To start February off with a bang, we are featuring friend and trusted network partner, Emily Miszk, Owner and Broker,  The Mortgage Coach | Port Credit Mortgages. We ask about life, family, living near the lake and all things Mortgages of course!

 

Emily Miszk, Port Credit Mortgages

1. Hey Emily, Happy New Year! Let’s start by asking how long have you been working as a mortgage broker and how/why did you choose this career?

People always say no one is a mortgage professional out of school and that they “fell into it” I graduated from UWO in London in 2009 and started working in mortgages the day after I graduated. It has been my only “adult” career. I did not fall into it. I chose it because I loved taking the stress out of the buying journey. If brings me so much JOY being included in the client experience.

2. Your new branding/company is called Port Credit Mortgages. Do you live in Port Credit? How do you like living there?

What is your favourite part? I am the owner of Port Credit Mortgage and I do live here too! I am building a home in PC. I have been a home owner in the hood since 2012. My husband and love walking our dog to the lake or river. Our kids go to school here, but I think the best part of PC is cheesy, but it is the people. I am super active in our community. I love having store front on the Lakeshore and saying hello or good morning to everyone that passes by.

3. Do you only work in that area? If not, what other areas do you service?

I live, work and play in PC but I help clients virtually all over Ontario. I did a few mortgages last year in Sault St Marie and one in Thunder Bay! So, I really can help anyone anywhere from the comfort of their home so long as they have internet and a phone connection.

4. What questions should someone be asking you when it comes to mortgages right now?

I always tell clients “who cares about the rate if the broker or agent cannot close the deal on time.” Working with a professional who has done many deals is so important specially if you are an outside the box client (think impacts from covid) we need to protect our clients and ensure they have the mortgage well in advance of closing. Check Google reviews. Ask for a referral. Questions to ask how long have you been doing this? What is your experience with working with (insert your situation here)? How many lenders do you work with and what kind of relationship do you have with these lenders?  

5. How long does the mortgage process take?

Ok so you could get a mortgage done fairly quickly. However, the client experience and respecting lender partners is key. I don’t like to show up at a lender I work with demanding speed and approvals. I like to ask kindly and give the appropriate amount of time. So that being said ideally 30-45 days to fund a mortgage from the first conversation to the client getting the keys is ideal to limit stress and allow lenders, lawyers and so on to do their back-end work.

6. When should someone start the pre-approval process if they are looking to purchase their first property?

I always say a pre-approval should be done the second you think you might want to buy a home eventually. Even if you don’t buy for a year. A pre-approval can shed light on any issues with credit, set expectations and allow a realistic visual as to where you are and where you need to go as a buyer. So today if you are thinking of buying in 1-2 years

7. What can you tell us about the current trends in financing?

Most clients are still going with the 5-year fixed. Variable is exceptionally low and typically clients save more over the life of the mortgage with the variable (total cost of borrowing). But the 5-year fixed still is the choice of most buyers. Renovations are a big deal. Refinancing to add value to their homes, doing a back yard reno and adding walls inside (think working from home and covid). Lastly, values have increased owners are also taking out equity to borrow for investments and buying a second home.

8. We’re sure you always get asked this, but what direction do you see interest rates heading in 2022?

Up up up, rates are still so low in and around the 3% mark on the 5 year fixed. I think they will stay on the lower end of things all things considered but I can see the 5 yearin and around 3.5-4% range by the end of 2022. Honestly, I hope they do increase, higher rates are a sign of a stronger economy and I believe that would mean more people back to work, more spending and more normalcy which I for one am looking forward to.

9. We know you have two young kiddos, what do you like to do with your family in your spare time?

We spend a lot of time in PC, walks, dinners out and enjoying the community. It was a huge reason we stayed in the area and built a home vs moving. Otherwise, we love day trips, travelling and spending time with friends. My son recently started playing hockey in Port Credit so when things are open, we have that 2 days a week. For me personally, I do have young kids, a business and am active I like to take time to myself for walks, self care and mini weekends away here and there with my girlfriends. My husband and I typically cook meals Friday nights and explore different wines to pair the meals with that is probably my favourite thing to do.

 

Don’t forget to check out our blog for Emily’s post on leveraging your equity.

 

Contact Emily for all your mortgage needs!

Emily Miszk
emily@portcreditmortgages.com
416-669-6322
Port Credit Mortgages | The Mortgage Coach