Go Back   BuildingHomes.ca - Building your community! > Ontario > Ottawa

Ottawa For those in Ottawa, Kanata, Stittsville, Orleans, Nepean. Mattamy, Minto, Bridlewood, Cardel, Claridge, Braebury, Monarch, Barrhaven, Half Moon Bay, Fairwinds, Findlay Creek, Notting Hill, West Pointe, Stonebridge, Edinburgh Common, Uniform at Orchard-Stonebridge-Barrhaven and more!


Reply
 
Thread Tools Display Modes
  #481  
Old 2011-03-09, 11:13 PM
Moodie Moodie is offline
Member
Regular User
 
Join Date: Feb 2011
Location: ON/Ottawa
Posts: 57
Default

Quote:
Originally Posted by timmy View Post
hello mortgage guy,

specifically i'd like to better understand the options when it comes to handling 'milestone' payments when my money is tied up in equity of my current home.

should i simply sell my current home first and effectively be "homeless" while i use the money from the sale to pay the milestone payments?

can i get the money from the buyer upfront with a condition for them to move in later (at least 90 days later)?

once i sell my home should i then use a personal line of credit to finance these builder payments or if i'm approved can the builder, their bank and i structure something to draw this money out of the future mortgage in advance of completion of the new home?

basically we're in a catch 22. we want to move. we've got about $170K in equity in the current home that we need to sell but NO cash on hand to handle $40,000 of milestone payments in the first 90 days of agreeing to build a new home....

thanks for any thoughts, insights advice
Hi:
If you have $170k of equity in your existing home and only one mortgage on it (1st mortgage), then all you have to do is get a secured line of credit (usually at prime plus 1%) from any bank, for say $50k, which is treated like a second mortgage. This should be enough to cover builder deposits. Then when you sell your home, you must discharge both mortgages and get a new mortgage on your new home. PC bank seems to charge the lowest fees to set up secured line of credit and they send an appraiser and lawyer right to your home.... you don't even have to leave your house!
Good luck!
Reply With Quote
  #482  
Old 2011-03-10, 02:00 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default secured L/C

In case I made the previous post to wordy...
A secured L/C can only be registered up to 80% of your current homes appraised value(appraised value *.80%, less the existing balance of your existing first mortgage, leaves you the available amount to borrow on the L/C
If you qualify normally, and the equity is there, then yes no problem to arrange. Min payment would be interest only on the amount outstanding on the L/C. I also love PC Financial for banking, no fees for daily banking, even give you free cheques.
Dan
Quote:
Originally Posted by Moodie View Post
Hi:
If you have $170k of equity in your existing home and only one mortgage on it (1st mortgage), then all you have to do is get a secured line of credit (usually at prime plus 1%) from any bank, for say $50k, which is treated like a second mortgage. This should be enough to cover builder deposits. Then when you sell your home, you must discharge both mortgages and get a new mortgage on your new home. PC bank seems to charge the lowest fees to set up secured line of credit and they send an appraiser and lawyer right to your home.... you don't even have to leave your house!
Good luck!
__________________
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
  #483  
Old 2011-03-11, 09:49 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default March11,Mortgage Rate Update

Just an update on rates...
REMEMBER March 17th deadline for 35 yr amm, and refinance up to 90% of an existing residences!!
FREE DOWN PAYMENT mortgage 5.39% (5% down payment given as cash back)

Summary of rates...
Variable 3 year term, Prime less .80% or 2.20% today
10 yr 5.04%(dropped)
7 yr 4.85%(dropped)
5 yr 3.79% 90 day closing 3.94% 120 day closing
3 yr 3.42% 90 day closing
1 yr 2.64%
Complete rate and terms can be found at
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
  #484  
Old 2011-03-18, 04:51 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default March 18th Best Mortgage Rates

NEW LOWER RATES!
REMEMBER March 18th deadline IS HERE…
ONLY 30 yr amm Max, and refinance up to 85% of an existing residence!!
FREE DOWN PAYMENT mortgage 5.29% (5% down payment given as cash back)

Summary of rates...
Variable 3 year term, Prime less .80% or 2.20% today
10 yr 4.99%
7 yr 4.79%
5 yr 3.79% 90 day closing(insured) 3.89% 120 day closing
3 yr 3.42% 90 day closing
1 yr 2.64%
Complete rate and terms can be found 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
  #485  
Old 2011-03-21, 02:47 PM
Natasha Natasha is offline
Senior Member
Regular User
 
Join Date: May 2010
Location: Findlay Creek
Posts: 486
Default

Hi,
Today we secured our variable mortgage rate at prime minus 0.8. Can we get anything better than that?
Reply With Quote
  #486  
Old 2011-03-22, 11:25 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default Variable rates

Hi Natasha,
prime less .85 is the best I have heard of, but prime less .80 with good privledges is what I am offering as well. My only comment to you is that if your variable is with a major bank that has posted rates, I do not recommend it. I have went over this before, if you take a variable rate mortgage, to me what is most important should be what discount is that lender going to offer you on fixed rate money when and if you lock in. It is quite possible that NO discount is written into your variable rate contract. Imagine be given no discount, which means you would get 5.39% on a 5 yr fixed today. Not a very good deal. Especially considering that you can get 3.79% 5 yr fixed today elsewhere. Ask the question of where you you get your mortgage, and don't accept the line" of course we will give you a discount", if its not in writing don't count on it.
I will only put clients with lenders who guarantee discounted rates when they lock in, and the major banks are not on that list.
Dan

Quote:
Originally Posted by Natasha View Post
Hi,
Today we secured our variable mortgage rate at prime minus 0.8. Can we get anything better than that?
__________________
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
  #487  
Old 2011-03-23, 03:57 PM
Eagertomove Eagertomove is offline
Member
Regular User
 
Join Date: Jul 2009
Location: Woodbridge, ontario
Posts: 70
Default

That sounds good mortgageguy what about if applying for line of credit on home equity what would the best rate offered be?? Thanks in advance
Reply With Quote
  #488  
Old 2011-03-23, 07:34 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default Secured L/C's

Almost all secured L/C's are at prime plus 1%, they are most popular at the major banks, where depending on how much business you do with them, will determine if and what further discount you may get. Prime plus .50% is likely best available. A year ago, Prime with no plus was the norm, rarely seen 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
  #489  
Old 2011-04-04, 08:30 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default April 4th, best Rates and National Post article-Brokers

See the link below for a great article on why to use a broker published by the National Post....

http://www.nationalpost.com/news/Exp...573/story.html

Summary of rates...
Variable 3 year term, Prime less .80% or 2.20% today
FREE DOWN PAYMENT mortgage 5.29% (5% down payment given as cash back)

10 yr 4.99%
7 yr 4.79%
5 yr 3.79% 90 day closing(insured) 3.89% 120 day closing
3 yr 3.42% 90 day closing
1 yr 2.64%
Complete rate and terms can be found at www.mortgagemoney.ca
Feel free to write or call 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

Last edited by MortgageGuy; 2011-04-04 at 08:32 AM. Reason: change in link
Reply With Quote
  #490  
Old 2011-04-05, 09:00 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,033
Default Rising rates- heads up

So again T.D. has lead the way increasing 5 yr fixed to 5.69% posted
Scotia has also followed at 5.69%
Good article...see attached
http://ca.finance.yahoo.com/news/Can...69751.html?x=0
STILL AVAILABLE I have
3.79% 5 yr fixed
3.69% 4 yr fixed
min mtg amount $195K closing within 90 days
FULL PRE-PAYMENT Priviledges
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; 2011-04-05 at 09:45 AM. Reason: added link
Reply With Quote
Reply

Bookmarks

Tags
mortgage, mortgage broker

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
When to get the Mortgage with a new home three star Financing, Mortgages and Insurance 10 2007-10-26 10:48 PM
Mortgage rates? KellyM Financing, Mortgages and Insurance 13 2007-06-25 02:23 PM
Mortgage Insurance coton Chit Chat 1 2007-04-01 04:51 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 12:09 PM.



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.