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
  #131  
Old 2016-02-01, 10:00 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default Feb 1st rates and down payment change coming soon

So current 5 yr fixed mortgage rate still sitting at 2.59%, full privileges.
120 day rate, exceptions made up to 6 months, depending on mortgage amount with Alterna.

5 yr Variable rate still getting tightened up. Best available I have is Prime -.40% or 2.30% today.

REMINDER THAT AS OF FEB 15TH, THE NEW DOWNPAYMENT RULES COME INTO EFFECT.
Essentially, 95% financing is allowed up to a PURCHASE PRICE of $500,000 only
For purchases OVER $500,000, it will be 95% of the first 500,000 and 90% of anything OVER $500K
Example, for a purchase price of $750,000
95% of 500K =$475,000
90% of the difference over 500K which is $250,000 *.90 =$225K
Therefore $475 + $225 = $700,000 maximum financing allowed.
As opposed to today, on a $750,000 Purchase, $712,500 financing is allowed.
You may say, no big deal, but if your missing the $12,500 then it becomes an issue.
If you're offer is already made and approved at the lender, the new rules will NOT affect you.

Purchase price over $1,000,000 then 80% financing Max. or $800,000.
YaYa I know, not likely buying over a million bucks, but possibly over 500K, just don't say I didnít tell you.
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
  #132  
Old 2016-02-01, 11:02 AM
WellThatsLovely WellThatsLovely is offline
Senior Member
Regular User
 
Join Date: Jan 2014
Location: Oakville
Posts: 770
Default

Quote:
Originally Posted by MortgageGuy View Post
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
So with today's stricter "guidelines", what remedy would the average person have if they were taken advantage of by a broker?
Reply With Quote
  #133  
Old 2016-02-04, 10:18 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default Who Governs the mortgage broker/agent in Ontario

The "stricter guidelines" are rules put in place by the government mainly regarding the issues that "WellThatsLovely" has faced, being proper disclosure. Ensuring that the mortgage broker/agent makes the borrower aware of the type of mortgage they are getting and that the terms and conditions of that mortgage are clearly shown.

I believe this is an important topic, so I decided to actually post an answer to her on my web site blog where I know it will be seen by more than just a few people here. So excuse me using a link, but at least I know this post will stay up there for all to see.
http://mortgagemoney.ca/mortgage-money-blog/

I understand that having a system in place to handle complaints/problems is important, but the reality is we honestly would prefer to never have the complaints to begin with. That is how I strive to run my business, one client at a time and to ensure that in the end, all goes as planned and everyone is happy.
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
  #134  
Old 2016-02-05, 04:08 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default Feb 5th Best Mortgage rates

So little to no change in rates this week...
Best 5 yr fixed at 2.59% 120 day closing(exceptions possible)
7 yr fixed at 2.98% 120 day closing(exceptions possible)
Best 3 yr Variable is at 2.25% or Prime -.45%(Bank prime is at 2.70%)
1yr Fixed 2.14% 120 day closing
3 yr Fixed 2.39% 120 day closing
See www.mortgagemoney.ca for complete terms and rates.

Feb 15th change in down payment to 95% financing only up to $500K max purchase price.
Anything above 500K, 90% max financing on the difference.

Feel free to email me directly for any personal circumstance questions...
dan@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
  #135  
Old 2016-02-10, 12:58 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default rate hold beyond 120 days

Just a heads up that I am at this point, unable to get exceptions to the 120 day rate hold.

A few months back, I was granted a 6 month rate hold, but at this time, they are NO LONGER giving exceptions beyond the 4 month plus a couple of weeks.

So as I have mentioned in the past, ALWAYS accept the builders banks cap rate program(holding rates for up to 18 months). The rates are usually not comparable to the best 120 rate holds I am getting as a broker, BUT if you are buying with a closing date a year from now, it would be foolish NOT to accept their extended closing rate.

Just remember that a rate you get held for a late closing, usually in no way legally obligates you to take that mortgage. Once you hit the 4 month mark prior to closing, you should check with me regarding better rates. You may be pleasantly surprised.
So available today for a 120 day closing you have the following.
5 yr fixed at 2.59% 120 day closing
5 yr fixed at 2.54% if closing within 45 days(limited funds available)
3 yr closed 2.29% if closing within 45 days
for complete rates and terms see www.mortgagemoney.ca
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
  #136  
Old 2016-02-12, 10:59 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default Toronto Rate special 5 yr fixed rates- FEB 12TH

So I have been offered special discounted 5 yr fixed rates for the Toronto region
MIN MORTGAGE AMOUNT of $450,000
MUST BE IN THE TORONTO REGION/limited funds/can be discontinued at anytime

5 yr fixed 2.49%, 120 day closing- 20+20% prepayment yearly, CANNOT be prepaid beyond 20% during term unless house is sold.

5 yr fixed at 2.54% full privileges, 45 day closing

If interested, let me know.
Dan :0)
__________________
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
  #137  
Old 2016-02-16, 12:58 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default revision to 5 yr rate- Feb 16th

5 yr fixed 2.49%, 120 day closing 20% prepayment
can also now be paid off during term WITH penalty

disregard "cannot be prepaid" clause in offer below.
Min 450K mortgage amount still applies, also in Toronto GTA area only.
This is a localized special.

Change in min down payments mentioned over the last couple weeks are now in place(effective Feb 15th)
Now 90% up to 500K purchase and 10% on balance above 500K.
1,000,000+ purchase price requires min 20% down payment
Dan


Quote:
Originally Posted by MortgageGuy View Post
So I have been offered special discounted 5 yr fixed rates for the Toronto region
MIN MORTGAGE AMOUNT of $450,000
MUST BE IN THE TORONTO REGION/limited funds/can be discontinued at anytime

5 yr fixed 2.49%, 120 day closing- 20+20% prepayment yearly, CANNOT be prepaid beyond 20% during term unless house is sold.

5 yr fixed at 2.54% full privileges, 45 day closing

If interested, let me know.
Dan :0)
__________________
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
  #138  
Old 2016-02-17, 10:58 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default oops :)

Now 5% down payment up to 500K purchase and 10% on balance above 500K.
So with new rules, on $750K purchase
5% on $500K= 25K
10% on $250K= 25K
= $50K down payment required
as opposed to last week 5% on 750K= $37,500 down payment would have been required.
Thanks to GoodtoKnow for watching out for me.
Dan






Quote:
Originally Posted by MortgageGuy View Post
5 yr fixed 2.49%, 120 day closing 20% prepayment
can also now be paid off during term WITH penalty

disregard "cannot be prepaid" clause in offer below.
Min 450K mortgage amount still applies, also in Toronto GTA area only.
This is a localized special.

Change in min down payments mentioned over the last couple weeks are now in place(effective Feb 15th)
Now 90% up to 500K purchase and 10% on balance above 500K.
1,000,000+ purchase price requires min 20% down payment
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
  #139  
Old 2016-02-19, 10:55 AM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default Rate reminder

5 yr fixed rate has dropped to 2.54%
120 day closing, 20 % annual prepayment
this mortgage has no restrictions other than it is a local credit union, therefore will only lend in Ottawa/Gatineau area and Toronto.

If mortgage over $450K 2.49% available.

Don't miss out on great rates in today's market.
Remember if you are purchasing with a long 6 month or more closing date, ALWAYS take the builder's banks long rate guarantees, protect yourself with something.
When you hit the 4 month prior to closing date, LOOK ELSEWHERE. The builders rate hold obligates you to nothing, you are open to take your mortgage elsewhere at anytime up two a few weeks prior to closing.
I would be happy to help.
For complete rates and terms available, see 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
  #140  
Old 2016-03-02, 12:16 PM
MortgageGuy MortgageGuy is offline
Senior Member
Regular User
 
Join Date: Jul 2008
Location: Ottawa, Ontario
Posts: 1,041
Default mortgage maturing and new purchase

I was asked the question in the Ottawa Forum,
"My current mortgage arrive at expiration in September and we are planning to buy a new house in a new development and the lots should be release by the end of summer 2016 and expected closing 18 months after that in 2018. I know you recommend to always take the builder bank for the 18 months guaranteed rate but should we transfer the current mortgage to them also to make things more easier or does it matter ? What renewal period-terms did you recommend to renew my actual mortgage ?"

To give you proper advice here, I would need to know specific mortgage amounts, regarding existing outstanding mortgage balance(approx on maturity) and new mortgage required?

BUT this is a good general question. Here we have someones existing mortgage coming up for renewal around a year prior to the new purchase date. The question being should he transfer his existing mortgage to that lender who is holding a rate for him for the purchase date, and or even renew into a fixed rate mortgage on maturity with his existing lender.

The answer is is completely dependent on the size of the existing mortgage, who it is with, and also how much will you increase it by. Also very important is where are rates trending? Upwards or stable at the time when you are maturing and purchasing. In his specific question, with maturity of his existing mortgage not coming till this September, I likely wouldn't make any decision on this until August of this year. To many unknowns now, of where rates will be in the fall.

But lets say the maturity date was coming up THIS April, and the new purchase date was this November.
If it was me, the choice would be to either renew into a closed variable, say 2.40% today(max 3 month interest penalty when it is broken, but can be ported to the new property), OR a fully open variable at approx 3.20%(but can be paid off at any time with NO PENALTY- leaving you flexible of when you sell your existing home- and completely open to options of where you get your new mortgage.
I would likely take the open option. Slightly higher rate but leaves me in the drivers seat with complete flexibility on when I sell my existing house, and can get the new mortgage where ever I want with no strings attached.

Both the closed and open variable have defined black and white penalties, 3 month interest max on the closed, and NO PENALTY on the fully open. Problem with anything fixed rate, your penalty clause becomes 3 month interest penalty OR interest rate differential, whichever is greater. Therefore an unknown penalty.

The only downside to the variable rate is the uncertainty of a fluctuating rate, but this year will likely be a relatively stable rate year, and probably worth the gamble.

Remember that the likelihood of having a maturity date and purchase date the same are almost nil, so its always about "managing" the potential penalty in breaking the existing mortgage.

You can port and increase most existing mortgages to the new property and have NO PENALTY. But if your existing mortgage is relatively small in comparison to the new mortgage amount, you may be wise in breaking the existing and just taking all new money.
Also be careful with who the existing mortgage is with. ScotiaBank for example, does not allow an increase in blend anymore WITHOUT putting you into a collateral mortgage(a STEP mortgage they call it).

Also remember that T.D. Bank, National Bank and Tangerine now register all new mortgages as collateral mortgages, so if you have a mortgage with them coming up for renewal, I would be looking to move to someone that does NOT register as collateral.

And a last reminder, if you are purchasing a home with a closing beyond 4 months from now, ALWAYS get a rate guarantee with someone for the closing date. Don't sit on a fence without a rate guarantee.
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
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 1379 2020-01-12 03:14 AM
Mortgage vs LOC sarcol27 Financing, Mortgages and Insurance 7 2010-04-08 12:26 AM
Mortgage too big?? macbcomm Burlington 17 2010-04-06 11:04 AM
Mortgage slaves canabiz Financing, Mortgages and Insurance 8 2008-03-27 10:38 PM
RBC Mortgage mavoledo Stouffville - Mattamy On Main and WheleríS Mill 10 2006-08-29 01:06 PM



All times are GMT -4. The time now is 01:45 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 - 2020, vBulletin Solutions, Inc.