches to choose from which are only a short drive away from home and friends with pools on warm hot summer days.

“Live in the sunshine, swim in the sea, drink the wild air.” Ralph Waldo Emerson

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

August Market Update

As I have been a mortgage broker for just almost 20 years, I have seen a lot of interesting real estate markets. However this year really takes the cake. February, March & April anything with a roof sold as soon as it hit the market and in most cases with multiple offers and in many cases well over asking price. However since cases of Covid started declining and provinces started opening back up, things have slowed down.

I speak with hundreds of realtors every month and the common belief is that since things are open many people are choosing instead to take a well deserved vacation. In many cases their first in over 18 months. The fundamentals of the market are still relatively the same with not a lot of listing, it just that the buyers are taking a break. Don’t get me wrong there are still many properties getting multiple offer and going well over ask, but the consensus is that this is mostly the mid range properties. Will the craziness come back once school starts, only time will tell.

Today I am thankful for all the great conversations with past clients yesterday, a quiet early morning walk with my dog while most of the neighbourhood was sleeping and a run that seemed slow at the time ended up being much faster than I had though.

“I will forever believe that buying a home is a great investment. Why? Because you can’t live in a stock certificate. You can’t live in a mutual fund.” Oprah Winfrey

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

Approved or qualified

There is a vast difference between getting pre-approved for a mortgage and getting pre-qualified. One holds your rate for up to 120 days and allows you to go house hunting and the other just gives you rough idea of what you can afford. Yes getting a pre-approval will take some time but it is worth it in the end. There is nothing worse for you realtor than finding out after you have been house hunting that you in-fact can’t get the financing for the house you want cause you didn’t take the time to go through the formal pre-approval process.

In this hyper competitive housing market it is absolutely necessary to get pre-approved BEFORE you start house hunting. Here are the steps to take, complete the mortgage application and submit all necessary supporting documents with the application. Together we will review your credit, income and down payment then discuss the various mortgage options. Once you have settled on what you like, we will submit your file for a pre approval rate hold. The banks are very busy so it may take a few days to get it back. Once it is back then go shopping with confidence.

Today I am thankful for my internal alarm clock waking me up at the perfect time, First time clients closing on their home today and kids up early and out of the house with their friends.

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

Stressed?

What do you do to when you’re feeling stressed? We don’t all have the perfect lives and things don’t always go according to plan so you should have structures in place to help you cope. Some of the great strategies I use are starting my day with a 20 min meditation thanks to the Headspace app and other than it’s regular daily exercise. A nice 5K run or 30 clean & jerks for time are great ways to clear my head. I also find that listing to classical music particularly relaxing when going for a run is not possible, and who doesn’t live a great piece by Rossini???

Whatever you do to cope with life’s stresses just make sure it’s constructive and doesn’t make your life overall worse. Chances are someone has already gone though what you currently find yourself struggling with. Having friends or family members to speak with always helps as well.

Today I am thankful for the fact that my teenaged girls have summer jobs to get them out of the house, great friends and family who are there to check in with when the road seems rough and the delayed onset muscle soreness from a great workout.

“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

Square pegs into round holes

They say that trying to get someone to do something that they didn’t intend on doing is like trying to fit square pegs into round holes. I view my position as a mortgage broker the same way. I am not doing this to convince you to get a mortgage or heck to even convince you to work with me. Both of these things you must decide to do on your own.

Lots of people ( less now actually given the price of real estate) buy homes with out mortgages, and there are plenty of other people doing the same thing I am doing. My role as I see it is to provide the potential clients with the best information possible so they can make an informed decision about this process. If they decide that they need a mortgage and they want to work with me then fantastic otherwise I am off to help the next clients.

Today I am thankful for the support and encouragement of close friends as I faced a surprising challenge recently, for seeing deer on my walk with the dog last night in the middle of Halifax and for always having options for solutions to current problems.

“Defeat is a state of mind; no one is ever defeated until defeat is accepted as a reality.” Bruce Lee

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

Learning

If things went right the 1st time you did them how would you ever learn. We crawl before we walk, and walk before we run and frequently we fall in the process. It’s by failing and getting up and doing it again that we learn to perfect our approach.

Today I am thankful for all the learning experiences that have brought me to where I am today, the rejuvenating nature of a mid afternoon nap and the smile that comes from hearing someone’s big bell laugh.

“Every champion was once a contender who refused to give up.” – Rocky Balboa

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

Practice what you preach

There is no easy way to say other than yesterday was a monumentally challenging day on many fronts. Nobody died or was diagnosed with a terminal illness but was challenging none the less. I talk about positive mindset all the time and yesterday it was time to put into practice what I preach on a daily basis.

Today I am thankful for my support system as I would be lost without them, that inside every challenge is an equal sized opportunity and that I read all those personal development books for a reason and now it’s time to put them to work.

“We don’t rise to the level of our expectations, to fall to the level of our training.” Archilochus Greek Solder 650BC

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

Backtracked!

This past week Canada Mortgage and Housing (CMHC) backtracked on an unpopular policy move they made at the start of the pandemic last year. They tightened underwriting guidelines to limit debt service ratio’s for insured mortgages to 35/42% of GDS/TDS. This is because last year CMHC incorrectly estimated that the pandemic would cause a softening in the housing market. What happened was exactly the opposite. Instead of home values dropping by up to 18-20% they increased by the amount that they thought we were going to lose.

The other two insurers Canada Guranty and Sagen ( previously know as Genworth) who normally follow in lock step with whatever CMHC decides to do decided to keep their policy the same and allow for ratios up to 39/44. So what happened is that they ( Canada Guranty & Sagen) had a rapid increase in market share of the insured mortgage business as the housing market heated up.

So CMHC with their new leader, Romy Bowers decided that they could no longer live by Evan Siddall’s erroneous policy change and thus shrinking market share and changed back to 39/44%. Only time will tell if this will do anything to help them recapture their lost market share.

“We are products of our past, but we don’t have to be prisoners of it.” Rick Warren

Today I am thankful for a storm that passed quickly and left no damage in it’s wake, a expected rainy day that turned out quite nice and fresh strawberries and cream for snack.

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

Mind over matter

Minor annoyances tend to grow much larger when attention is put towards them. Someone cuts you off in your morning commute and suddenly you are in a bad mood all day. Your team loses the big game ( sadly it happened) or the injection site of your vaccine is sore. You could focus all your energies towards what didn’t go as you planned or you can acknowledge it and get on with your day.

This is my frame of mind today. Yes they lost, that happens and I was still immensely proud of their performance during this year’s playoff run. There was also a brief time when I got up this morning and noticed that my shoulder was sore. I just acknowledged it and got on with my day. Ran 5K and just got back from donating blood and feel awesome actually.

Don’t dwell on what didn’t go your way, focus instead on where you want to go. Your day and your life will be much better as a result if you think about what you want rather than what you disagree with or what causes you some discomfort. Cause if you don’t mind it doesn’t rally matter.

Today I am thankful for the great people at Canada Blood Services who always make me feel comfortable and special, the arrival of my new barbell so I can show my kids how to lift and just generally feeling unstoppable.

“Rule your mind or it will rule you.” Buddha

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