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  #1001  
Old 2015-02-24, 10:11 AM
Irvi0040 Irvi0040 is offline
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Location: Ottawa
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Default New Mortgae

Hi Mortgage Guy!!

We are looking into buying a new home from Mattamy. We applied with TD (my bank) @2.35%, which is pretty good I think. The issues is my partner is separated and had co-signed his ex's car and they have a joint line of credit that she is supposed to be paying off but isnt (fun times). We applied for a $450k mortgage which gave us a 45% debt ratio, TD's max was 43%. My adviser submitted anyway and said that it was marginal and it may go through anyway. I feel like we should have enlisted a broker in the first place to help make the process easier or have more options. In your opinion, if TD doesnt give us what we need is it worth going the broker route?

Thanks in advance!
Jessica
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  #1002  
Old 2015-02-24, 12:27 PM
Irvi0040 Irvi0040 is offline
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Join Date: Feb 2015
Location: Ottawa
Posts: 44
Default New Mortgage Question

Hi Mortgage Guy!!

We are looking into buying a new home from Mattamy. We applied with TD (my bank) @2.35%, which is pretty good I think. The issues is my partner is separated and had co-signed his ex's car and they have a joint line of credit that she is supposed to be paying off but isnt (fun times). We applied for a $450k mortgage which gave us a 45% debt ratio, TD's max was 43%. My adviser submitted anyway and said that it was marginal and it may go through anyway. I feel like we should have enlisted a broker in the first place to help make the process easier or have more options. In your opinion, if TD doesnt give us what we need is it worth going the broker route?

Thanks in advance!
Jessica
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  #1003  
Old 2015-02-24, 12:43 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
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Default Feb 24th Best Mortgage Rates

So rates have been boring lately, no real changes in the last couple weeks, since the drop in Bank Prime. All lenders have decreased their variable rate products by the .15% almost matching the Bank of Canada rate which had dropped by .25%.

The fixed rate products have not really dropped at all, just a lot of jostling back and fourth by lenders coming out with products that have restrictions and MAY have a slightly lesser rate than those products that have no restrictions. The products are often named differently, such as Spendless, Value Flex, No Frills, Low Rate Basic, Option 90 and the list goes on. All products that have merits as well as restrictions that you may or may not care to have. So the onus is on the consumer I'm afraid, to ask questions and to not simply accept "lowest rate", as that decision may come back to haunt you in the future. I have said it before, I recommend the bast rate with a product that has no restrictions. Most lenders offer them as well as restrictive mortgages, so it is your choice what you take. Bridge Financing is important, in a mortgage, and having a collateral mortgage can have issues that you may want to avoid if you can get the same rate elsewhere.

So if you have questions, please feel free to call me or drop me a line anytime.

So best 5 yr fixed today I would recommend is 2.69%.
Best Variable Prime -.65% or 2.20%
full list of terms and rates can be found at www.mortgagemoney.ca

You can also find me on at(I shortend the link on Bitly)
http://on.fb.me/1zd00e0
or twitter at
https://twitter.com/MortgageMoneyca
I'm still learning about how to use both, and tend to post relevant news of today, about mortgages and sometimes just about some very interesting other topics I run across in my day.
And if you will follow or like me, that would be great as well.
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; 2015-02-24 at 12:51 PM. Reason: correct link
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  #1004  
Old 2015-02-24, 01:02 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
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Default joint debt

Hello Jessica,
sorry almost missed this post.
Yes by all means, if T.D. declines you, talk to me. Should everyone talk to a broker first, over their bank? YES OF COURSE THEY SHOULD.
As a broker I deal with a multitude of lenders where in your bank has one set of rules and policies. I have many.
It costs nothing to talk to a mortgage broker, and see if you can get a better deal elsewhere. Did you know that T.D. registers all mortgages as collateral mortgages? A perfect example of why everyone should talk to an a mortgage broker they trust.
Feel free to call or write anytime.
Dan
NOTE TO SELF, WooHoo just noticed I crossed the 1,000 reply mark the other day. TWO FINGERS AT A TIME I MIGHT ADD!!

Quote:
Originally Posted by Irvi0040 View Post
Hi Mortgage Guy!!

We are looking into buying a new home from Mattamy. We applied with TD (my bank) @2.35%, which is pretty good I think. The issues is my partner is separated and had co-signed his ex's car and they have a joint line of credit that she is supposed to be paying off but isnt (fun times). We applied for a $450k mortgage which gave us a 45% debt ratio, TD's max was 43%. My adviser submitted anyway and said that it was marginal and it may go through anyway. I feel like we should have enlisted a broker in the first place to help make the process easier or have more options. In your opinion, if TD doesnt give us what we need is it worth going the broker route?

Thanks in advance!
Jessica
__________________
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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  #1005  
Old 2015-03-04, 03:43 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
Posts: 1,036
Default 5 yr fixed Mortgage drop to 2.65%

Wow, where does it end. Min 195K mortgage, 15% +15% prepayment, 120 day rate guarantee no restrictions. As you may have noticed I do not recommend mortgages with restrictive clauses. Look back for earlier posts on what to watch for.
5 yr fixed 2.65% available now.
see www.mortgagemoney.ca for list of full terms and rates.
Feel free to call 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
  #1006  
Old 2015-03-13, 01:18 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
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Default 5 yr fixed rate update and what does 51 Mil buy?

So no change in rates from last post.
5 yr fixed 2.65% 120 rate guarantee, min $195K mortgage
Variable Prime -.70% no bridge financing 2.15%
Prime -.65% with bridge available 2.20%
Remember always to ask if restrictions on mortgages, rates are NOT always everything. All mortgages with T.D., Tangerine, and National bank are now registered as collateral mortgages.
So what does $51,000,000 buy in Vancouver?
http://bit.ly/18H2AmA
Way more house than I want to clean!!
Drop me a line or call if questions.
Take advantage of never before seen rates(historical low)!
See complete terms and rates at 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
  #1007  
Old 2015-03-18, 06:15 PM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
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Default good article on consumer debt

This is a good article putting a positive(different) spin on consumer debt story that I haven't seen before.
http://news.nationalpost.com/2015/03...bt-binge-myth/

Still no changes in rates.
Best 5 yr fixed with no restrictions is 2.65% 120 day rate hold, just has to be over $195,000.
Best 5 yr variable Prime -.65 to .70 depending on if you need bridge financing or not.
Otherwise great rates for everyone!
For complete rates and terms see 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
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  #1008  
Old 2015-03-27, 10:04 AM
MortgageGuy MortgageGuy is offline
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Location: Ottawa, Ontario
Posts: 1,036
Default March 27th Best rates, a a great new ad from CREA

The Canadian Real Estate Association came out with a great ad in support of realtors. Good job! It's worth the 60 sec in your life to watch it. Cute humor to lighten up your day
http://bit.ly/1D5L9dC

So rates are still fantastic, now only if mother nature would give us some real spring weather to make the purchase/sale market improve.
Best 5 yr fixed rate 2.65% 120 rate hold
with no restrictions and a good lender. Remember always to ask about restrictions, I can't stress this enough! Ie you should ALWAYS have bridge financing available. Just one of many things that you need in a mortgage.
Best Variable Prime minus .70% or 2.15% today.

For complete terms and rates go to www.mortgagemoney.ca
Have a great weekend,
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
  #1009  
Old 2015-04-01, 09:33 AM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,036
Default Some current stats and rates

Some insight into what people are leaning towards and expectations...
Market Commentary
Ultra-low but, apparently, unstable interest rates have Canadians favouring fixed-rate mortgages over variable by a ratio of nearly 2-to-1.
A new survey, conducted by Nielson, for one of the country?s big banks suggests 57% of homebuyers would pick a fixed-rate mortgage over variable, desiring certainty in their payments. That?s up from 48% last year and 39% in 2011.
The numbers are fairly consistent across the country meaning Toronto and Vancouver are not having a major influence on the results.
The survey also indicates 44% of respondents expect to see interest rates rise in the next 12 moths while 42% expect no change. By comparison, the markets appear to have a stronger expectation rates will rise, calculating a 64% chance of an increase by the end of the year. That, however, is down from a 77% chance calculated immediately following the latest U.S. Fed announcement. The Fed is hinting that it is more prepared to look at rate increases.
No real changes in mortgage rates,
5 yr fixed still around 2.65% with full privileges.
Variable Prime - .70% or 2.15% today.
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
  #1010  
Old 2015-04-05, 03:08 PM
MortgageGuy MortgageGuy is offline
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Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,036
Default CMHC increases insurance premium

Effective June 1st, CMHC is increasing the insurance premium paid from 3.15% to 3.60% of mortgage amount, on purchasers with less that 10% down payment.
http://www.cmhc.ca/en/corp/nero/nere...04-02-1605.cfm
The insurance premiums charged on loans between 80% and 90% have not been increased.
That being said, from what I see is that most first time home buyers have the 5% down payment, so most will be affected.
No word yet on whether or not the other private insurers will follow suit.
5 yr fixed still 2.65%, 120 day closing
see www.mortgagemoney.ca for complete terms and rates.
Happy Easter
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
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