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Old 07-18-2014, 03:16 PM   #41
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Old 07-23-2014, 10:35 AM   #42
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Old 08-06-2014, 03:36 PM   #43
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Rates holding steady still. Can do as low as 2.84% on a high ratio purchase. 5 year variables are in the prime - 0.55-0.65% range. 120 day rate holds are available.

See post #1 for contact info!
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Old 08-19-2014, 03:37 PM   #44
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5 things you may not have realized could impact your credit score. Interesting...

Also of note, mortgages are now reporting on bureaus, which should be a positive for most people. Not sure how they didn't report this long. A higher beacon score can mean a lot of things, but its main benefits are: Access to better products/lower rates, and allowance of higher debt servicing ratios.

http://www.huffingtonpost.com/nextad...b_5607286.html
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Old 08-20-2014, 10:49 AM   #45
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Old 08-21-2014, 11:08 AM   #46
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Old 09-03-2014, 12:32 PM   #47
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Rates could be going up in the near future if the bond market continues on its current trend:

Canadian 5 year bond yields markets +.06 to 1.58. The spread (obtained by subtracting the bond yield above from the industry average 5 yr rate Published mortgage rate of 3.29) has tumbled well below the profit range at 1.71. If the increase in bond yield continues upward, the spread shrinks, which could prompt interest rates to rise. The range for investor desired profitability is currently a bit lower in the region of 1.75 and 1.95.


If you're looking to purchase/refinance/transfer within the next 4 months, it might be a good idea to lock in your rate. 5 year fixed rates are in the 2.84-2.94% range, depending on the product.

Feel free to give me a call/email/pm with any questions.

Greg
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Old 09-05-2014, 01:45 PM   #48
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Old 09-09-2014, 11:43 AM   #49
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Old 09-11-2014, 02:41 PM   #50
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Exciting news coming out today! I am a huge advocate of National Bank's All-in-one program as you may or may not know. They announced that they are launching a new 'professional package' as of today. In one of my earlier posts, I mentioned that Engineers can get the HELOC portion @ prime, otherwise it would be at prime plus a half. Now, the following professions have access to the HELOC @ prime:
- Physicians
- Dentists
- Veterinarians
- Chiropractors
- Pharmacists
- Podiatrists
- Optometrists

There are a few banks that do offer a HELOC @ prime, but it is not a fully-functioning chequing account like this one is, which makes a huge difference. There are other perks to the above program, almost like a private banking package. (Free safe deposit box, appraisal reimbursement, etc.) Feel free to ask any questions!
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Old 09-15-2014, 01:55 PM   #51
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Old 09-19-2014, 02:03 PM   #52
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Old 10-06-2014, 09:26 AM   #53
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Just want to send out a big thank you to the CP community for those that have used my services. A big shout-out to a recent CP client who dealt with an absolute nightmare of a purchase lately but was finally able to take possession.

Thinking of renovating? Ask how your home equity can work for you - there are a variety of options, each with their own advantages.

Contact me with any of the following:
- Debt consolidation
- New purchase
- Refinance/transfer
- National Bank's All-in-one:
- Cash flow optimization - make every $ you earn work harder for you rather than waste away in your chequing account. HELOC portion @ prime + 0.50%. (Prime + .25% for Engineers, prime for all professions listed in post #50)

Fire away with any questions in here or via PM/email! My rates will now only be available via PM or email.

Greg
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Old 10-15-2014, 11:16 AM   #54
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PM/email for rates or product information.
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Old 10-15-2014, 03:29 PM   #55
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Who in the hell would get a variable mortgage with rates this low.

Or am I misunderstanding what a variable is?
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Old 10-15-2014, 03:49 PM   #56
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Quote:
Originally Posted by heep223 View Post
Who in the hell would get a variable mortgage with rates this low.

Or am I misunderstanding what a variable is?
I'm not sure if you're misunderstanding or not. Historically speaking, variable outperforms fixed approximately 80% of the time. With a variable rate of prime - 0.75%, your rate would currently be 2.25% (with prime being at 3%). Currently, the best fixed 5 year rate is in the 2.89-2.99% range, so almost 3/4s of a percent higher.

With it looking like prime may change in late 2015 to early 2016, there would be significant savings in the meantime. Even if prime were to go to up to 3.75% for example, you'd still be in the same range as what you would have been had you locked into a fixed rate.

I still see value in a variable rate, but am definitely not against a fixed rate. It depends on each clients' situation.
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Old 10-15-2014, 03:55 PM   #57
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Quote:
Originally Posted by MillerTime GFG View Post
With it looking like prime may change in late 2015 to early 2016, there would be significant savings in the meantime.
Nobody knows when rates will go up. But they will go up and possibly significantly by the end of a 5 year term. I just can't see how you'd recommend someone to get a variable mortgage when rates are at rock bottom. Seems like the kind of thing someone would look back on when they're in year 4 of their 5 year term and wonder what they were thinking.

It costs 50-75bps to lock in a rate at 2.89% for the next five years....yes please. Just seems short sighted not to do so.

But then again I'm not a mortgage professional. Do mortgage brokers get paid differently whether they sell fixed vs. variable?
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Old 10-15-2014, 04:17 PM   #58
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Quote:
Originally Posted by heep223 View Post

But then again I'm not a mortgage professional. Do mortgage brokers get paid differently whether they sell fixed vs. variable?
You're right, no one knows when rates are going to go up. However, the majority are expecting late 2015, early 2016, like I said. Of course there is more inherent risk with a variable mortgage, which is why they are debt serviced accordingly at the BOC benchmark rate of 4.79%. Slightly higher risk, but can be high reward as well. Again, even if (and this is a big if) prime all of a sudden went up to 3.75%, you're still on par with current fixed rates. You can then lock into a fixed rate at for the remaining term, or continue with the variable. I cannot see prime making that big of a jump instantaneously.

Keep in mind that a variable rate can be locked into a fixed at any point in time. Part of my job is to make sure clients are fully aware of what they're getting into. If debt servicing is really tight and I don't think clients could handle a variable rate, then I may lean them towards a fixed mortgage. Again, it's client specific. That's what I love about being in the broker channel, I have a wide array of options and products. I would never put a client in a product such as the all in one I speak so highly of if I don't think they're responsible enough financially either. (Or if the significant other isn't responsible enough with all the accessible equity! )

At the end of the day, if I don't place my clients in a suitable product, it's going to look bad on me, and obviously is not how I want to build my business.
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Last edited by MillerTime GFG; 10-16-2014 at 12:01 PM. Reason: Deleted rate details.
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Old 10-15-2014, 05:21 PM   #59
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I would typically recommend a variable over a fixed term almost all the time.
You're paying a premium for a fixed rate. Like MillerTime said, VRM is historically a better choice than fixed

The payout penalty is also more friendly (3 months interest vs IRD)
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Old 10-15-2014, 06:48 PM   #60
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Great point Albert, and one that I always make clients aware of as well. Can be a much lower penalty; 2-3 months interest depending on the lender.
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