04-14-2008, 12:46 PM
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#2
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Sleazy Banker
Join Date: Oct 2001
Location: Cold Lake Alberta Canada
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congrats on the career change.
Mortgage Brokers are a good thing. I wish you continued success!
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04-14-2008, 12:50 PM
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#3
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Franchise Player
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I think you had sent me a PM a while back about this. If I was interested in getting a "quote" for how much I could borrow, what sort of information would you need?
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04-14-2008, 01:12 PM
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#4
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Got Oliver Klozoff
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Quote:
Originally Posted by Burninator
I think you had sent me a PM a while back about this. If I was interested in getting a "quote" for how much I could borrow, what sort of information would you need?
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I would need you to fill out a quick application. Once I have a picture of your personal financial position I can give you a really good idea of how much you can borrow.
Send me a PM if you are interested with an email address and we can go from there.
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08-18-2008, 03:28 PM
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#5
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Got Oliver Klozoff
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Just wanted to send everyone an FYI.....
5 year fixed rates have been dropping quite significantly over the past few days. Best rate I have seen lately is 5.25% for 5 years. 5.65% was the best just a couple weeks ago.
Good time to buy or refinance if you are lookin for a 5 year fixed term.
Feel free to ask any mortgage related questions.
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08-18-2008, 03:58 PM
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#6
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Appealing my suspension
Join Date: Sep 2002
Location: Just outside Enemy Lines
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How do lenders view someone who works casual shift but gets really sporadic hours? Would they do it based on a working history to date type of thing?
I'm not one of your typical Western Canadians with a 125k per year job (like Fotze makes in the first quarter), so I have to make my wife go out and earn her keep too. Problem is...her hours are extremely sporadic...and lets face it...if you don't have a household income of that 125k a year...you ain't buying a place that's not a condo in all reality. Especially where I'm trying to live now where its 300 grand for your average piece of land with a house that no longer meets the building code for safety, and 500 or more for a place you Might be able to live in.
__________________
"Some guys like old balls"
Patriots QB Tom Brady
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08-18-2008, 04:45 PM
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#7
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Got Oliver Klozoff
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Quote:
Originally Posted by Sylvanfan
How do lenders view someone who works casual shift but gets really sporadic hours? Would they do it based on a working history to date type of thing?
I'm not one of your typical Western Canadians with a 125k per year job (like Fotze makes in the first quarter), so I have to make my wife go out and earn her keep too. Problem is...her hours are extremely sporadic...and lets face it...if you don't have a household income of that 125k a year...you ain't buying a place that's not a condo in all reality. Especially where I'm trying to live now where its 300 grand for your average piece of land with a house that no longer meets the building code for safety, and 500 or more for a place you Might be able to live in.
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It can vary a bit from lender to lender. But basically they are going to take an average of the last couple years of employment to average things out. If she has some decent job history and she can get a letter from her employer stating how many hours per week or month she typically works then it shouldn't be too much of an issue.
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08-18-2008, 04:49 PM
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#8
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Got Oliver Klozoff
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Quote:
Originally Posted by fotze
My rate is 5.05% should I refinance? Just kidding.
Just an oddball question. After my 5 year term is up, can I repay the whole mortgage at that point without penalty or do I still get penalized based on the 25 year amortization.
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You should be able to pay the entire thing out at that point without penalty. When the term is up you have no more commitment to them. It's the same thing as if you were going to a different lender after that 5 year term. They may try to ding you with some kind of administration fees depending on the bank. But when the term is up and you want to pay it out you should be able to without penalty.
I hope that is a serious question. Congrats on being mortgage free if that's the case!
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08-19-2008, 10:14 AM
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#9
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Franchise Player
Join Date: Jun 2008
Location: Spartanville
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I'm in a sorta similar situation to Fotze.
Up for renewal in just under 3 years. 5 years FR 5.15%
I just checked with my bank yesterday and my Line of Credit which I haven't dipped into is set at prime. For whatever reason I was always under the impression it was prime +1%.
So basically does it make sense for me to take money from my LOC and use it to double up on my mortgage payments? The answer seems an obvious yes but I'm scared I'm missing something.
Asked at the bank yesterday and they sorta avoided the question.
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08-19-2008, 10:18 AM
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#10
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Franchise Player
Join Date: Jun 2008
Location: Spartanville
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Quote:
Originally Posted by fotze
What is prime at?
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I believe: 4.75%
Also, I think that if it does go up again it "usually" goes up 0.25% at a time.
Gives you a bit of time to get things in order.
Last edited by Bagor; 08-19-2008 at 10:20 AM.
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08-19-2008, 10:26 AM
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#11
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Franchise Player
Join Date: Jun 2008
Location: Spartanville
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Quote:
Originally Posted by fotze
I can only prepay 15% so the difference would be minimal. If you had an open mortgage that would be a good idea.
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Yeah, I'm on a weekly accelerated with a double up option (RBC)
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08-19-2008, 11:12 AM
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#12
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Franchise Player
Join Date: Dec 2006
Location: Calgary, Alberta
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Quote:
Originally Posted by Bagor
I believe: 4.75%
Also, I think that if it does go up again it "usually" goes up 0.25% at a time.
Gives you a bit of time to get things in order.
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Prime is at 4.75% and there is really no "usually" as far as the rates are concerned! That being said there are a lot of indications that the prime rate will come down through then end of the year...
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08-19-2008, 05:44 PM
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#13
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Franchise Player
Join Date: Jun 2008
Location: Spartanville
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With all due respect Slava, Prime tends to move in increments of 0.25% more often than not hence the use of the word "usually".
e.g. The last 2 changes in March and April were 0.5%. Before that, the last change >0.25% was in November 2001. Some 22 changes in the rate between then and Jan 2008. All at 0.25% increments.
http://www.fin.gov.bc.ca/PT/bcm/ref/...ricalPrime.pdf
Apologies MikeOxlong.
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08-20-2008, 09:34 AM
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#14
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Got Oliver Klozoff
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No apologies neccesarry. Good find on that link.
This thread should be used to answer all types of mortgage and financing questions and answers.
And certainly not just by me. I can always learn a few things as well.
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08-20-2008, 10:01 AM
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#15
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Powerplay Quarterback
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Also, i'm not 100% on this, so correct me if i'm wrong, but i don't think mortgage rates are tied to prime. So if prime goes up to 5.25 mortgage rates could stay the same or go down thus negating the interest savings by paying the mortgage with the line of credit.
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08-20-2008, 10:03 AM
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#16
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Powerplay Quarterback
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Question. If i can get a mortgage through a mortgage broker for 5.1% and a big bank like CIBC is offering 5.5% why wouldn't i get the mortgage through a broker. Are there fees that need to be paid to the broker or are you paid by the lender that you choose to get me the 5.1% rate?
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08-20-2008, 10:33 AM
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#17
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Powerplay Quarterback
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oh, i know the rate is important, i'm a cga and run amort. scheds all the time. I just wondered if there were fees that had to be paid up front to the broker.
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08-20-2008, 11:18 AM
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#18
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Got Oliver Klozoff
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No you generally never have to pay a broker. We are paid a finders fee from the lender that we obtain your financing through.
It's really a win win for you. Most of the time we can get you a better rate, the service is generally better, and best of all it is free.
Like Fotze said it can save you THOUSANDS over the course of your mortgage.
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08-20-2008, 11:24 AM
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#19
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Got Oliver Klozoff
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Quote:
Originally Posted by loob job
Also, i'm not 100% on this, so correct me if i'm wrong, but i don't think mortgage rates are tied to prime. So if prime goes up to 5.25 mortgage rates could stay the same or go down thus negating the interest savings by paying the mortgage with the line of credit.
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Fixed rate mortgages are not tied to Prime. Those rates are tied to Bond Yields.
However Variable rate mortgages are tied directly to Prime. For example if you had a mortgage that was at Prime -.60 (Prime is currently 4.75%) then right now the rate would be 4.15%. However if Prime drops .25% then your new rate is going to be 3.90%, conversely if Prime goes up .25% then your new rate is going to be 4.40%
Some people don't mind the fluctuation on variable rates. Other people would prefer to be locked into a rate for 3 or 5 years so they know exactly what they are going to be paying every month for the next few years.
But as for paying your mortgage with the line of credit you do have to make sure it makes sense especially if Prime does increase.
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08-20-2008, 11:28 AM
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#20
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Got Oliver Klozoff
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Quote:
Originally Posted by fotze
I see, alot of people do not though which is bizarre. They will shop around for cheap gasoline but for a mortgage just assume the bank they have been with for a while, will treat them right. Oh well, its only $20,000.
I have never paid a broker fee.
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It's amazing what some banks try to get away with. Especially around renewal time. They will send out a renewal notice to the client that has been with them for 20 years and just expect them to sign it and send it back to them. Most time the rate is WAY higher than what they could get if they walked into the bank and did a little negotiating, and if they talked to a broker they can usually even beat that rate even further.
It's your money. Silly to give it away to the bank like that. They have plenty of money already. Little bit of research save you a whole lotta dough.
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