Go Back   BuildingHomes.ca - Building your community! > Ontario > York Region > Markham / Thornhill / Vaughan

Markham / Thornhill / Vaughan Arista, Aspen Ridge, Avant, Ballantry, BurOak, Sierra Homes, CastleSquare, H&R, Lakeview, Cathedraltown, Mattamy, Country Wide, Starlane, Esquire Homes, Fieldgate, Forest Hill, Royal Park Homes, Great West, Greenpark, Kylemore, Remington Homes, Silver Valley, Laurier, Madison, Monarch, Liberty, Rosehaven, Sky Homes, Touchstone, Kylemore


Reply
 
Thread Tools Display Modes
  #121  
Old 2015-12-08, 11:27 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default WOW....thanks... :)

Just a short not to thank Darryl, Mike and Danny in the Ottawa forum for their kind words. I have been a registered mortgage broker since 1989, and have only worked at 3 companies in my career, with the current one lasting 26 years this January. I have never even had to endure a job interview

Chris, my son started working with me this March as a registered mortgage agent, and I hope he will love the business as I do, and will continue it for years after I retire. It is with his help that I can stay organized and manage my time effectively.

I learned a long time ago as a commissioned sales person, that it is you the customer that dictates the length of my career.
Treat people with caring hands, look out for their best interest before your own, and you will succeed. It is a simple concept that will transcend time. Treat someone poorly they will never come back...end of career
So thanks again for the compliments, and I hope I can continue to help others and provide a service that will live up to to or exceeds everyone's expectations.
Have a great day,
Dan 613-222-2624
__________________
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
  #122  
Old 2015-12-10, 04:13 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default 2.54% 5 yr fixed

So I am back to having the 2.54% 5 yr fixed
FOR 120 day CLOSINGS.
20% annual pre-payment, no real restrictions other than only lending in the Ottawa/Hull and or Toronto GTA and surrounding areas.

Just some feed back, on the lenders in general. There is still an upwards trending movement in rates.
Scotia Bank increased my broker rates on 5 yr fixed to 2.99%, and today National Bank decreased their discounting(charging more now) to Prime -.20% or 3.50% on their variable rate mortgages today.
Likely no other reasons than their costs to lend are increasing and are tired of making less money. Now passing their cost back on to the consumer.

My best variable is Prime -.55% (but the lender has no bridge financing), so my best Variable is at Prime less .40 other wise.

As mentioned above, my best 5 yr fixed is 2.54%, and next up from that at most companies is 2.79% or greater.
Have a great day,
Dan
for complete terms and rates go to www.mortgagemoney.ca
__________________
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
  #123  
Old 2015-12-11, 01:23 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default down payment

Good article in the Globe
http://bit.ly/1QAIQ6E
So now will have to pay 10% down payment on the purchase price over and above 500K.
So no change for anyone purchasing below a purchase price of $500,000.
We got off easy. Could have been minimum 10% down payment across the board. Yes Toronto will feel it over Ottawa, but realistically most people buying homes over $500K will likely have more than 5% down payment. Anyhow, time will tell. It now is what it is.
Dan
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
  #124  
Old 2015-12-17, 10:51 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default Rate update, Dec 17

So we have lost Alterna's rate of 2.54% 5 yr fixed, best is now 2.69% with a 120 day rate hold.
I do still have a 60 day 2.54% rate, with Industrial Alliance, but they have NO BRIDGE FINANCING, so I don't recommend this.

Remember that it is up to you to ask the questions. RATE IS NOT EVERYTHING.

You do not want a collateral mortgage, or a mortgage with expensive closed clauses. You always want to have good pre-payment clauses and bridge financing. Don't give up important features in a mortgage for .05 or .10 bases points in rate.
There are many people out there that are advertising rates and initially not disclosing features. Make sure you ask the questions, who is the lender and what are the conditions and the features.
For complete rates and terms available go to www.mortgagemoney.ca
Have a great day,
Dan 613-222-2624
__________________
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
  #125  
Old 2016-01-06, 09:56 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default Jan 6, 2016 1st Mortgage Rate Update

So Good Morning Everyone, and Happy New Year!!
1st Post for 2016 and its starts with news that RBC is increasing rates effective this Friday. The question remains to be answered as to whether the other major banks will follow.
http://www.bnn.ca/News/2016/1/5/RBC-...age-rates.aspx
5 yr rate with RBC will increase to 3.04%.

So just a reminder that there has been no change in the bank of Canada Rate and yet upwards pressure still remains on fixed rate mortgages, especially the popular 5 yr fixed.

So best 5 yr fixed today with 120 day rate hold(exceptions up to 6 months may be possible), NOT registered as collateral, and has bridge financing and good pre-payment privileges is
2.64% today. Alterna will lend in the Ottawa and Toronto regions only(their only restriction).

See my web page www.mortgagemoney.ca for complete current terms and rates.

I will do my best again this year to keep you up to date with relevant information and current mortgage rates with lenders who I feel give best bang for the buck. Missing important features like bridge financing, in my opinion are NOT worth saving .05 to .10% in rate. The one day you need that privilege will be the day you will regret ever taking a no frills mortgage, and I don't want to be part of that experience.

This forum thrives on an interaction of questions and answers, so feel free to write or call anytime if you are looking for an answer. If it is something you want to know, it is likely of interest to others as well. So don't be shy, and ask the question.
Also remember that if it is a deal specific question regarding your personal information, don't post it here, please send me an email directly at dan@mortgagemoney.ca to get the quickest response.

A last reminder, if you have a deal closing, DON'T sit on a fence, book your rate now and avoid losing a great discounted rate that is available now. Even if you book a rate today, you are guaranteed lowest rates up to about 4 days before closing. And up to a month before closing I can also change lenders if a better rate comes available. So you have nothing to lose in booking a rate now, and everything to gain.
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
  #126  
Old 2016-01-20, 03:28 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default mortgage rate update..Jan 20th

So there was no change in the Bank of Canada rate today. Other than the stock markets getting killed(along with my RRSP's Ugghh ), it has been an uneventful day mortgage rate wise.

A week or so ago we had Alterna drop back to 5 yr fixed at 2.59%, a good mortgage with no restrictive clauses, other than they are a local credit union and only lend in the Ottawa, Toronto area's. 120 day rate guarantee, 20% annual prepayment, with some exceptions to longer closing dates are possible. Talk to me if you need under 5 months rate hold.

Variable rates looking very unattractive these days with Prime -.40% or less being the NORM. therefore 2.30% on a 5 yr fixed floating rate variable. Is it worth the gamble is any ones guess, but not what I would recommend today.

Otherwise in my end of the lending world rates are moving very little. RBC and CIBC though both increased their "special" 5 yr fixed rate promotions to 2.99% and 3.09%. What a bargain. NOT!!
Feel free to call or write 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
  #127  
Old 2016-01-25, 08:42 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default Prime -.80 or .90 a thing of the past

See below for the original post...
As Darryl has mentioned, enjoy these old rates while you can. If your mortgage was renewing today, best you might get is Prime -.50(watch for mortgage restrictions), depending on size of your mortgage.
I am advertising Prime -.40% for a full privileged mortgage. Scotia with me as a broker, is today offering Prime -.20% on a 3 yr, Prime -.10 on a 5 yr. Also be careful in that Scotia NO LONGER offers a port increase and blend with out putting you in to a collateral mortgage(STEP mortgage with Scotia). So in general, this is why variables are getting less attractive over 5 yr fixed. Just no spread between 5 yr fixed rate and Variable.

So a 5 yr fixed would be 2.59% today where as Prime-.40% would be 2.30%, floating today. But each to his own. Bank Prime is at 2.70% today.

7 months from today, who knows, but the likely hood is continued minimal discount on variables, the banks are tired of making less money. Poor banks

Hope everyone has a great week. I just came back from the Detroit auto show for the weekend with my son. If you ever get the opportunity to dream a little, take the trip, had a great time looking at every make and model of car imaginable. It is a HUGE show, something that was on my bucket less to see and experience.
Dan

Quote: Previous OTTAWA POSTING...
Originally Posted by TKG26 View Post
I am within 7 months of renewal date... With Scotiabank . The last one i was about to use a broker but they agreed to match what i was able to find rate wise.. Can a Broker always get a better deal?

Right now i am Prime -.8 or -.9 off the top of my head. 1.99% the last i looked. I will wait as it seems rates are higher... how long can or should i wait? Are rates changing daily or weekly or monthly?
__________________
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
  #128  
Old 2016-01-27, 03:24 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default Cash Back Mortgages

I was asked about "Cash Back Mortgages" in the Ottawa Post....
Many banks offer cash back mortgages, a higher rate mortgage(usually a 5 yr fixed term) that can give you up to 5% of mortgage amount as "cash back" after closing. The cash is always given "after funding" so that it can't be used as down payment. The government doesn't allow a purchaser to have a "no down payment" mortgage anymore. The cash back is usually anywhere from 3% to 5% of mortgage amount, depending on the lender and term you take.

The key here is that nothing is ever really "free". A 5 yr fixed rate today with 5% cash back is currently at a rate of 4.64% with T.D. Bank. The banks know they win in the end due to the higher rate, that is why they offer the product. A 5 yr fixed rate today with NO cash back is sitting around 2.59%.

The issue mentioned in the other post is that if you break the mortgage during the term as she did, she had a huge penalty. There are two reasons for that.

Firstly, the penalty with any bank also uses this posted rate when calculating the IRD penalty. This penalty on its own will always be much larger than any penalty from Monoline lenders that brokers use. Lenders such as First National Financial, Alterna etc, because these lenders generally use lower "posted rates" than the big five Banks.

Secondly, it's the "contract" that is signed by you when taking a cash back mortgage that ties you in. It usually states that if you ever break the mortgage during term, they will ALSO claw back the Cash back that was given based on the number of years that remained in the term. So in the post that "wellthatslovely"commented, she got charged not only with the penalty, but also with the clawback of the cash back. YiKes, a $17,000 penalty can hurt!

Now with that all being said, If you need the cashback for some financial reasons, and you can afford the higher monthly mortgage payments, then maybe the "cash Back" mortgage can have some benefit to you. Just be sure you don't have to break the mortgage during term, or you will be paying dearly.

So remember to read the fine print, nothing ever good is "free". Except my great service of course Know what you are signing and avoid expensive surprises.
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
  #129  
Old 2016-01-27, 06:00 PM
WellThatsLovely WellThatsLovely is offline
Senior Member
Regular User
 
Join Date: Jan 2014
Location: Oakville
Posts: 770
Default

Quote:
Originally Posted by MortgageGuy View Post
I was asked about "Cash Back Mortgages" in the Ottawa Post....
Many banks offer cash back mortgages, a higher rate mortgage(usually a 5 yr fixed term) that can give you up to 5% of mortgage amount as "cash back" after closing. The cash is always given "after funding" so that it can't be used as down payment. The government doesn't allow a purchaser to have a "no down payment" mortgage anymore. The cash back is usually anywhere from 3% to 5% of mortgage amount, depending on the lender and term you take.

The key here is that nothing is ever really "free". A 5 yr fixed rate today with 5% cash back is currently at a rate of 4.64% with T.D. Bank. The banks know they win in the end due to the higher rate, that is why they offer the product. A 5 yr fixed rate today with NO cash back is sitting around 2.59%.

The issue mentioned in the other post is that if you break the mortgage during the term as she did, she had a huge penalty. There are two reasons for that.

Firstly, the penalty with any bank also uses this posted rate when calculating the IRD penalty. This penalty on its own will always be much larger than any penalty from Monoline lenders that brokers use. Lenders such as First National Financial, Alterna etc, because these lenders generally use lower "posted rates" than the big five Banks.

Secondly, it's the "contract" that is signed by you when taking a cash back mortgage that ties you in. It usually states that if you ever break the mortgage during term, they will ALSO claw back the Cash back that was given based on the number of years that remained in the term. So in the post that "wellthatslovely"commented, she got charged not only with the penalty, but also with the clawback of the cash back. YiKes, a $17,000 penalty can hurt!

Now with that all being said, If you need the cashback for some financial reasons, and you can afford the higher monthly mortgage payments, then maybe the "cash Back" mortgage can have some benefit to you. Just be sure you don't have to break the mortgage during term, or you will be paying dearly.

So remember to read the fine print, nothing ever good is "free". Except my great service of course Know what you are signing and avoid expensive surprises.
Have a great day,
Dan
Thanks for that, but my post wasn't really a question, it was more of a warning to others to not blindly trust brokers. Even the bank it was through was surprised how badly I got taken advantage of. I knew all of that information before signing the mortgage but was told the penalties would be "very low" since she knew I would probably not be staying long and when I went to "break" the mortgage (3 months prior to the end of the term), she still didn't tell me what the penalties were, just that "it wouldn't be very high and the final calculations will be done at the end". I totally get that it was my fault for signing a contract and relying on the broker (as I said, it was quite the learning experience), that's why I'm letting others know.
I lost $17,000 because I didn't wait the 3 months it would have been until the end of the term and there was nobody to complain to, no regulatory body to help me... and to add insult to injury, by the time I found out what had happened, I was again locked into a term with them. I couldn't move or sell my home for years because I'd be raked over the coals AGAIN... Just a heads up to everyone choosing to go with a broker.... I've had many subsequent mortgages with large banks and they seem to be much more helpful.
Reply With Quote
  #130  
Old 2016-01-28, 11:32 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,001
Default penalties

Anyhow, very sorry about the bad and expensive experience. The reality is there will always be a bad apple out there that didn't do the job that they obviously should have done for you. And in the end the experience tarnishes the image of brokers and for that matter the industry in general. The major banks have had there bad press as well, it simply comes down to the individuals out there that do a poor job in disclosing. Even with the far stricter guidelines out there today for disclosure, even from two years ago, the same scenario could happen again if a job is poorly done.

I realized that your post was not meant as a question, but I look for comments that are likely informative topics that others don't know about. Your comment about Cash Back I'm sure many people are not aware of, especially the contractual obligation to pay back part of the cash back if the mortgage is payed out prior to the end of the term. The mortgage penalty PLUS the cash back, grab back. Many people I'm sure are unaware of that.
So thank you for bringing it up.
Very happy to hear at least that your more recent mortgage experiences have been good.
Have a great day,
Dan
Quote:
Originally Posted by WellThatsLovely View Post
Thanks for that, but my post wasn't really a question, it was more of a warning to others to not blindly trust brokers. Even the bank it was through was surprised how badly I got taken advantage of. I knew all of that information before signing the mortgage but was told the penalties would be "very low" since she knew I would probably not be staying long and when I went to "break" the mortgage (3 months prior to the end of the term), she still didn't tell me what the penalties were, just that "it wouldn't be very high and the final calculations will be done at the end". I totally get that it was my fault for signing a contract and relying on the broker (as I said, it was quite the learning experience), that's why I'm letting others know.
I lost $17,000 because I didn't wait the 3 months it would have been until the end of the term and there was nobody to complain to, no regulatory body to help me... and to add insult to injury, by the time I found out what had happened, I was again locked into a term with them. I couldn't move or sell my home for years because I'd be raked over the coals AGAIN... Just a heads up to everyone choosing to go with a broker.... I've had many subsequent mortgages with large banks and they seem to be much more helpful.
__________________
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
Reply

Bookmarks

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump

Similar Threads
Thread Thread Starter Forum Replies Last Post
Ask the Mortgage Guy? MortgageGuy Ottawa 1313 Yesterday 02:25 PM
Mortgage vs LOC sarcol27 Financing, Mortgages and Insurance 7 2010-04-07 11:26 PM
Mortgage too big?? macbcomm Burlington 17 2010-04-06 10:04 AM
Mortgage slaves canabiz Financing, Mortgages and Insurance 8 2008-03-27 09:38 PM
RBC Mortgage mavoledo Stouffville - Mattamy On Main and Wheler’S Mill 10 2006-08-29 12:06 PM



All times are GMT -4. The time now is 11:08 AM.



Copyright © PHAND Corporation
This document may not be used elsewhere without the expressed written consent of PHAND Corporation.
*** There is no association between this website and any builder. ***

Powered by vBulletin® Version 3.8.10
Copyright ©2000 - 2019, vBulletin Solutions, Inc.