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
  #21  
Old 2014-04-16, 09:14 AM
xdarrylx's Avatar
xdarrylx xdarrylx is offline
Senior Member
Regular User
 
Join Date: Feb 2010
Location: Barrhaven, Ontario
Posts: 1,965
Default

Just wanted to drop a note here about Dan AKA MortgageGuy...

This is the 3rd time we've used him to source/refinance our mortgage and will go back for a 4th, 10th and 33rd time if need be. He has tremendous depth of knowledge within the industry and keeps up to date with trends and news. He's always given us sound advice so that we're viewing the entire picture and have all options on the table to help make an informed decision...love that about him.

He is active daily on the Ottawa forums where he's helped a TON of people (his thread has almost 1,000 replies and over 125,000 views!!) with fantastic and timely advice. If you're looking for the best rates, honest and upfront advice and some good humour, drop Dan an email or give him a call...he's totally worth your time!

A+ broker in my mind and we will continue to refer folks his way.
Reply With Quote
  #22  
Old 2014-04-16, 03:42 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Smile No change in Bank of Canada Rate today

See Globe and Mail article below...
http://www.theglobeandmail.com/repor...board/follows/

And thanks Darryl for the very kind words. Yes I have been on the Ottawa forum since July of 2008 and certainly enjoy it. There is always something of interest in the financial world that can be talked about or passed on. The clients I have helped over the years is just a bonus.
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
  #23  
Old 2014-04-17, 08:06 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Default Easter Weekend Best Mortgage Rates

So as mentioned in an earlier post, rates advertised now can be very deal specific, and often you get what you pay for. Don't accept a slightly lower rate and lose bridge financing, or the ability to refinance during term etc. All sorts of conditions now on some rates being offered.
I am going to only mention rates I know that are NOT restrictive in nature and in my opinion a good mortgage. Or I will mention the restriction.

Best Rates that I'm aware of...
4 yr fixed closing within 120 days 2.87%
5 yr fixed closing within 120 days 3.09%
5 yr fixed closing within 6 months 3.44%
5 yr fixed closing within 12 months 3.94%*
Best variable Prime -.55% 5 yr variable(3-.55=2.45% today)
7 yr fixed closing within 120 days 3.70%
*(this lender requires a $500 deposit before committing- non refundable if you don’t take the mortgage in the end- I will refund it to you if take this rate through me, and I end up moving you elsewhere in the end.)
ALWAYS happy to answer questions, drop me a line!
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

Last edited by MortgageGuy; 2014-04-17 at 08:09 PM. Reason: added to
Reply With Quote
  #24  
Old 2014-04-21, 03:50 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Default Reminder- CMHC increases insurance premiums

Just a reminder that effective May 1st premiums are rising.
http://bit.ly/1jFHwhl
So with 5% down payment, the premium will rise from 2.75% to 3.15% on the amount of mortgage being borrowed. The premium can still be added to the amount being borrowed. See the link for full details.
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
  #25  
Old 2014-04-24, 11:23 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Cool asked about what are important mortgage clauses

I was asked this question on the Ottawa site and thought it would be worth mentioning here(see below in red)...

As I have mentioned there are a number of features that I feel are important enough to not lose over a discounted rate.

No Bridge Financing- to me the most basic feature, the ability for the lender giving you the new mortgage to offer "bridging" of your down payment when the sale of your house does not line up with the purchase date of you new home. It almost never happens that your sale and purchase date are the same. I have purchased and sold four of my last residences and none of them had purchase and sale dates the same.

Restrictive Sale clauses- the lender does not allow the mortgage to be paid down by more than the pre-payment clause unless the house is sold to an arms length buyer. So if you had an inheritance of more than the 10% pre-payment allowed, you can NOT pay the mortgage down by any more than 10%. Even with a penalty, it is not allowed. Or say a couple gets separated,and one of them wants to remain in the home, if the existing lender won't allow that person to qualify on his/or her own, the individual cannot even try and finance with another lender(NOT ALLOWED), they would have to sell the home. You essentially, for what ever reason, CANNOT break the mortgage during term with out selling the home in an arms length sale.

No refinancing during term/ no porting the mortgage- So if you get 3 yrs into a 5 yr term, have kids and find the house or apartment is to small, you cannot port and increase the mortgage to a new property during the term. You would have to wait till the mortgage is up for maturity. How many of you have waited until your maturity date to change houses? very few I bet. If you have equity in your home and want to refinance to consolidate debt during the term, also not allowed till maturity.

Large penalties to break your term- most lenders prepayment penalty clause if they let you, is 3 month interest penalty OR rate differential which ever is greater. One lenders penalty is 3 month interest OR 3% OF THE MORTGAGE AMOUNT, could be a significantly larger penalty with 3% of the mortgage amount.

And of course the Collateral mortgage, now being used in registering ALL of their mortgages at 2 of the major banks. Look back in my posts where that has been discussed previously. Its all about client retention, you can't ever leave the lender without paying new legal and appraisal. Only one of many negatives.

I think I have hit most of them above. Remember that the rate savings are usually only .05 to .10 of a percent lower on the "no frills or basic" mortgages than one with full privileges. The one time you take the collateral , or pass on the bridge financing, or have no port and blend clause, just to save the rate, and in the end need the clause, will be the day you are sorry you ever toook the mortgage. We're talking full privileges on a 5 yr fixed at 3.09% to a no frills at 2.99%. It used to be that all mortgages were the same. Only in these now highly competitive times are the banks skimming down the rate(to make them look more attractive) with the expectation that the lessor or lost clauses will earn back the profit spread they lose up front.
We all know that nothing is free and you usually get what you pay for. So stop before you sign on the dotted line and READ the fine print.
Dan

Quote:
Originally Posted by jzy View Post
Thanks very much Dan.

Another question: in an earlier post, you spoke of the importance of certain features for a mortgage and that despite a low rate, some mortgages today do not have important features that can be useful in different situations. Can you advise what are some of these features that you deem as critical to have in a mortgage that would affect your decision to recommend or not to recommend to your clients?
__________________
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
  #26  
Old 2014-05-05, 04:34 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Default May 5th mortgage rates and CMHC changes

So as you may have heard, as of May 1st, CMHC increased their insurance premiums. For example, now to borrow 95% of purchase price, CMHC charges 3.15% of the mortgage amount, up from 2.75% prior to May 1st. Therefore today to borrow $400,000, assuming at 95% of purchase price, that premium would now be $12,600. But they are very generous, they allow you to add that premium on to the mortgage amount. Thanks goodness, who would have an extra $12K lying around!
There are 2 other private insurers, Canada Guaranty and Genworth, of which both have voluntarily also increased their premiums to match. Surprise, Surprise!

The other two most recent changes are that CMHC is not allowing second home purchases, and also has stopped doing Self Employed purchases WITHOUT traditional income.

No second home product means that CMHC no longer allows any one borrower from having more than one CMHC insured property. In the past they would let an individual to have two insured homes as long no rent from the 2nd home was used in the qualifying. Ie buying a home for a student to live in while away at University. Today they will only allow the borrower to have ONE home insured.
Genworth and Canada Guaranty I believe HAVE also STOPPED this program.

Self Employed, now traditional income ONLY is allowed
In the past, CMHC allowed a self employed borrower to purchase up to 90% of purchase price with "stated income only", where as he did NOT have to use the income declared to CRA. As long as he stated his actual income was within the reasonable guidelines set out by CMHC for his/her field of work, they would approve the loan, but charge a higher insurance premium.

Today, a self employed borrower must have been in business for two full years and provide traditional forms of income conformation. Acceptable income is now the averaged income declared to Revenue Canada for the last two years that he has payed taxes on. The lenders will now ask for last two years notice of assessments and use their net taxable income with some reasonable ad backs for some expenses.
Genworth and Canada Guaranty I believe ARE still offering this program.

The following mortgages rates come with full privileges, and are NOT “no frills mortgages” which have restrictive clauses. No changes from a week ago.
Best Rates that I would recommend...
4 yr fixed closing within 120 days 2.84%
5 yr fixed closing within 120 days 3.09%
5 yr fixed closing within 6 months 3.44%
5 yr fixed closing within 12 months 3.94%*
*(this lender requires a $500 deposit before committing- non-refundable if you don’t take the mortgage with them in the end) but if you're closing a year from now, its a great rate guarantee and I will refund the $500 if I move you elsewhere. Remember if rates do not rise, you will get normal discounted rates prior to closing.
Best variable Prime -.55% 5 yr variable(3-.55=2.45% today)
I do have Prime -.65% variable,
7 yr fixed closing within 120 days 3.70%
Feel free to call or drop me a line 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
  #27  
Old 2014-05-06, 11:30 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Default 2nd Home Depot and Business for Self Update

Correction to my last post, Genworth has now decided to continue to offer the Business for self STATED income program AND the Second home product that CMHC has discontinued.
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
  #28  
Old 2014-05-08, 01:32 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Default 5 yr fixed rate now 2.99%

Just a heads up that I do now have 5 yr fixed rate money, 120 day rate guarantee. Min $195K, 25 yr ammortization
This mortgage is NOT collateral and it has full privileges(not a restrictive mortgage).
If transferring an existing mortgage this rate may not apply.

For curiosity sake, see the link below of what a $1,00,000 will buy you in different parts of the world. Interesting to look at.
http://money.ca.msn.com/savings-debt...-world#image=1

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
  #29  
Old 2014-05-14, 12:58 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Default restrictive mortgages.. again!

So if you havn't heard, the latest is a 1.99% 3 yr variable rate mortgage with Investors Group.
Remember what I have always said, if it looks to good to be true, it probably isn't. Well in this circumstance it is available, but the restrictions are ridicules!

“If applicable, you may be responsible for legal and administrative fees or prepayment charges. Not available for renewals or internal refinances,” the fine print for the product reads. “These promotions are closed terms that are not eligible to be paid out, refinanced, early renewed or extended prior to maturity of the term (except upon the bonafide sale of the subject property).” and there is more...

And not just that, what will the rate be when you lock in with them....anyhow to me this is a joke, you're just asking for a headache.
Always ask the terms of ANY mortgage you take, and get the best rate for a mortgage with good clauses. The clauses above are NOT good for anyone, the day you have to break it.
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
  #30  
Old 2014-05-15, 03:50 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,032
Default Big 5 bank penalties

a short article to remind you that lenders that have "posted rates" at 4.75% 5 yr (all banks are the same), when they calculate their penalty when breaking the term it can be very expensive.
http://www.thestar.com/business/pers...y_roseman.html

Where as, when you use lenders that on their web site (such as First National at 3.19%), the penalty calculation is significantly less.
So why use these lenders with posted rates?
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; 2014-05-26 at 04:03 PM. Reason: grammar
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 1371 2019-10-09 02:58 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 04:12 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.