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  #1361  
Old 2019-06-07, 02:49 PM
MortgageGuy MortgageGuy is offline
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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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Ottawa-Carleton Mortgage Inc.
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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
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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

Last edited by MortgageGuy; 2019-07-08 at 04:37 PM. Reason: correction :)
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  #1365  
Old 2019-07-31, 12:26 PM
MortgageGuy MortgageGuy is offline
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Default JUly 31st mortgage rate update, stress test rate update

Best 5 yr fixed is now 2.64% 90 day rate (insured)
2.74% 5 yr fixed for 120 day rate(insured)
2.89% 5 yr fixed for a refinance
Best 5 yr fixed 2.84% 120 day rate, insurable (purchase with 20% down)
Best 5 yr closed variable is Prime -1.05% or 2.90% today, insured

Best 7 yr fixed 2.99% 120 day rate, insured or less than 65% LTV
Best 10 yr Fixed 3.04% 120 days rate, insured or less than 65% LTV

So finally at least a slight break in the “Stress Test” Qualifying rate…
https://www.bloomberg.com/news/artic...e-stress-tests
Every little bit helps!

The 7yr and 10 yr are getting more and more popular as they have dropped dramatically from a few months back. And why should they not be attractive considering they are only about .75% above the lowest ever 5 yr fixed rates from a couple years back. A little fact that many people are not aware of, is that the law in Canada is that on ANY term longer than 5 yrs, the mortgage can be broken at any time with ONLY a 3 month interest penalty, NO INTEREST RATE DIFFERENTIAL applies. So if rates do stay down or go a little lower by the end of the 5th year of term, then you can get out cheaply! But I wonder what the odds are that rates will be lower than today 5 yrs from now? I guess that’s the problem, none of us have a crystal ball.
Have a great day,
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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  #1366  
Old 2019-08-05, 12:14 PM
Pringles Pringles is offline
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Default

Hi Dan,

Wanted to know if you had previous dealings with Merix Financial, First National, Street Capital and MCAP and what your opinion on these lenders is. Are they reputable and do your previous or current clients have had issues with them in the past?

I read a couple reviews on these companies positive and negative, hard to tell what is normal from the exception.

Thank you.
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  #1367  
Old 2019-08-06, 10:20 PM
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xdarrylx xdarrylx is offline
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Default

First National is awesome, as is their self-serve portal allowing you to basically see and do anything related to your mortgage online and without the need to contact a rep.
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  #1368  
Old 2019-08-08, 11:54 AM
js1001 js1001 is offline
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Default

Has anyone used HSBC for mortgage? If so, what was your experience like?
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  #1369  
Old 2019-08-09, 09:26 AM
uki uki is offline
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Default

I'm using them, experience is fine so far. The only notable thing was that they required the house to be 95% complete before they could appraise it, so that made for rather tight deadlines. Smooth sailing otherwise.
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  #1370  
Old 2019-08-19, 11:33 AM
MortgageGuy MortgageGuy is offline
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Default Lenders... my experience

I have been a licensed mortgage broker since 1989, so for over 30 years now... I actually started in 1984 when I walked out of college but wasn't a licensed broker at that time.
I have dealt with First National and MCAP almost since I started...
Street Capital is newer, lets say in the last 10 years?, Merix has been around for longer than Street, but I have never dealt with Merix. Not that I have anything against Merix, simply that I have always been able to get the same rates at First Nat or MCAP or Alterna etc, so I have no need to use them.
I have never had issues and therefore have continued to deal with Street, MCAP and First Nat, I would put FAMILY with these lenders. I have had nothing but good experiences with them. Remember that I am 100% commissioned payed, so if I place a client with a lender that does not provide good after sales service, I can guarantee, you will not come back to me or send me your friends or family, a very short minded business plan that will never succeed.
Remember that I have been doing this business for over 30 years? therefore you know that the lenders I use are reputable and have kept my clients happy for a long time.
That all being said, I guess a client can have a problem, every business can make mistakes occasionally, but generally speaking I have had nothing but good experiences with the lenders you have mentioned.
Thanks
Dan 613-222-2624


Quote:
Originally Posted by Pringles View Post
Hi Dan,

Wanted to know if you had previous dealings with Merix Financial, First National, Street Capital and MCAP and what your opinion on these lenders is. Are they reputable and do your previous or current clients have had issues with them in the past?

I read a couple reviews on these companies positive and negative, hard to tell what is normal from the exception.

Thank you.
__________________
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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