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  #521  
Old 2011-05-05, 10:32 AM
MortgageGuy MortgageGuy is offline
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Default Catching Up !

Variable Rates discussion again??
For the record, I am not for or against variable rates! As Arigold and XdarrylX will agree, there are many factors in the decision to go fixed or go variable that have been told over and over. I believe it can be agreed that rates are NOT going down much if anything in the near future(from anything I read anyway), the arguable question is if and when, and how quickly rates will go up.
The main decision factor in going variable then becomes how financially secure you are as an individual and can you afford a rate increase.
Some facts to remember.....
Bank Prime lending rate is at 3% today was as low as 2.25% same time last year, lowest in history I believe.

Nov 2007, Bank Prime was at 6.25%(not that long ago!)
May 2001, Bank Prime was at 6.50%
5 yr fixed in last summer as low as 3.45%(lowest in history I believe.
5 yr fixed in April, 1988 was 10.75%(this was a discounted rate!)
5 yr fixed in 1981 over 18%
It is also a fact that variable rates are almost always lower than a 5 yr fixed, so as long as you can go variable and stay variable you can be pretty sure that you will always have lowest rates.......the only catch shown from above is that you better be able to afford the highs with the lows.
Anyhow, don't mean to start up this argument all over again, just want people to see the big picture when making decisions about variable or fixed.
By the way I'll be doing my first Experts On Call this Sat at 3pm 580am CFRA, love to hear from you!
Dan
Oh Ya, and as a side, yes I do get business from this forum and do make money, but I also do it because I enjoy it. We all learn something in the end, myself included.
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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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  #522  
Old 2011-05-05, 03:50 PM
arigold arigold is offline
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Default

Hey Mortgage Guy, don't get me wrong... I know you work hard... It's hard enough to run around and get mortgages for everyone and then to come on here and respond to everyone's questions... it's a great marketing tool for sure and you put in the time so you should be making money and getting business from here... again I have no problem with that... I can see you enjoy it or you obviously wouldn't be bothered with it...

I personally prefer not to use the services or Mortgage Brokers or Real Estate agents, I prefer to do the leg work myself and not have someone tell me what to choose, but that's just me... professional opinions are important and I listen but I think some people just do what others say and don't do their own homework... Both provide a service and there is a definite need for that service by a large part of the population...

Good Luck with your Experts call... if I get the signal I'll be sure to listen, maybe even call...
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  #523  
Old 2011-05-05, 04:58 PM
MortgageGuy MortgageGuy is offline
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Default opinions

Great to have you on the forum Arigold, opinions are what keeps the forum going, and this is a great place to express them. Feel free to "drop in" anytime.
Dan

Quote:
Originally Posted by arigold View Post
Hey Mortgage Guy, don't get me wrong... I know you work hard... It's hard enough to run around and get mortgages for everyone and then to come on here and respond to everyone's questions... it's a great marketing tool for sure and you put in the time so you should be making money and getting business from here... again I have no problem with that... I can see you enjoy it or you obviously wouldn't be bothered with it...

I personally prefer not to use the services or Mortgage Brokers or Real Estate agents, I prefer to do the leg work myself and not have someone tell me what to choose, but that's just me... professional opinions are important and I listen but I think some people just do what others say and don't do their own homework... Both provide a service and there is a definite need for that service by a large part of the population...

Good Luck with your Experts call... if I get the signal I'll be sure to listen, maybe even call...
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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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  #524  
Old 2011-05-06, 10:27 AM
mato0107 mato0107 is offline
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Hi Morgage Guy
Not sure if you might have an experience in US market but I'll ask the question anyways. What is the best way to obtain a loan/mortgage to purchase a property in US. I'd rather secure my finances in Canada then getting a mortgage in States but I'd like to hear your opinion
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  #525  
Old 2011-05-06, 11:11 AM
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gerapau gerapau is offline
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Quote:
Originally Posted by mato0107 View Post
Hi Morgage Guy
Not sure if you might have an experience in US market but I'll ask the question anyways. What is the best way to obtain a loan/mortgage to purchase a property in US. I'd rather secure my finances in Canada then getting a mortgage in States but I'd like to hear your opinion
If you can get financing in Canada then I would definately go that route. That way you convert your $CA to $US at todays exchange rates.
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  #526  
Old 2011-05-06, 11:40 AM
MortgageGuy MortgageGuy is offline
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Default US Mortgages- financing a US property

A common question, the Canadian banking system at this time will NOT lend in the US.
Only way simple way is to borrow in Canada is from a secured L/C on your personal residence if there is room. Max 80% of properties appraised value. Then use those funds to purchase what and where ever you want.
You have to use a US institution to borrow in the US. And if you're not a US resident, good luck. It isn't easy.
Dan

Quote:
Originally Posted by gerapau View Post
If you can get financing in Canada then I would definately go that route. That way you convert your $CA to $US at todays exchange rates.
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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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  #527  
Old 2011-05-07, 12:05 PM
MortgageGuy MortgageGuy is offline
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Default May 7th Rate update

Slight changes in rates from last week! 3 yr dropped
We still have Prime less .80% for closed variables or 2.20% today
Summary of rates…
10 yr 4.89% 120 rate guarantee
7 yr 4.69% 120 day rate guarantee
5 yr 3.94% 90 day closing 3.99% 120 day closing
4 yr 3.69% “ “
3 yr 3.45% “ “
2 yr 3.40% 90 day closing
1 yr 2.64% 120 day closing
Variable 5 year term, Prime less .80% or 2.20% today
FREE DOWN PAYMENT mortgage 5.69% (5% down payment given as cash back)
Complete rate and terms can be found at www.mortgagemoney.ca
Have a great week end! The sun is shining!
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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  #528  
Old 2011-05-12, 09:29 AM
MortgageGuy MortgageGuy is offline
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Default vacation alert May 13 till the 25th

Just a quick heads up that I will be away till April 25th, thus won't be able to respond to questions during that time. In my absence you can call BILL Palmer at my office, 613-563-5078 for any questions or for your mortgage needs and he will be happy to help you. He is ALMOST as good as me
He can also be reached by email directly at
billpalmer@mortgagesmadeeasy.com
Just let him know you are calling form the building homes forum.

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
  #529  
Old 2011-05-12, 11:57 AM
mj3tots mj3tots is offline
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Default

Quote:
Originally Posted by MortgageGuy View Post
Just a quick heads up that I will be away till April 25th, thus won't be able to respond to questions during that time. In my absence you can call BILL Palmer at my office, 613-563-5078 for any questions or for your mortgage needs and he will be happy to help you. He is ALMOST as good as me
He can also be reached by email directly at
billpalmer@mortgagesmadeeasy.com
Just let him know you are calling form the building homes forum.

Have a great week,
Dan

Dan, moving back in time huh?
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  #530  
Old 2011-05-12, 04:51 PM
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good2know good2know is offline
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Talking

or 11 months off
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