About Patricia McKean

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So far Patricia McKean has created 51 blog entries.

What women need to know about their finances

What women need to know about their finances Women need to take charge of their finances and make sure they understand their financial situation. It's important to create a budget, track your spending, and set financial goals. Too often I see women take a back seat and don't make sure their are a priority in all aspects of their life. It is important to ensure you have set yourself up for financing success. Here are a few ways to help with this: Ensure you have at minimum 2 active trade lines on your credit bureau. A suggestion is a major credit card and Line of credit. They don't have to be large just a $200 minimum each. Use these monthly to pay for groceries, fuel or any other household debts and pay off each month. This will ensure you have an active credit bureau. If for what ever reason you were on your own and haven't set these up prior you would be forced to start again with no credit and if you are not working that maybe very hard to be approved for. Here is a great read on how to build credit: Increasing your credit score in


20 Things I’ve Learned in my 20 Years as a Mortgage Broker

Reaching this milestone in my career and looking back I wouldn’t have imagined I’d still be a mortgage broker, but here we are! I’m in my 20th year as a broker and I still love what I do, every single day. Because I’ve surpassed this milestone, I think it’s fitting to pass along some of the wisdom I’ve gained throughout my tenure; here are twenty things I’ve learned… so far! As a mortgage broker I’m not paid if you do not get the mortgage you are needing, therefore I (always) work extra hard! As a mortgage broker, I hold a license that is regulated and requires educational components to hold and keep it. This isn’t something any of the Bank Mortgage Specialists have so they have less accountability. Rules change all the time! Back 20 years ago we could write on a piece of paper what someone’s equity is, now it all has to be what they file through Revenue Canada to ensure they are paying their share of the taxes. A lot of mortgage brokers come and go  – being in this business for 20 years is an anomaly. Many deals get lost by the broker or bank employee


Are you currently in a HELOC?

Do you have your home mortgage in a HELOC? It maybe time to rethink that. If you are in a HELOC or home equity line of credit your amount of interest would have flocculated as well. If you payment was set to pay interest only then you likely have been asked to increase to help offset the new interest charges if you had a higher payment set then more will be going to interest and less to principal. For someone in a HELOC current with a $300,000 mortgage with a prime plus interest rate your interest only payment is $1773.58 if we switched that to a mortgage with a rate of 4.89% your monthly payment would be $1726.08 where $1210.23 would go to interest and you would contributing $515.85 to your mortgage principal every monthly. In a 5-year term you would have paid down $34,939.01 but with the HELOC your principal would have stayed the same making those interest only payments. Give me a call to we can discuss you options and make a plan for you 403.875.2969.


No Down Payment? I have a solution

Are you wanting to buy a home but struggling with the down payment in this high cost of living environment?  I have a solution for you.  Watch my short video on how we can work to get you that down payment to purchase your dream home.  Then give me a call or text to start the process 403.875.2969.  We will just follow these steps to make this happen. Down Payment Solution - Watch Video Steps: 1. Give me a call to set up the pre-approval 2. I set you up with a bank for RRSP loan (I work with many) 3. File you personal 2022 income taxes 4. Apply refund to RRSP loan 5. I set you up with one of my amazing realtors and you start the home shopping process! 6. Mortgage product is a 3% cash back to pay off RRSP loan at lawyers 7. You have you home :) Check out Revenue Canada's website to ensure you qualify to use the Home Buyers RRSP withdrawal:  How to participate in the Home Buyers' Plan (HBP) - Canada.ca Patricia McKean patricia@patriciamckean.ca 403.875.2969


Increasing your credit

If your credit score is accurate, but does not meet the minimum requirements, you will want to look at your current debt. Home ownership is an incredible investment, but it is also costly. Fortunately, there are a number of things you can do to improve your credit score as well as your future financial success, including: - Paying your bills in full and on time. If you cannot afford the full amount, try paying at least the minimum required as shown on your monthly statement. - Pay off your debts (such as loans, credit cards, lines of credit, etc.) as quickly as possible. Work on paying the ones with the smallest amount owing first and work your way towards the larger amounts. - Stay within the limit on your credit cards and try to keep your balances as low as possible. - Reduce the number of credit card or loan applications you submit. Here is a great video that helps explain some of the main items of your credit score:  https://m.youtube.com/watch?fbclid=IwAR1ZMcbi_84El35sfpddDWS-QyV_MS232mu3DmkW0x_1qvHzsPJwUZBS8C8&v=IjTNlju7cm4&feature=youtu.be Still Have Questions?  Check with a mortgage professional to get the information you are looking for.  Feel free to reach out to me at 403.875.2969.


Terms you will need to know when buying a home

When buying or selling a home, you’re going to encounter all the terminology that goes along with it. Many of these words and phrases are not common knowledge and having a basic understanding of the ones used most often can make the process less daunting. Let’s look at a few real estate terms to know: Adjustable-rate mortgage (or Variable rate mortgage)– There are two main types of mortgages. An adjustable-rate mortgage has an interest rate and mortgage payment that vary according to market conditions. It is less predictable than a fixed-rate mortgage but can potentially have very low interest rates at times.  A variable rate mortgage is similar, but the payment stays the same and the amortization of the loan changes with the fluctuating interest rates. Fixed-rate mortgage – Fixed-rate mortgages are more predictable. They have an interest rate and mortgage payment that remain the same throughout the term and does not fluctuate according to market conditions. Mortgage pre-approval – A mortgage pre-approval is a process that involves you as the homebuyer and the bank as the lender. Homebuyers will fill out an application detailing various aspects of their finances, including income, assets, and credit history. The lender will then review it to


Renting vs. Buying

Are you still renting? Let's make a plan to change that! Rents has increased roughly 17% over the last 2 years and I am sure are about to go up with landlord's mortgage rates increasing by 77%. Now is the time to make a plan of how to get you out of renting and into a home of your own. Send me a text to set up an appointment at 403.875.2969 or email patricia@patriciamckean.ca to discuss and find a solution for you! If you are paying $1700 a month in rent that is a $300,000 purchase and $2200 is a $400,000 home.  Stop paying someone else's mortgage and start paying your own.  I also work with the best realtors in the business and will match you up with one in your area to find your dream home.


What is a reverse mortgage? Is this a Solution for you?

  A reverse mortgage is a loan that allows senior homeowners (55+) to borrow up to 55% of the value of their home. A reverse mortgage is secured by the equity in your home and, unlike a home equity line of credit (HELOC), it does not require any income verification. Because they are secured by your home, reverse mortgages are considered mortgage products, as opposed to other lines of credit. If you take out a reverse mortgage, you can use the money to pay for anything you want, including day to day spending, home repairs, bills, or travel. You also won’t have to pay back the loan or interest until you either sell your home or pass away. Of course, you or your family will rely on the value of your home to pay back the reverse mortgage, which will often mean that you won’t be able to leave your house as part of your inheritance.     What are the pros of a reverse mortgage? There are many advantages of taking out a reverse mortgage: You don’t have to make any regular mortgage payments You don’t have to prove your income in order to qualify The money you borrow is tax-free and does


Credit and Debts stopping you from buying?

I have been having a lot of tough conversations with clients lately and that has prompted me to write this post. I know it's not light and fun but I do feel it is necessary. Here are some reasons I have had to decline numerous clients this week alone: Collections. If you owe someone money, please pay them as soon as you can, preferably before they go to collections. So many people seem to hope that ignoring them will make them go away, let me be the one to tell you that just doesn't work. If you can't pay them, contact the collections agency or whoever the debt was originally owed to and see if you can settle or set up a payment plan. Missed payments. If you work away or have a habit of missing payments just because you forgot, please set yourself up with automatic minimum payments. Set up automatic payments on your cell phone bills, credit cards, anything that can be an automatic payment will eliminate the "oops's" I see all the time. Debt. I am seeing more and more people who just can't afford to buy a house. Sometimes it's because they don't have a high


Bridge Loans – The good and the bad

                  A bridge loan is a temporary loan that allows homeowners to make their down payment on the next property while they wait for their pending sale to close. This type of loan is meant to be temporary, ranging from a few days to a few months.  To qualify for a bridge loan, you must have a firm sale on your existing home and the bridge will be set up for the down payment on the new purchase.  Once the sale of your home proceeds is available then the bridge loan is paid out.  The payment of the loan is all completed through your lawyer who preforms the closing of the sale and purchase. Bridge financing comes with a cost and is usually priced higher than typical mortgage rates. Some lenders charge an admin fee, and sometimes legal fees may apply. If you think you may require a bridge loan, it is important that we talk early in the mortgage financing process. Most lenders, including all the Big Six banks, offer bridge loans, not all lenders do. PROS: bridge loans are generally easier to qualify for compared to standard mortgages, because the