Do successful entrepreneurs just open their doors for business without a business plan? Does a chef open a restaurant without a menu? Do pilots depart the hanger without a flight plan? Can you build a house without architectural plans?…I could go on forever! The answer is NO to all the above.

I’m a planner. Whether it’s for personal or business purposes, I always have a plan. I operate best when I know what is happening and how I’m doing it. Planning is the key ingredient to crossing the finish line successfully.

Case in point…

When it comes to acquiring a mortgage, whether it’s your first, second, third…or tenth you need to establish a PLAN! You need to connect with your trusted Mortgage Broker to start the application process.

Am I suggesting you need to create a full blown SWOT analysis (Strengths Weaknesses Opportunities and Threats) to seek mortgage financing?

No… but it wouldn’t hurt.

All joking aside, you should have an action plan: PLAN A and possibly a PLAN B. If you need a PLAN C then there should have been more preparation put into PLANs A and B.

There are 4 parts to every mortgage.

  1. DOWN PAYMENT – How much skin-in-the-game are you putting in? Where is it coming from, saved or gifted? Where is it now?
  2. CREDIT – How long have you had it? What are the limits and how do you utilize it? How many forms of credit do you have?
  3. INCOME – How long have you been at the current job? Salary or hourly? Have you jumped around to different industries or stayed within? Self-employed or employee?
  4. SUBJECT PROPERTY – Where is the property? What is the property? Condo, townhouse, detached, farm on acreage with coach house and out-buildings? Age? Materials used to build? Remaining economic life? Square footage? Past or present issues?   

Before you find the subject property to purchase, the best course of action is to prepare. Why try to obtain financing in three to six days when you could have reduced the stress level by planning ahead of time. Mortgage Brokers call it the Pre-Qualifying Process. As a mortgage professional, I review the first three parts of the application and lock in a rate for up to 120 days.

Some people may ask WHY plan or WHEN to start planning. The main reason one should plan is to simply make sure there are no hidden surprises. If there are any negative aspects to the file, a plan would give us time to find a solution. When the decision has been made to purchase or re-finance (and mortgage funds are required), that is the exact time to connect with your Mortgage Broker. The time is now… immediately. A plan will double your success rate for obtaining approval for mortgage financing.

I have just recently embarked on a plan to take my business to the next level. Part of process requires me to think about how I am going to be able to handle an increase in the number of mortgage applications and all the duties that come along with it. To maintain my current service level, I have hired an associate to work alongside me. I would like to take this opportunity to introduce Mackenzie Davidson to the DLC HallettMortgage team.

Mackenzie’s Bio.

I have been working in the financial industry for 8 + years, with one of Canada’s major banks, starting as a teller, working my way up to Financial Advisor, moving to Alberta and back. I became a licensed Mutual Fund Representative in 2012. For a few years I helped clients with their whole financial portfolio, giving them investment advice and setting up their retirement savings. Even though I really enjoyed helping clients with their investments, my passion was assisting clients with their mortgage financing needs. In early 2017 I became a licensed Mortgage Broker while I was on maternity leave with my daughter, Annabelle. A few things I love in life are my family and friends, my soon-to-be husband Adam and our daughter, my pets, being outside as well as trying new things.

Success in the future requires a plan; big or small, formal or informal. A plan will guide you through the necessary steps.