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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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  #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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