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  #1361  
Old 2019-06-07, 02:49 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
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Default 2nd mortgages

2nd mortgages are not usually offered by the "banks", usually only secured L/C registered behind another banks 1st mortgage, or even with the same mortgage company you already have.
Usually better off simply refinancing the existing 1st mortgage to pull out the funds.
Private 2nd mortgage are common, but rates are quite a bit higher, 6 to 12% depending on circumstance and lender. But these funds are usually only used for people with troubled finances. There are usually lender fees involved as well.
Dan


Quote:
Originally Posted by alsh View Post
Dan,

Is it possible to take 2nd mortgage (i.e. investment) based on my current home equity?
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
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dan@mortgagemoney.ca
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"Great Mortgage Rates"

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  #1362  
Old 2019-06-07, 02:56 PM
MortgageGuy MortgageGuy is offline
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Default 4 yr compared to 5 yr fixed...

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Originally Posted by jeeva86 View Post
for uninsured, i believe scotia is offering 2.79/4yr fixed, several ppl have reported getting that - https://www.theglobeandmail.com/inve...two-year-lows/
I have heard of these 4 yr promotional rates as well. But personally I expect rates will be higher 4 yrs from now, so I would be far more inclined to take a 5 yr fixed rate over a 4 yr as the rate difference is very insignificant. I suspect the banks think that as well, so a little discount today will make them a lot more money when the mortgage comes up for renewal 4 years from now? Think about it, is .10 of 1% really worth taking one year less of term?
But again it is a personal choice.
2.79% to 2.89% 5 yr fixed is certainly available for an insured purchase.
Have a great weekend,
Dan
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #1363  
Old 2019-06-11, 04:46 PM
MortgageGuy MortgageGuy is offline
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Default WOW 7yr and 10yr rates are down

With all the hype around 5 yr rates, I was excited to see the 7 and 10 yr rates fall recently. They hadn't moved in awhile, and finally have dropped.
7 yr fixed, 3.14% insured OR for more than 35% down payment. 120 day hold
10 yr fixed, 3.19% insured OR for more than 35% down payment. 120 day hold

This is looking like a VERY attractive option for anyone that thinks that a year or two from now rates will be higher.
An extra bonus, is remember that it's a law in Canada that any term LONGER than a 5 years, can after the 5th year anniversary be paid out with ONLY a 3 month interest penalty, no interest differential applies. A great way out if in fact rates do stay down.
Anyhow an attractive option for those who are risk adverse and need a good long term way of budgeting.
Dan
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Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070
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  #1364  
Old 2019-07-08, 04:35 PM
MortgageGuy MortgageGuy is offline
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Default Mortgage Rate Update, July 8 and First Time Buyer Program

So mortgage rates have been holding steady for now...
Best 5 yr fixed 2.69% 120 day rate! ItÂ’s nice getting back below 3% again on the 5 yr money.
Best 5 yr closed variable is Prime -1.10% or 2.85% today,
Best 7 yr fixed 2.99% 120 day rate, insured
Best 10 yr Fixed 3.04% 120 days rate, insured


Best 5 yr Pre-approval rate is now 2.89% for a purchase with less than 20% down payment
Best 5 yr Pre-approval rate is now 3.09% for a purchase with more than 20% down payment.

For anyone interested in the details of our upcoming government sponsored First Time Buyers Program, I thought I would include the link below...
https://www.placetocallhome.ca/fthbi...-incentive.cfm

If you know of any first time home buyers out there, it may be of interest to them. This program begins in September.

Just a REMINDER, I always recommend taking a rate guarantee from the builders site office bank for those long purchase closing dates beyond 4 months. It obligates you to nothing, but guarantees you at least something in a rate that you really SHOULD have regardless of the higher rate. Makes no sense to sit on a fence with nothing!
You can always give me a call 4 months prior to the closing date and check for better rates. If I am lower, you can always leave the bank, but if they are higher, you will be glad you booked the "higher" rate when you did.
Have a great week,
Dan
__________________
Dan Faubert
Ottawa-Carleton Mortgage Inc.
Brokerage Licence # 10419
dan@mortgagemoney.ca
www.mortgagemoney.ca
https://www.fb.com/OttawaMortgageMoney
"Great Mortgage Rates"

613-222-2624 anytime
Off 613-563-5070

Last edited by MortgageGuy; 2019-07-08 at 04:37 PM. Reason: correction :)
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