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  #211  
Old 2018-07-12, 10:27 AM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
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Default Banks follow the Bank of Canada ...

Hi Stormont,
So as expected, the major banks have followed the Bank of Canada and increased their bank Prime lending by .25% to 3.70%
https://business.financialpost.com/r...rns-for-savers

This increase affects Lines of Credit(both secured-HELOC's- and unsecured) and all variable rate mortgages. This will NOT directly impact fixed mortgage rates.
Best 5 yr fixed(insured) would be 3.19%
Best 5 yr fixed(un insured purchase) would be 3.29%
Best 5 yr Variable rate(insured) would be 2.70%(Prime -1)
Best 5 yr Variable rate(uninsured purchase) would be 2.95%(prime -.75%) if 20% down payment, if 35% down payment rate would be 2.70%(Prime -1)
The above rate have NO RESTRICTIVE clauses.
I can get a slightly lower insured fixed and variable with a restrictive closed clause. Call or write me if interested. I don't recommend mortgages with restrictive clauses.
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
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  #212  
Old 2018-07-12, 01:18 PM
MortgageGuy MortgageGuy is offline
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Default T.D.

Oh Yes, and don't forget T.D Bank's bank Prime is 3.85%, .15% higher than all other lenders.

So be careful if you get quoted Prime-something better than everyone else with T.D., their Prime is .15% higher than anyone else to start with

Let the buyer beware.

Dan


Quote:
Originally Posted by MortgageGuy View Post
So as expected, the major banks have followed the Bank of Canada and increased their bank Prime lending by .25% to 3.70%
https://business.financialpost.com/r...rns-for-savers

This increase affects Lines of Credit(both secured-HELOC's- and unsecured) and all variable rate mortgages. This will NOT directly impact fixed mortgage rates.
Best 5 yr fixed(insured) would be 3.19%
Best 5 yr fixed(un insured purchase) would be 3.29%
Best 5 yr Variable rate(insured) would be 2.70%(Prime -1)
Best 5 yr Variable rate(uninsured purchase) would be 2.95%(prime -.75%) if 20% down payment, if 35% down payment rate would be 2.70%(Prime -1)
The above rate have NO RESTRICTIVE clauses.
I can get a slightly lower insured fixed and variable with a restrictive closed clause. Call or write me if interested. I don't recommend mortgages with restrictive clauses.
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
Reply With Quote
  #213  
Old 2018-08-23, 10:06 AM
MortgageGuy MortgageGuy is offline
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Default Legal ID required...and mortgage rate update

A reminder of ID required on a home purchase, switch of a mortgage up for renewal, or a refinance.
All borrowers will be required to produce one piece of legally acceptable ID(one per borrower) when signing with their solicitor. This requirement can NOT be waived so plan ahead and be sure that you are prepared. There is nothing worse than scrambling at the last minute when you are told that NO, your health card is not an acceptable form of ID.

The following are considered acceptable forms of ID when mortgaging property in Ontario...the ID MUST be current(NOT expired).

Drivers License
Canadian Passport
Canadian Citizenship card
Permanent Residency card
Ontario Photo card

We have had a few occasions already this summer where clients have been unaware of this requirement and had unnecessary stress the week before closing. Without ID, a file will NOT CLOSE.

Best 5 yr fixed insured rate is 3.19%, 90 day rate hold
Best 5 yr fixed insurable rate(ie 80% purchase) is 3.44% 120 day rate hold
Best 5 yr fixed refinance rate is 3.59% 120 day rate hold
For a complete set of rates and terms visit
www.mortgagemoney.ca

Have a great day,
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
Reply With Quote
  #214  
Old 2018-09-05, 01:20 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
Posts: 986
Default Bank of Canada Rate update

Bank of Canada governor Stephen Poloz has opted to keep the bank's benchmark interest rate right where it is.
https://www.cbc.ca/news/business/ban...rate-1.4811031

No change in mortgage rates from last time posted..
Best 5 yr fixed insured rate is 3.19%, 90 day rate hold
Best 5 yr fixed insurable rate(ie 80% purchase) is 3.44% 120 day rate hold
Best 5 yr fixed refinance rate is 3.59% 120 day rate hold
For a complete set of rates and terms visit
www.mortgagemoney.ca
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
Reply With Quote
  #215  
Old 2018-09-06, 11:10 AM
MortgageGuy MortgageGuy is offline
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Default AWAY notice.....vacation time :)

Just a heads up that I will be NOT easily reachable starting tomorrow till Sept 23rd.
MY son Chris Faubert though will be reachable at chris@mortgagemoney.ca or 613-563-5088 if you have any questions. He has learned from the best though , so would love to help or answer questions if needed. He will not though be checking this site.
See you all back on the 23rd.
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
Reply With Quote
  #216  
Old 2018-09-28, 12:30 PM
MortgageGuy MortgageGuy is offline
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Default rate update and HELOV article

Sorry about the delayed response, I got back into Ottawa on Monday, but have been laid up with a NASTY flue bug since then. Will hopefully be back in the office on Monday.
Best 3 yr fixed rate today would be 3.49%, and best 5 yr would be 3.19%(closing within 90 days and must be insured).
Best 5 yr fixed uninsured would be 3.44%, or if insured and need 120 days closing, rate would be 3.34%.

Well, I have always said that I dislike secured Lines of Credit, and that they become ATM machines sucking funds out of what are supposed to be the nest eggs of our future. They have their specific place for those in need, otherwise we shouldn't use them
https://www.theglobeandmail.com/…/ar...officially-n…/
And now they have become normalized. In my opinion, a high interest credit card is just as bad as a lower interest, "interest ONLY" payment for ever plan. And that is why the banks love handing out Secured Lines of credit.
Have a great day,
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
Reply With Quote
  #217  
Old 2018-10-16, 01:35 PM
MortgageGuy MortgageGuy is offline
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Default Oct 16, Mortgage rate Update

So we have been experiencing a generally slow rising of mortgage rates across all terms in the last few weeks.
We shockingly still have 5 yr fixed rate(insured only), closing within 90 days at 3.19% with Meridian. I have no idea how long this rate will last. So if it fits your circumstance, let me know I would be happy to help.
Other than Meridian, my next best is 5 yr fixed, 120 day closing, INSURED at 3.44% with Alterna and 5 yr fixed, 120 day closing, INSURABLE(more than 20% down payment) at 3.54%.
The big banks, Scotia, T.D for example are at 5 yr fixed around 3.69%.

As always, rate is NOT everything so make sure any mortgage rate you are being quoted, does not come with any restrictive clauses, and is NOT registered as collateral. It is more than ever, let the buyer beware. You are the maker of your own destiny, ask the questions, and don't just take what is offered in ignorance. The internet shows so much, and yet often ANSWERS so little. Always question.

For complete terms and rates go to www.mortgagemoney.ca
Have a great day,
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
Reply With Quote
  #218  
Old 2018-10-24, 12:00 PM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 986
Default Bank of Canada Rate update

So up we go again.... Bank of Canada has again raised their Benchmark interest rate...
https://business.financialpost.com/n...zpMch3mCCy5ooc

It will immediately affect variable rate mortgages and Lines of Credit. Watch for the banks to follow...
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
Reply With Quote
  #219  
Old 2018-11-21, 06:06 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
Posts: 986
Default variable rates...

There has been a lot of news on variables vs fixed, I posted this in the Ottawa forum last week, and thought it is relevant here as well.

I learned along time ago that none of us can predict the future, only take the best educated advise we can find from the internet or elsewhere and make decisions with it. Sometimes we may find in the future that those best made plans turn out for the better or not. That's life.
A lot still has a lot to do with luck, as we can't control anything that goes on around us. So for those trying to decide fixed or variable, collect the best advise you can and make a decision.
I have always been a fixed rate conservative fellow, and don't regret the decisions I have made in the past(whether variable or fixed as I have done both). I think we all have to do the same. Sometimes we win sometimes we don't.
***For those of you out there who are sitting in variable rates, and are worried about payments and budgeting, remember that a variable rate mortgage always gives you the opportunity to lock in to a fixed rate at anytime without penalty. Set a 5 yr fixed rate line in the sand that you can afford, and if variable rates are rising and you see the fixed rate hit that line, lock in. Better to accept if a decision went wrong, and lock into a rate that you know your budget can afford, than to put you financial life into jeopardy.
Remember this for the future if you are in a variable rate mortgage.***

Regarding best rates, 5 yr fixed high ratio just increased to 3.39% with Meridian and next lowest is 3.55% with Alterna(these are insured rates). Most banks are at 5 yr fixed of 3.69% or higher.
Feel free to call anytime if questions.
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
Reply With Quote
  #220  
Old 2018-11-28, 12:04 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
Posts: 986
Default A reminder about Wills!

I know its almost that time of year again(I don't want to say the name because its to early for me to talk about it!), and though it's supposed to be cheery, I ran across this article that is important to all of us. I KNOW there must be a lot of people that don't have an up to date will, or a will at all.
This Globe article hits on the head the importance of having one, and reminding us that its NOT only the rich who need one, its all of us.
I can happily say that after years of procrastinating about updating my own, I finally got it done a few months back.
Also remember to update your beneficiaries on life insurance policies if there is a need for change. My own experience, realized two months ago that I had my EX wife as the beneficiary still on my life insurance. Imagine if I had kicked off! Anyhow, see a great article below...
https://www.theglobeandmail.com/inve...ithout-a-will/
Have a great day!
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
Reply With Quote
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