A Real Life Success Story [Testimonial]
Michael Hallett • June 1, 2015
suc-cess:
the achievement of something desired, planned or attempted; accomplishment of an aim or purpose.
To be a Mortgage Expert producing volume in the Top 75 in Canada is a massive accomplishment. One that takes extreme dedication and hard work, something that I strive to achieve. While building a secure and stable mortgage practice foundation my ultimate goal is to help each and every client with their specific scenario; every mortgage file is completely different from the previous one. Lost in the shuffle of numbers and mortgage applications are real life stories.
The Story
A few months back I had the fortunate pleasure of receiving a referral from a from a local Realtor. He had called to discuss and forward me some basic background information, but had asked me to call the client ASAP. Right away I recognized this was an opportunity to help someone better their current life. Long story short (details to follow), the client had been working with one of Canada's top bank brands and due to some credit blemishes was not able to proceed with financing.
Without delay and armed with some basic 'intel' I called the client to discuss her unique situation. As she was providing extreme details about her credit I immediately knew which lender we would target to give her a second chance. Her credit had some bumps and bruises but she was determined to re-build it. Here's an overview of what had contributed to a lackluster credit report with an overall beacon score of 596:
- Two separate collections; one from BC Hydro that missed upon a move and the other was an unpaid collections from 2012 that was fraudulently added to her credit profile.
- Cared and assisted her grandmother through a health issue which meant taking time off of work, this subsequently meant some of her started compounding.
After the passing of her grandmother my clients main goal was to rebuild a safe, comfortable home for her daughter. The subject property ended up only being blocks away from her grandfather, which would allow them to be closer to him again which was another important step for them in the healing process.
During the underwriting and lender approval process I was optimistic, but at the very same time I was extremely honest about how her story could be perceived. The client had had some unfortunate circumstances that were out of her control but with my assistance I was confident that we would be able to overcome the 'black-marks' on her credit report and structure the application accordingly for us to obtain the financing she needed to buy her first home. By addressing all the possible questions upfront we were able to mitigate the lenders risk.
At the end of the process we achieved what we had set out to do, obtain financing to purchase a piece of real estate. With initial contact made mid December 2014, after 76 emails and numerous telephone conversations the client had received an accepted offer to purchase a townhome at the beginning of February (2015) and finally took possession in the middle of March 2015. I'm happy to say that this client was able to enter the market with a comfortable equity stake in her property.
Considering the credit report the rate we received, in my opinion, was exceptional at P+0.50% for 5 years which was amortized over 30 years and no additional lender fees added. I can honestly say that this was definitely one of the Top 3 most rewarding mortgage files I had the opportunity of work on. My client was able to press the 're-fresh' button which enabled her to start a new chapter of her life.
The Testimonial
Here is the actual testimonial from the client:
"It was definitely a pleasure working with Michael. From day one he was upfront and honest about my unique credit situation, however he was also the positive reinforcement I needed to keep going and give it a try. Even when the banks wouldn’t give me the time of day, he was certain we would find someone who would give me a chance. He was very patient with my questions (I am sure they seemed to be never-ending at times), and helped to guide me through the many different stages of purchasing a home.
Thanks to Michael and his dedication, he found a lender that would work with my situation and I now own my first home. He also has coached me on how to fix my credit rating, and I am pleased to say that my credit score is already considerably higher than when we began this process. I would highly recommend Michael to anyone looking for a mortgage!"
For more information about the Do's and Don'ts of credit history and score.
SHARE
MY INSTAGRAM
One of the most common questions, “how long does it take to get pre-qualified?” My response, “how fast can you provide the information I need.”
Playing in the forest today. Always fun exploring. #mountainbikingmortgagebroker
Mortgage Brokering meets mountain biking and craft beer. A couple months ago I set for a bike ride with the intention of answering few mortgage related questions, mission accomplished. Any good bike ride pairs nicely with a tasty beer which we enjoyed @parksidebrewery. Hope you see the passion I have for brokering, biking and beer. @torcabikes #mountainbikingmortgagebroker
My thighs were cold all day, it was ‘that’ deep. I was choking on snow all day.
The weather report was 36 cm of new snow, it was more like 45-50 cm of light deep powder. Insane day of skiing.
Spotted a ski-bunny today @kirstinjhallett so I trapped ‘er. 📸 credit @troy.hartley
Aidan leading the pack up the Lemming Line in seek of fine fresh powder.
Beautiful British Columbia! A cold winter day at its finest.
Aidan and I braved the -19C temperature and windy conditions for the boot to knee deep turns...it was a no-brainer.
Happy Holidays. Seasons Greetings. Merry Christmas. All the best from Kirstin, Aidan and Michael. Enjoy your family time.
Snow report for today was boot to knee deep in places. Simply an awesome day rippin’ with the kids, I had to show them that I still got it. 📷 credit @jhalskiing
It’s that time of year for my annual post, the Christmas Tree pilgrimage. The only that changes year after year is that Aidan gets taller! Not to worry though, the Canadian tuxedo jacket remains the same. HAPPY HOLIDAYS everyone. Much love to all.
Fresh wood in the morning...where is this treasure trail going to take me?
TEASER alert...at thats what I think they call it in the business. Years ago a wrote a blog called BEERS BIKES AND MORTGAGES. I some how (in my head) blended all 3 topics into 1 blog. Simply put, I enjoy aspects of all 3 with each of them providing something different. I re-united with the talented Regan Payne on a project that I think will shed a bit more light on who I am and what I do. #craftbeer #mountainbike #mortgagebrokerbc #dlccanadainc
Here is to looking forward past injuries, feels good to be riding again. It was a 18 week grind!
Extreme tubing, watch until the end. Aidan manages to hold on.
Lake life as a passenger is a good life. Captain @kirstinjhallett . #woodlake #kalamakalake
Yet another reason why our license plates say BEAUTIFUL BRITISH COLUMBIA on them. An evening enjoy the view on Pitt Lake.
Surfing! Don’t need functioning hands to surf. It was nice to do something active. Thanks @jordspring #sakinaw
Good thing there were a few other vehicles with winches on the front.
He was OK, thumbs up. The roll cage and 5-point seat belt did its job.
My sons intro to operating a side-by-side on his own. Watch to the end.
The Lookout over looking Tulameen BC. Took some 4x4ing to get there, but we did it.
The day started out great. Exploring the back country roads of BC, Stave Lake area. Views of Alouette Lake in the background
Impromptu ride on Burke. I dreamed of the day Aidan would ask to go for a ride...today was the day, “Dad do you want to go for a ride?” Heck ya, let’s go! This was a fun feature at the end.
An afternoon of exploring the Stave Lake zone. Planning to return soon once the snow melts to get some vertical.
Found a fun little gap-drop to session. I have my moments when I like my tires leaving the ground.
This would have been a fun stunt once upon a time!
And so it begins...another tool for adventuring! So different so fun!
You know it’s steep when your hand is touching the snow, high risk high reward.
The snow report suggested 8 cm had fallen, it was more like 25-30 cm.
Now that he has a dirt bike the hunt is on for me too. This is the first ride trying to figure out the timing of the throttle, clutch and brake...second ride was even better.
Exploring Pinecone Burke Provincial Park a month ago with @troy.hartley. Standing in the site of the old ski lodge.
A well weathered tree coming through yet another winter with Yak Peak 2,039 metres in the background. Putting my limited artist talent to the test, these iPhones and filters making anybody a photographer.
A successful reconnaissance mission we crossed Falls Lake, ski toured up towards Zopkios Peak 1921 m. It was a exceptional picnic destination. The skiing was shit!
Who’s is going to go first?...I’ll go if you don’t! No friends on a powder day! @j_penner70 📷 @sheascottcolpitts
An epic day. Everything was perfect. Depth of Snow. Visibility. Temperature. Even the company.
In the green room today on the best coast amidst winter...not a bad place. 📷 @dgm_images
I saw this hat on Instagram, that very moment I knew I needed it. As a BC boy born and bred The Outdoorsman hat needed to be added to my collection. As someone who loves BC and most things outdoor, I’m now glad I have a cool hat to wear and fly the flag of BEAUTIFUL BRITISH COLUMBIA. It will be in my bag for all post-exploration celebratory cold pints. If you want to check them out or add one to your collection go to @nineoclockgun ...and yes my facial hair matches the hat as well.
When two of your ski buddies are 13 years old, you know you’re raising rippers. @paigerriley
My ski buddy getting untracked turns. It was knee to thigh deep all day for him, only shin to knee for me.
We went for a snowshoe this afternoon, but we probably should have considered taking our flippers instead. Our timing was off by one day.
From sea to snow capped peaks, it’s obvious why Vancouver and BC continue to be one of the best places to live. It’s engraved on our license plates, BEAUTIFUL BRITISH COLUMBIA.
Ancient blue glacier ice craving out deep valleys. It’s pretty cool standing underneath one...photo credit @dustanwoodhouse
This is a great start to the day!
No better way to share the great outdoors than with friends. @troy.hartley @mike_ilic711 @j_penner70
The ski out back to the truck was more of an adventure than we bargained for...
Exploring the BC backcountry, it did not disappoint...it never really does.
Thank god we are all narcissistic and have the ability to take pictures of ourselves 🤪. This is taken pre-turkey dinner, I’m sure we will all be back in our comfy clothes soon! Merry Christmas!
The crew shredding some turns , it was a 23,000 vertical foot kind of day.
Happy belated Hanukah, Merry Christmas and Happy Holidays to all. Be sure to enjoy the festivities.
Top of Swan Falls. I’ve said it many times before and I will say it again, our license plates say it all. BEAUTIFUL BRITISH COLUMBIA. #gooutside
The coveted annual mission to get our Xmas tree, with of course my Canadian tuxedo jacket on.
Yet another reason (unlimited really...) of why the Left Coast is the best coast! @tami0777
Moss, a non-vascular plant and Mother Nature’s carpet reclaiming the forest.
Capitalizing on a break in the wet coast rain storms.
Just follow the brown line switchbacking through Mother Nature. She’s so damn beautiful!
Day 3 for Black Magic was a bit snowier than initially expected. Thanks to the person who took a few minutes to build a snow creature.
Beauty day for a ride! I should have considered bringing my touring skis.
The West Coast is the Best Coast. #nofliter at sunset.
This was Day 1 on my @yt_industries Capra Pro 29. I thought the last bike was the best, it was a Capra Pro 27. I never thought the small differences in geometry and wheel size would have such a huge positive impact on my riding. Boy was I wrong! Best bike ever!
Oh boy! See a toy...buy a toy! New steed! YT Capra Pro 29 hitting the trails soon.
A tasty beverage while on the water yesterday from @backcountrybrewr and @backcountrybrewing
Epic ride with boys yesterday. Into the Mystic, Last Call, Happy Hour and Lord of the Squirrels. 5 hrs 15 mins, 31 km and 1,397 vertical metres.
Whistler slick rock is my favourite.
Wood to wood gap in Whistler.
Passing underneath the Ironworkers Memorial Bridge on the return journey of dinner-by-boat. No filter.
And now the training starts for Paris 2024 summer olympics.
Archery target: before, during and finished.
Aidan’s first day in the Whistler Bike Park, he had a blast and we rode trails I didn’t think we’d ride 😳. I’m sure we’ll return soon enough.
A rare sighting at the Whistler Bike Park, it’s been at least 10 years.
When the opportunity presented itself, I couldn’t pass up one of my favourite slick rock rolls.
Pre-dinner antics...it’s totally safe!
Aidan is captaining the watercraft, mom in just the passenger. Kalamaka Lake.
#Drewmboat camo @parksidebrewery
Safety first when roasting marshmallows.
Great place to press snooze for 20 minutes. Chez Labowka.
Raw kale. Just not the same as a kale caesar salad.
Saratoga Beach fire.
Canadian tuxedo.
Happy Canada 🇨🇦 Day to everyone near and far. I hope it’s a kick ass day. Play safe.
The @yellowdogbeer squirrel chaser or otherwise known as the chew toy was a hit with me and Moka Labowka
It’s always fun to start the trail with a repel. #mountainbike #climbing
It only took me a half dozen or so tries but I managed to cross the halfway line. This old guy still has it! Fun times.
Follow your path, at times you never know where it’s going to take you. Trust the outcome. Having fun in The Green Room.
This old guy was collecting a few air miles today.
Going vertical. #slickrock
I have a ski buddy, now it’s time to train a biking buddy.
I’m really looking forward to riding this gem once it re-opens. #burkeinmybackyard
Enjoying a distanced beverage with @senorwad @yellowdogbeer
Aidan and a couple buddies are now members at the Pitt Meadows Golf Club. @greggmcnally @genevemcnally @wendy22boddy @jaradboddy @kirstinjhallett
Raw and unedited. Old school skinny with a drop at the end.
I’m still HOME ALONE! Looking forward to the day when I’m able to have some friends over to share these @backcountrybrewing Widowmaker IPAs. #backcountryphotocontest
Zoa Peak, Coquihalla summit 1,500 vertical metres of skiing.
Distancing myself from the real world!
The dry land version of the @andrei_svechnikov37 lacrosse-style goal executed Aidan.
Skis or bike? Bike. The snow won’t stop me.
Does anybody need or want any firewood? It’s free...you come pick it up.
I needed to buck up the trees they fell in the last wind storm. Task complete.
View more
Want a Better Credit Score? Here’s What Actually Works Your credit score plays a major role in your ability to qualify for a mortgage—and it directly affects the interest rates and products you’ll be offered. If your goal is to access the best mortgage options on the market, improving your credit is one of the smartest financial moves you can make. Here’s a breakdown of what truly matters—and what you can start doing today to build and maintain a strong credit profile. 1. Always Pay On Time Late payments are the fastest way to damage your credit score—and on-time payments are the most powerful way to boost it. When you borrow money, whether it’s a credit card, car loan, or mortgage, you agree to repay it on a schedule. If you stick to that agreement, lenders reward you with good credit. But if you fall behind, missed payments are reported to credit bureaus and your score takes a hit. A single missed payment over 30 days late can hurt your score. Missed payments beyond 120 days may go to collections—and collections stay on your report for up to six years . Quick tip: Lenders typically report missed payments only if they’re more than 30 days overdue. So if you miss a Friday payment and make it up on Monday, you're probably in the clear—but don't make it a habit. 2. Avoid Taking On Unnecessary Credit Once you have at least two active credit accounts (like a credit card and a car loan), it’s best to pause on applying for more—unless you truly need it. Every time a lender checks your credit, a “hard inquiry” appears on your report. Too many inquiries in a short time can bring your score down slightly. Better idea? If your current lender offers a credit limit increase , take it. Higher available credit (when used responsibly) actually improves your credit utilization ratio, which we’ll get into next. 3. Keep Credit Usage Low How much of your available credit you actually use—also known as credit utilization —is another major factor in your score. Here’s the sweet spot: Aim to use 15–25% of your limit if possible. Never exceed 60% , especially if you plan to apply for a mortgage soon. So, if your credit card limit is $5,000, try to keep your balance under $1,250—and pay it off in full each month. Maxing out your cards or carrying high balances (even if you make the minimum payment) can tank your score. 4. Monitor Your Credit Report About 1 in 5 credit reports contain errors. That’s not a small number—and even a minor mistake could cost you when it’s time to get approved for a mortgage. Check your report at least once a year (or sign up for a monitoring service). Look for: Incorrect balances Accounts you don’t recognize Missed payments you know were paid You can request reports directly from Equifax and TransUnion , Canada’s two national credit bureaus. If something looks off, dispute it right away. 5. Deal with Collections Fast If you spot an account in collections—don’t ignore it. Even small unpaid bills (a leftover phone bill, a missed utility payment) can drag down your score for years. Reach out to the creditor or collection agency and arrange payment as quickly as possible . Once settled, ask for written confirmation and ensure it’s updated on your credit report. 6. Use Your Credit—Don’t Just Hold It Credit cards won’t help your score if you’re not using them. Inactive cards may not report consistently to the credit bureaus—or worse, may be closed due to inactivity. Use your cards at least once every three months. Many people put routine expenses like groceries or gas on their cards and pay them off right away. It’s a simple way to show regular, responsible use. In Summary: Improving your credit score isn’t complicated, but it does take consistency: Pay everything on time Keep balances low Limit new credit applications Monitor your report and handle issues quickly Use your credit regularly Following these principles will steadily increase your creditworthiness—and bring you closer to qualifying for the best mortgage rates available. Ready to review your credit in more detail or start prepping for a mortgage? I’m here to help—reach out anytime!
We’ve done it, your financing is approved, the lender is happy, the documents are complete, and your file is wrapped up tighter than a December parka in Whistler. At this point, we’re just waiting for the lawyer to advance the financing funds in time for closing day. But between file complete (no more documents needed) and closing day, there’s a short window where your financial life needs to stay calm, predictable, and as drama-free as possible. Here are The 10 Don’ts Before Closing a New Mortgage inspired by real files and shared so you can glide into closing day smoothly. 1. Don’t quit your job. Even if you’ve been offered your dream position, higher salary and all, lenders aren’t huge fans of probationary periods. A job change must be reported, and depending on timing, it can throw a wrench into your approval. If you’re considering any employment changes, just call me first. A two-minute conversation can save a whole lot of paperwork. 2. Don’t reduce your income. A raise? Great. Dropping to part-time “to settle into your new home”? Not great. Lower income changes your affordability ratios, and mortgage approvals rely on the numbers we originally used. Keep your income stable until those keys are in your hand. 3. Don’t apply for new credit. Yes, you may be itching to pick out furniture, appliances, or that perfect oversized sectional. But financing purchases before closing can trigger credit checks and new credit can raise red flags with lenders. So, if a salesperson says, “You can finance it today!” just smile politely and walk away. 4. Don’t close existing credit accounts. It feels productive to clean up old credit cards, but lenders approved you with those accounts in place. Closing active credit can unintentionally drop your score or weaken your profile. In other words: hands off your credit until after closing. 5. Don’t co-sign for anyone. Co-signing is generous, but lenders count that entire loan as your responsibility. This can throw your affordability off and jeopardize your approval. If someone asks you to co-sign during this period, your safest response is, “Let’s talk again after my mortgage funds.” 6. Don’t stop paying your bills. This one especially applies during refinances. Even if we’re paying everything out at closing, continue making your regular payments until the refinance funds. A missed payment can lower your credit score and delay or disrupt the approval. Stay consistent, your credit profile will thank you. 7. Don’t spend your closing cost savings. That 1.5% you’ve saved for closing costs is essential. This covers legal fees and other final expenses. Without it, nothing closes. Furniture shopping can wait a few more days, you’ll enjoy that new couch a lot more with a house to put it in. 8. Don’t change the real estate contract. If something comes up during the inspection and you need amendments or adjustments, that’s normal, but check with me before signing anything new. Even small changes may require lender review, and timing matters. 9. Don’t list your property for sale. If we’re refinancing with plans to sell down the road, that’s perfectly fine but after the refinance closes. Lenders want to see stability, not “surprise, I’m selling tomorrow.” 10. Don’t take mortgage advice from unlicensed or unqualified people. Your neighbour, co-worker, or cousin may mean well, but every file is unique and the guidelines change constantly. One-size-fits-all advice simply doesn’t work in mortgages. If something you hear makes you second-guess the plan, reach out. I’m the one who understands your application inside and out. So… What Should You Do? From file complete to closing day: Keep working. Keep paying bills on time. Keep your finances steady and predictable. Basically: live your normal life/status quo, avoid big financial moves, and let the process roll to the finish line. If you ever have questions, big or small, I’m here anytime. My goal is to keep your financing smooth, your closing stress-free, and your move-in day something to celebrate, not stress about. Feel free to reach out anytime, 604-616-2266 or michael@hallettmortgage.com
