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15 Apr

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




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 17th across Canada for 2019 with Butler Mortgages (who recently ranked #1)… now that’s impressive!

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!

What you’ll learn

  • Why variable rate mortgages are lower than fixed right now
  • What happened on Friday March 13th!
  • Why prime rate dropped 1% in one week
  • Why prime – X% discounts are being removed for most new mortgages
  • Why Prime +40 might cheaper than Prime -40!
  • Why fixed rate mortgages are more expensive right now due to risk
  • Why the Bank of Canada rate is dropping yet some mortgages are going UP due to the bond market
  • Rates are only one factor in a mortgage – features, options and more are important too
  • As debt grows governments will have to prop up the system to avoid a collapse
  • Why B lenders are financing 75% not 80% at the moment
  • Why A & B lenders have different qualification rules regarding income
  • Why brokers can ‘get creative’ with income
  • How is Genworth, a mortgage insurance company handling layoffs
  • How temporary and potentially permanent layoffs are affecting approvals
  • Why you do your homework and prepare questions before contacting a mortgage agent
  • Why you shouldn’t Google interest rates, as they are many factors that influence rates
  • Why investors sacrifice rate for options by choosing a lender
  • Is now a good time to refinance your mortgage? It depends on mortgage type, renewal date & penalty
  • Will Lines of Credit be more restricted?
  • Should you take advantage of the mortgage deferral?
  • How is the deferral structured and will it affect your credit?
  • Documentation is key to assist your broker or lender – bank balances, investment statements, RRSPs, etc
  • Why you should provide your lender with an overall plan to assist with lending
  • And MORE!


Daniel Patton has worked in the mortgage business for over 18 years and has established himself as one of the top mortgage agents in Canada.  Along with his business partner Dave Butler of Butler Mortgages, Daniel has helped grow Butler Mortgage into the number 1 brokerage for investors by working closely with his clients on a day to day basis.

Whether it be a self-employed investor, first time investor or seasoned veteran looking for ways to acquire more properties, Daniel and his team have years of experience planning and strategically helping investors from all areas both inside and outside of Ontario.

“Investors, much like houses come in all different shapes and sizes, we must adapt to their situation and find ways to get approvals.  Not every situation is alike and some require more time and patience, we strive on putting together a plan and working closely with our investors and love helping them achieve their financial goals and freedom.”

Daniel was Ranked as the #17 mortgage broker in Canada in 2019 by CMP Magazine and along with his team of investor savvy mortgage experts, they look to build on what is already been an amazing journey.

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Smart Home Choice Inc.

P.O. Box 51109
Ajax, Ontario
L1T 4S0 Canada

[email protected]

HST #816657050RT0001