Episode 59 - Mortgage discussion during COVID-19 with Daniel Patton

<p class="bard-text-block style-scope">One of the things I’ve learned over the years is to surround yourself with the best in the industry and Daniel Patton is just that! A partner of Smart Home Choice, Daniel has been a mortgage agent for over 18+ years with a personal ranking of <strong class= "bard-text-block style-scope">17th across Canada for 2019</strong> with <strong class= "bard-text-block style-scope">Butler Mortgages (who recently ranked #1)</strong>... now that’s impressive!</p> <p class="bard-text-block style-scope">On this Podcast we discuss the current market conditions, the major changes the Bank of Canada has introduced and is now the right time to refinance? and so much more. Learn from the best to be the best! </p> <p class="p1"><strong>What you'll learn</strong></p> <ul class="ul1"> <li class="li1">Why variable rate mortgages are lower than fixed right now</li> <li class="li1">What happened on Friday March 13th!</li> <li class="li1">Why prime rate dropped 1% in one week</li> <li class="li1">Why prime - X% discounts are being removed for most new mortgages</li> <li class="li1">Why Prime +40 might cheaper than Prime -40!</li> <li class="li1">Why fixed rate mortgages are more expensive right now due to risk</li> <li class="li1">Why the Bank of Canada rate is dropping yet some mortgages are going UP due to the bond market</li> <li class="li1">Rates are only one factor in a mortgage - features, options and more are important too</li> <li class="li1">As debt grows governments will have to prop up the system to avoid a collapse</li> <li class="li1">Why B lenders are financing 75% not 80% at the moment</li> <li class="li1">Why A & B lenders have different qualification rules regarding income</li> <li class="li1">Why brokers can ‘get creative’ with income</li> <li class="li1">How is Genworth, a mortgage insurance company handling layoffs</li> <li class="li1">How temporary and potentially permanent layoffs are affecting approvals</li> <li class="li1">Why you do your homework and prepare questions before