About Patricia McKean

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So far Patricia McKean has created 51 blog entries.

Peace of mind for you and your loved ones

In the hustle and bustle of daily life, it's easy to push aside the less appealing tasks, especially those that remind us of our mortality. However, creating a will is a crucial step in responsible adulting that should not be overlooked. While the thought of planning for our passing is not particularly exciting, the peace of mind that comes with having everything in order is invaluable. Having a will ensures that your assets and belongings are distributed according to your wishes, sparing your family from the potential stress and conflict that can arise when these decisions are left unmade. More importantly, during a time of grief, your loved ones will not be burdened with the added stress of legal complications or financial uncertainties. It’s a final act of care and consideration for the family and friends you leave behind. Understanding that drafting a will can seem daunting, I am excited to share that we are offering a 15% discount on services provided by Willful, an online platform that simplifies the process of creating a legal will. With Willful, you can arrange your affairs without even leaving your home, and their services are designed to be straightforward and affordable.


How Parents Can Help Their Children Purchase Their First Home

Purchasing a home in today's market can be daunting for many young individuals due to soaring home prices and the high cost of living. As parents, there are several ways you can assist your children in achieving their dream of owning a home. Here are some practical ways you can support them in their first home purchase: Gift of Funds: Consider gifting your children money towards the down payment or closing costs. This financial boost can make a significant difference in their ability to afford a home. If you don't have cash available for this we can look at an equity take out on your property to access the funds needed. Co-Signing or Guarantor: If your children are struggling to qualify for a mortgage on their own, you can offer to co-sign the loan or act as a guarantor. This can help them secure a mortgage with more favorable terms. (note there maybe future tax implications for this with changes in Revenue Canada reporting). Financial Advice: Share your knowledge and experience in managing finances and investing. Help them create a budget, improve their credit score, and understand the financial implications of homeownership. Homebuying Education: Guide your children through the homebuying process. Offer

  • Renewing your mortgage

Renewing Your Mortgage: What You Need to Know

The basics for how mortgages work are: you apply for and obtain a mortgage through a financial institute (typically a bank or credit union) that has a set term length for a specific period of time, known as the “mortgage term.” This term can range from a few months to several years. Then at the end of each term, you must renew your mortgage unless you pay off the balance in full during that set term. Renewing your mortgage can be a stress free task with the right knowledge and support. Here are a few things you might need to know about renewing your mortgage. Your Renewal Statement If your mortgage is with a federally regulated financial institution, (the fancy way to say “a bank” or “credit union”) the lender must provide you with a renewal statement at least 21 days before the end of the existing term that was chosen when you originally applied and were approved for your mortgage. This statement will include the following information: The remaining principal balance (This does not include what you will pay for interest over the length of your mortgage term) The interest rate The payment frequency The term (A.K.A the

  • Realtor here to help, ask questions

What Should You Ask Your Realtor When Buying or Selling a Home?

Buying or selling a home is a significant financial decision for most people, and it's essential to have a knowledgeable and trustworthy realtor by your side to guide you through the process. Whether you are a buyer or a seller, asking the right questions can help you understand your options on a deeper level. So that you can make the best decisions for your unique buying or selling situation. Here are some essential questions you should ask your realtor when buying or selling a home: Questions to Ask Your Realtor When Buying a Home: What is the current market condition in the area where I am looking to buy? How long has the property been on the market, and have there been any price reductions? What is the seller's motivation for selling the property? Are there any upcoming developments or changes in the neighborhood that I should be aware of? (Whether that is housing developments, school’s being built or business space, etc.) Can you provide me with a list of comparable properties that have recently sold in the area? (This way you get an idea if what the seller is asking is reasonable for their property.) What are the


Consumer proposal and Bankruptcy – What you need to know!

Recently I have seen many posts on social media and sch asking for advice about consumer debts and some of the responses are shocking!!  Ensure you are well versed in all the pros and cons to make the right decision for you.  Many people do not think that a consumer proposal will have the same effects as a bankruptcy on their credit and that alone is very alarming!  I have also found out that not all the companies that process these share this information with their clients.  That leaves you very vulnerable for future mortgage needs you may have. Consumer Proposal (CP): Picture this: You're drowning in debt, and CP comes in as your lifeguard. You work with an insolvency trustee to negotiate a repayment plan with your creditors. The trustee bundles up your debts into one manageable monthly payment, with no more pesky interest charges or creditor calls. But beware: CPs aren't a walk in the park for your credit score. They hit it hard, like a punch from a heavyweight boxer. And they stick around on your credit report for what feels like an eternity – up to 8 years! If you're dreaming of a new mortgage,

  • Community Impact, Volunteering

Giving Back in 2023: Lending My Hands To Community Support

In 2023 I was given the gift of being able to support the community every single month. That’s 12 opportunities to support the community! Giving back and supporting the community is something that has always been close to my heart and it is something that I intend to keep doing going forward - Helping where there is a need. That being said, I wanted to take this opportunity to highlight a few of the ways that I was able to give my helping hands in 2023. The Airdrie Food Bank The Airdrie Food Bank is committed to collecting and distributing food to those in need. Their mission revolves around finding sustainable solutions to hunger-related issues while treating individuals with dignity and respect. Everyone is human! They have set their core values as being non-judgmental, supportive, and make a huge effort to keep community engagement. The role of community engagement is what the Airdrie Food Bank needs to successfully give to those in need. Volunteers also play a pivotal role in the operation of the food bank, contributing their time, skills, and passion to ensuring that those in need can get the help they deserve. 2023 became a testament to

  • Family Day Calgary

Creating Memories: 2024 Family Day Fun in Calgary, Alberta

Family Day is just around the corner, and there is no better way to celebrate than by creating unforgettable memories with your loved ones, while enjoying a fun experience. I thought it would be great to get together a few awesome ideas for you and your family to celebrate this day! Here are three activities around Calgary, Alberta for the whole family to enjoy for Family Day 2024. Family Day Brunch at Heritage Park Treat your family to a delightful brunch at Heritage Park! This event is hosted in the unique setting of what Heritage Park calls: Gasoline Alley. Gasoline Alley is home to the park's impressive antique car collection. They plan to serve up pancakes, Belgian waffles, eggs benedict, an assortment of desserts and more! They also have featured some options from the Alberta Bakery, making it one of Calgary's best brunch experiences. They also have options for those who may have dietary restrictions, such as being gluten free, dairy free or vegetarian. But, the Family Day Brunch doesn't just stop at food; it extends to a day filled with exploration. After your meal, dive into the Gasoline Alley Museum. They offer you a closer look at their

  • understanding finances

Understanding Your Finances: How To Build Your Budget to Buy Your Home

Understanding Your Finances: How To Build Your Budget to Buy Your Home My name is Patricia McKean, and I have spent the last 20 years as a mortgage broker in Alberta, Canada. Throughout my career, I've witnessed the dreams of many aspiring homeowners come true, and I've also seen the challenges that can arise when financial planning is not given the attention it truly deserves. With that in mind, I created a course to help you make sense of the whole journey. It is my pleasure to introduce: Understanding Your Finances. Designed to assist you with  the knowledge and education you will need to have a successful financial future. The journey to homeownership is undoubtedly an exciting one, but it requires some planning and financial discipline on your part. The first step in this process is understanding and taking control of your finances. Your budget is the foundation upon which your dream home will stand. Building a solid budget involves understanding your income, expenses, and financial goals. To begin, map out to following: Income: Start by creating a detailed list of all your monthly income, including your salary, bonuses, and any additional sources of income you might have. Expenses:

  • first time homeowner

How Can The Government Help You Buy a Home: Canada’s First-Time Homebuyer Incentive

How Can The Government Help You Buy a Home: Canada's First-Time Homebuyer Incentive Are you dreaming of owning your first home but find the financial aspect a bit overwhelming or confusing? I have some good news for you! The Government of Canada has a program in place to help ease some of that money overwhelm: The First-Time Homebuyer Incentive. It is designed to soften the burden and make homeownership more achievable for Canadians. (That could be you!) This initiative is a game-changer for those who qualify, offering various options to help first-time buyers step into the home owning space with confidence. The primary goal of the First-Time Homebuyer Incentive is to reduce the strain on your monthly mortgage payments, making the prospect of purchasing your first home a more realistic and less financially daunting task. Which means that you can own your home a little more stress free. Let's dive into some of the details of this incentive: One of the key features of the incentive is the flexibility it provides to first-time home buyers. Depending on your specific circumstances, you can choose between different options. If you have your heart set on a newly built home - the


Looking to save a down payment for your first home

Are you a first-time home buyer looking for a way to save for your down payment? Look no further than the First Time Home Buyers tax-free savings account program! This new initiative allows Canadians to contribute up to $8,000 per year (up to a lifetime limit of $40,000) towards their first down payment within 15 years of opening their account. The best part? Contributions are tax-deductible, just like a Registered Retirement Savings Plan (RRSP), and withdrawals for the purpose of purchasing a first home are non-taxable. So, who can open a First Home Savings Account (FHSA)? Any Canadian resident who is at least 18 years old and has not owned a qualifying home as their principal place of residence for the year the account is opened or the preceding four calendar years. You can contribute up to $8,000 in any given year, including 2023, when the program is set to launch. Unused contribution room can be carried forward, and you can even hold more than one FHSA, as long as the total contributions don't exceed your annual and lifetime limits. The FHSA can also be combined with the Home Buyers' Plan, which allows you to withdraw up to $35,000 from