Mortgage Broker

[Boblobla]

I sent you a PM

[Wookie]

K, here's something I've been contemplating.

I thought about paying it out to try to get a better rate, but it doesn't seem worth it since I've got... maybe 3.5 approx years left with a rate of 5.82%.

However, I can pay down my mortgage by $50,000 each year without penalty. So, it suddenly occurred to me, "could I get $50,000 3/4 year mortgage to pay down a chunk of my current mortgage? Then in 2009 get another $50,000 and do it again with a 2 or 3 year, then again a year later on a one year term? I could (I think average out my rates to some substantially low rates.

Just occurred to me while I was swimming laps and my mind was wandering.

[Deegee]

Originally Posted by Wookie

K, here's something I've been contemplating.

I thought about paying it out to try to get a better rate, but it doesn't seem worth it since I've got... maybe 3.5 approx years left with a rate of 5.82%.

However, I can pay down my mortgage by $50,000 each year without penalty. So, it suddenly occurred to me, "could I get $50,000 3/4 year mortgage to pay down a chunk of my current mortgage? Then in 2009 get another $50,000 and do it again with a 2 or 3 year, then again a year later on a one year term? I could (I think average out my rates to some substantially low rates.

Just occurred to me while I was swimming laps and my mind was wandering.

Yup, you should be able to do that.

However, I would think it'd need to be with the lender you have your first mortgage with or you would be charged 2nd Mortgage residential lending rates vs 1st Mortgage residential lending rates.

You would also most likely incur legal fees for every mortgage you register on title.

[3thirty]

pm'd

[albertGQ]

If I'm refinancing to buy out my buddy, would using a broker benefit me? How does the broker get paid? Or should I just go to the bank and do it on my own?

[Mike Oxlong]

You don't pay brokers for their services. We get paid by the bank that we place your mortgage with.

I am slightly biased but there is a huge benefit to using a broker.

When you go to the bank you get their mortgages, with their options, and their rates, that's all. With a broker we take your application and shop it around to find you the best rates, terms, and conditions to meet your needs. Saves you the legwork of shopping around and we can generally get you the best rates. Lots of the lenders we use aren't generally accesible unless you use a broker anyways.

I got your pm and would love to help you out.

[Sample00]

Originally Posted by Mike Oxlong

You don't pay brokers for their services. We get paid by the bank that we place your mortgage with.

I am slightly biased but there is a huge benefit to using a broker.

When you go to the bank you get their mortgages, with their options, and their rates, that's all. With a broker we take your application and shop it around to find you the best rates, terms, and conditions to meet your needs. Saves you the legwork of shopping around and we can generally get you the best rates. Lots of the lenders we use aren't generally accesible unless you use a broker anyways.

I got your pm and would love to help you out.

Brokers are the only way to go when getting a mortgage!!!

[Boblobla]

Mike Oxlong has been AWESOME helping my Fiancee and I buy our first home. I can't imagine having to get all the crap the banks are looking for myself. Especially with the oh so convenient times that banks are open...

[Deegee]

Just want to add that not all banks are horrible. I know myself that I work very hard for my clients to find a good deal for them and I often tell them that if "banking hours" do not work well for them that I will make myself available for them at an hour that works for them and I am often very mobile, often leaving the Branch.

If your Mortgage needs are not specifically a Residential 1st Mortgage then sometimes a Bank isn't all that bad to go through.

[Mike Oxlong]

I have a special rate of 3.59% on a 5 year fixed available right now.
If anyone is thinking of buying, renewing or refinancing soon let me know, I would be happy to help out.

3.59% special is done.....
3.69% on a 5 year fixed is available though

[Fozzie_DeBear]

Do banks pay Mortgage Brokers different commissions? Or is it standardized regardless of the bank?

[Sample00]

Originally Posted by Mike Oxlong

I have a special rate of 3.59% on a 5 year fixed available right now.
If anyone is thinking of buying, renewing or refinancing soon let me know, I would be happy to help out.

how looooooooowwww can you gooooooooooooo!
thats amazing.
I wonder if they will continue to drop a bit yet.

[Mike Oxlong]

Originally Posted by Fozzie_DeBear

Do banks pay Mortgage Brokers different commissions? Or is it standardized regardless of the bank?

For the most part we are compensated the same from all banks based on the term of the mortgage. Sometimes there are some varying rates but nothing too drastic.

[Mike Oxlong]

Originally Posted by Sample00

how looooooooowwww can you gooooooooooooo!
thats amazing.
I wonder if they will continue to drop a bit yet.

It's hard to say. When they got to 4% I thought that was really low but they just kept dropping. I don't think they are going to climb for a while yet which is good news. I think we have a year or so of rates in this range.

At 3.59% it's a steal for 5 years.

[albertGQ]

CIBC is offering a 4-year term at 3.44%

[Draug]

I will add that Mike Oxlong was awesome through my whole mortgage process. Suffice to say there were 'obstacles' we had to overcome, and he worked very diligently throughout the whole process.

I've had probably 9 mortgages over the years; most with brokers and a few with banks. By far, Mike Oxlong worked the hardest of any previous brokers and really came through with flying colors.

I feel comfortable giving Mike Oxlong a nice, postive, and glowing recommendation!

[loob job]

I am in Ontario and am looking to get my first mortgage, think i am going to go with the 5% back mortgage in order to get some cash in my wallet to furnish my first house. $300,000 mortgage gets me $15,000 cash in my account. Great for first time home buyer and the rate isn't awful at 4.75%, considering a lot of people locked in last year at over 5.7% and got no money back.

[Crazy Flamer]

PM Sent.

[Table 5]

Jami---err, "Mike" was great at helping me with my mortgage. Patient and willing to answer all my dumb questions, and greatly helping to make a somewhat complicated cross-border purchase much easier.

I honestly can't compare him to other brokers because I've never used one before, but short of making the bank give me money for free, I'm not sure what more i could have asked for from a broker.

[Mike Oxlong]

Just a quick rate update - that 3.59% special isn't available anymore
3.69% which is still phenominal is the best 5 year rate right now.