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  #221  
Old 2018-12-07, 04:26 PM
MortgageGuy MortgageGuy is offline
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Default Info on Bank of Canada rate...

For those of you interested in professional feedback on the Bank of Canada Rate changes(lack of this week), I have put below the note received from a TD Bank Economist... the good news hopefully a pause for now...see below...

TD Economics
Data Release: A hold, probably a pause
• The Bank of Canada kept its overnight rate unchanged at 1.75%. The decision met both market and economists' expectations. The statement released alongside the decision struck a dovish note.
• One of the biggest stories since the Bank's October rate hike is the pricing challenges facing Western Canadian oil producers, and the recent announcement of mandatory production curtailments. Soft commodity prices had already been expected to dampen investment and exports in the Bank's last communique, but recent moves are seen as making the outlook for the sector "materially weaker"
• Beyond the energy sector, the Bank also sees softening momentum coming out of the third quarter, and historic revisions from Statistics Canada suggest that 'there may be additional room for non-inflationary growth'. Conversely, tax changes and capacity constraints are still expected to support non-energy investment, and credit/housing markets are seen as stabilizing.
• On the inflation front, the data seems to be meeting expectations, as core measures continue to track two per cent, and headline inflation is expected to ease on the back of lower gasoline prices.
• The statement again discussed rates getting to 'neutral', but with the important change that the policy rate needs to rise to a neutral range – rather than to a neutral stance as discussed in October. This small language tweak suggests more flexibility around the end-point for the tightening cycle, and reinforces the dovish tone that permeates the statement more generally.
Key Implications
• The Bank of Canada's statement this morning brings to mind that famous (apocryphal) Keynes quote: "When events change, I change my mind". The last six weeks have delivered quite a few 'events', and so it should come as no surprise that the tone of the monetary policy communications has taken a more dovish tilt.
• Indeed, there is little to dispute in the Bank's characterization of developments and the outlook. As discussed in yesterday's Market Insight, recent events aren't likely to push the Bank off of a tightening path, but they do remove any urgency in getting to a neutral policy rate. We no longer expect the Bank of Canada to hike its policy interest rate in January. Spring 2019 now appears to be the more likely timing, allowing for the Bank to ensure that the growth narrative is back on track.
• To be sure, while everything points to a January hike being off the table, the path thereafter is less clear, and a 491 word statement does not give much to work with. With all the moving parts in the Canadian economy at present, tomorrow's speech by Bank of Canada Governor Poloz (with Q+A session and press conference) will carry even more importance than normal.
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"

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  #222  
Old 2019-01-09, 02:53 PM
MortgageGuy MortgageGuy is offline
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Default Mortgage Rate Update... Bank of Canada rate...Jan 9

I'm back... Happy New Year Everyone!
So the Bank of Canada Rate announced today to stay the course with no rate change. Great news for everyone.
https://www.cbc.ca/news/business/ban...sion-1.4971176
There has been little movement in mortgage rates since mid Dec, rates are very stable at this point.
As a summary for the year to come, I just want to mention that I will continue to give unbiased information, and mortgage rate updates. I am NOT paid to be here, just enjoy all your company I DO deal with MOST lenders, so the rates I will post are the best I know of. I do NOT ever recommend taking mortgages that have restrictive clauses, so the rates I post will be rates from lenders that are reputable and I have dealt with for the last 20 plus years. If I post a rate with a restrictive clause, I will tell you that. I also do NOT recommend mortgages that are registered as collateral. T.D., National Bank, and Tangerine register EVERY mortgage they do as collateral. There is a place and need for collateral mortgages, but I only use them when necessary. Remember the old saying "let the buyer beware", it also applies in the mortgage industry. Do your research, no one takes care of you better than you.

I'm here to provide answers to your mortgage related questions, I am not a financial advisor, though I have been around the block a few times.
Often your questions are also the questions of others, so please feel free to post them, I will do my best to answer all of them in a timely fashion. You may even find it of interest to look back through this post. I have been writing on it for a few years now, so there is likely lots of answered questions already here.

If you are wanting me to answer specific "personal" mortgage related questions, remember that this forum is NOT the place to write it. It is always better to email me directly with your personal stuff, and keep it off the forum. Certainly feel free to ask a question here , just don't any put any personal financial information here. You can reach me directly at
dan@mortgagemoney.ca

I have been a licenced mortgage broker in Ontario since 1989, and so yes I do earn a living arranging mortgages. If you qualify normally, there is never is a fee for my service, the lenders pay me. You can find a little about me here...
http://mortgagemoney.ca/about/

My complete mortgage rates can always be found here...
http://mortgagemoney.ca/best-mortgage-rates/

All the best to everyone for the New Year, and I look forward to writing you all again on a weekly basis.
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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  #223  
Old 2019-01-16, 02:20 PM
MortgageGuy MortgageGuy is offline
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Default Mortgage rate update and a Great article

Mortgage rates are remaining stable, best 5 yr fixed closing within 90 days is 3.39% and 3.44% closing within 120 days. Both rates are for insured mortgages(less tan 20% down for a purchase.

Best 5 yr fixed for a purchase with more than 20% down is 3.69%, 120 day rate hold.
As last year, like it or not, those with less than 20% down payment are getting the best rates because they are insured mortgages.

I came across the perfect article for this time of year... https://www.moneysense.ca/save/finan...contributions/
Just remember that long term investing as they mention here is not looking one year out, to see if you're ahead, it is looking out maybe 10 years. History does show that you are usually way ahead investing for the long term.
Don't use 2018 as your example because you may have lost some money , but fear not, it always comes back in the long term if invested wisely.
I know this is a little off the mortgage topic, but to me, very important subject matter that should be seen by all.
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
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  #224  
Old 2019-02-05, 11:08 AM
MortgageGuy MortgageGuy is offline
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Default Feb 5th mortgage rate update...

Best rates as of Feb 5th...
5 yr fixed closing within 90 days 3.39%
5 yr fixed closing within 120 days 3.44%
5 yr fixed variable rate, Prime -1.05% or 2.90%
7 yr fixed at 3.64% closing within 120 days
10 yr fixed at 3.89% closing within 120 days
All above mortgage rates for owner occupied purchases, with less than 20% down payment(insured).

Rates have been stable for the last couple weeks with slight downward movement.
For complete terms and rates go to www.mortgagemoney.ca

Lots of pressure on the Fed government to take a second look at our "stress Test rate rules in place now.
https://business.financialpost.com/r...s-test-sources
Time will tell,
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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  #225  
Old 2019-02-22, 04:09 PM
MortgageGuy MortgageGuy is offline
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Default Feb 22nd Mortgage Rate Update and Housing article

Good Afternoon Building Homes,
So rates have been very stable and decreasing in the competitive longer term options.
Best 5 yr fixed, insured, closing in 90 days is still 3.39%
5 yr fixed, insured closing within 120 days is 3.44%
Best 5 yr fixed rate for refinance is 3.59%
Best Variable is Prime-1.05 or 2.90% today
Becoming very attractive is the 7 yr and 10 yr terms
7 yr is at 3.64% and 10 yr at 3.89, both are for insured for those who want peace of mind with a budget.
Complete terms and rates can be found at www.mortgagemoney.ca

I came across this article in MacLeans…
https://www.macleans.ca/economy/real...ut-struggling/
its worth reading. I can say in Ottawa now though we have a SELLERS Market, low inventory of homes for sale causing bidding or multiple offers on homes in certain price points and areas. For example last weekend I had clients making an offer on 2 semi detached units on the same street in the west end. They lost the 1st home to another bidder. They "won" on the second home, listed at $319,000 with an offer of $340,000! there were 11 offers submitted for the property. Isn't that a depressing way to have to purchase your first home. Toronto, does this sound familiar?
But this is just a good example of how regionally the markets can be different.
So hold on to your hats, it could be an interesting year.
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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  #226  
Old 2019-03-06, 12:18 PM
MortgageGuy MortgageGuy is offline
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Default credit is very important today...and Bank of Canada rate

I received a question on the Ottawa site that may still be of interest to people here... the question was... and my answer is below that...
Hi Dan,
A friend of mine been shopping for mortgage for the past 2 months. His credit score around 500 ish, with stable job and 100K down payment for roughly $420K townhouse.
I know this an estimate, but what are the chances that he will be approved?
Cheers

Hello Alsh,
Regarding your friend, in my world cash can still be king(as long as there is enough of it). As JCC mentioned, when you have credit issues, the min you must have is 20% to avoid having to have the mortgage insured. The insurers(ie CMHC and Genworth) are very strict on qualifying using income AND credit scores. In this case, your friend would need a mortgage of around 320K or 76% of purchase price, any big 5 bank and in my opinion TD included will not lend with a 500 beacon score and at 76% Loan to value.
JCC is also right in that he should be pulling an Equifax and Trans Union Credit bureau to find out what is causing the low score. Even if there are things he can clean up, it could take 6 months after the clean up to see his score increase. The big Banks usually want a min beacon score of at least 600 to lend. The average beacon score they want to see is around 685.

So back to my world, as long as his income qualifies normally, and he has the down payment you mentioned, there are lenders we use who will lend him money. He will pay higher rates, possibly some fees, all depends on his circumstance. It costs him nothing to drop me a line, I can even check his Equifax credit bureau for him and let him know what his options are, I would be happy to help and get to the bottom of the credit score issue.
As they say, "Time heals all wounds , and that includes credit bureaus, as long as he knows what the problem is and resolves it.

The Bank of Canada rate was set today... no change Hurrah!!
https://www.cbc.ca/news/business/ban...sion-1.5044828

Even talk of a possible future decrease? Now that would be nice!
Hope everyone is having 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
Reply With Quote
  #227  
Old 2019-03-07, 05:25 PM
MortgageGuy MortgageGuy is offline
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Default March 7th Mortgage Rate Update

So as mentioned earlier, Bank of Canada remained steady this week. Fixed mortgage rates though have been enjoying downward pressure for a change.
So as of today...
Best 5 yr fixed 3.34% 120 day rate, insured
Best 5 yr fixed 3.49% 120 day rate, insurable (purchase with more than 20% down)
Best 5 yr closed variable is Prime -1.05% or 2.90% today, insured
Best 5 yr closed variable is Prime -.90% or 3.05% today, insurable
Best 7 yr fixed 3.69% 120 day rate, insured
For complete rates and terms go to
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
  #228  
Old 2019-03-20, 09:27 AM
MortgageGuy MortgageGuy is offline
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Default Budget and rates...

If anyone missed the info on the new home buyer incentives, here is a great article to put you up to date.
https://globalnews.ca/news/5069183/b...affordability/
Increasing amount of RRSP that can be used up to 35K, and a CMHC incentive, That I'm not even sure of how it will be implemented, but it looks attractive.
I will update you once we get more specifics of its application.
Other wise mortgage rates continue to slip.
5 yr fixed insured purchase closing before June 30th is now at 3.29%
5 yr fixed normal 120 day closing insured is at 3.34%
Good news all around,
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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  #229  
Old 2019-04-04, 01:37 PM
MortgageGuy MortgageGuy is offline
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Default April 4th mortgage rate update...

Sorry have been away out west last week so missed some of this.
Regarding Bank Prime lending rate, it is at 3.95% EXCEPT at TD Bank it is at 4.10. They are the only bank that have chosen to use their own Prime that is .15% higher than anyone else's. So be care full if you get a quote from TD or "Prime minus something"... you know it is still likely .15% higher than what another lender quoted you.

Regarding current rates....
Best 5 yr fixed is 3.09% for an insured purchase(less than 20% down payment)
Or 5 yr fixed at 3.24% for an insurable purchase(20% down payment)
Or 5 yr fixed at 3.14% for an insurable purchase(min 35% down payment)

Best 7 yr term now 3.49% and 10 yr 3.54% both VERY attractive options in my mind. Remember that in Canada, any term longer than 5 yrs is open for pre-payment any time AFTER the 5 yr anniversary with only a 3 month penalty.

Regarding variable rates, best rate I know of is Prime minus 1.05% or 2.90%, I have NO IDEA where they would get 2.05% from, doesn't exist in my mind.

BE VERY CAREFUL TO ASK IF A MORTGAGE IS REGISTERED AS A COLLATERAL MORTGAGE(YOU DON'T WANT THAT) AND THAT THERE ARE NO RESTRICTIVE CLAUSES. MANY OF THE RATES YOU SEE THAT MAY BE LOWER THAN WHAT SEEMS TO BE NORMAL IS BECAUSE THEY HAVE RESTRICTIVE CLAUSES. SO LET THE BUYER BEWARE. I AVOID MENTIONING RATES FROM ANY COMPANIES THAT HAVE RESTRICTIVE CLAUSES OR THAT REGISTER THEIR MORTGAGES AS COLLATERAL
https://www.thestar.com/business/per...mortgages.html
T.D., Tangerine, and National Bank register all their mortgages as collateral.

Oh Ya and cash backs.... be aware.... if you accept any mortgage that also offers cash back, just remember if you break the mortgage for ANY reason during term, they will claw back part or all of the cashback PLUS any penalty they would normally have charged for breaking early.
For that reason I also NEVER recommend accepting cash back(or perks in points ie the west jet points as mentioned above- they would also get clawed back), just get the best rate you can with no cash back, UNLESS you REALLY need the money. Cash backs and perks are usually NEVER free, there is a cost built into the rate, and the fact that they claw back if the term is broken.

Rates are certainly flat and falling somewhat, about .50% in the last month or two, questionable of how much further they might go, buts its anyone's best guest. Still a lot more room to go up than down.
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
Reply With Quote
  #230  
Old 2019-04-15, 04:22 PM
MortgageGuy MortgageGuy is offline
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Default Mortgage Rate update...April 15th

5 yr fixed rate has dropped to
2.99% insured or up to 65% LTV(purchase or transfer), 120 day rate
3.04% up to 80%LTV(purchase or transfer), 120 day rate

7 yr fixed rate
3.49% insured or up 65% LTV(purchase or transfer), 120 day rate
3.59% up to 80% LTV

10 yr fixed rate
3.54% insured or up to 65% LTV(purchase or transfer), 120 day rate
3.64% up to 80% LTV

Best rates I have available to date.
Remember that in Canada, any term longer than 5 yrs(the 5 and 7yr) can be paid to zero anytime after the 5 yr anniversary with ONLT a 3 month interest penalty... no interest differential applies.
The 7 yr and 10 yr become very interesting options for anyone who is budget conscious.

Otherwise a great time to be selling a home, very low inventory of good homes in Ottawa, so prices are up with multiple offers happening in the resale market in many areas. But actual sales #'s I believe are down in Ottawa.
Sorry Toronto, I am not up to date with your selling market. I hope its good there too.

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
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