Calgarypuck Forums - The Unofficial Calgary Flames Fan Community
Old 07-19-2017, 03:57 PM   #201
MillerTime GFG
Powerplay Quarterback
 
MillerTime GFG's Avatar
 
Join Date: Feb 2010
Location: Mckenzie Towne
Exp:
Default

Fixed Rates Going Up

Fixed rates have trended upwards in the last week or so, anywhere from 0.20-0.30% depending on the lender, after it was announced the BoC was increasing the overnight rate as well, which has lead to prime rates going up.

I do have access to one lender that has stated they're holding onto their current promotion until the end of July however, which is 0.40-0.50% lower than what most lenders are offering, especially on conventional files.

If you'd like more info, please PM or call/email. Can hold rates for up to 120 days on this one. (5-year fixed).

Stress Test Across the Board?


On another note - an interesting proposal unfolding, as the Finance Minister hints at including the stress test for conventional mortgages as well, meaning mortgages with > 20% equity/down payment. This would even the playing field between banks and monoline lenders, as monoline lenders back-end insure even their conventional mortgages, therefore having to use the stress test on conventional "insurable" files.

http://www.bnn.ca/video/~1170595?hoo...5b9ba89079d3da
__________________
Mortgage questions/inquiries? Go HERE. I'm a mortgage professional.
Facebook: facebook.com/mysmartcap
MillerTime GFG is offline   Reply With Quote
Old 07-24-2017, 04:22 PM   #202
MillerTime GFG
Powerplay Quarterback
 
MillerTime GFG's Avatar
 
Join Date: Feb 2010
Location: Mckenzie Towne
Exp:
Default

I feel like my only updates are rate increase notices! I suppose that means the economy is strengthening however.

The Bank of Canada benchmark rate has increased from 4.64% to 4.84%. This means for all high ratio mortgages, 4.84% is what's used for qualifying. Same goes for all variable/HELOC mortgages, as well as "insurable" conventional mortgages.

Clear as mud? Feel free to post your questions. Basically it means borrowing power will be decreased.
__________________
Mortgage questions/inquiries? Go HERE. I'm a mortgage professional.
Facebook: facebook.com/mysmartcap
MillerTime GFG is offline   Reply With Quote
Old 07-26-2017, 03:39 PM   #203
MillerTime GFG
Powerplay Quarterback
 
MillerTime GFG's Avatar
 
Join Date: Feb 2010
Location: Mckenzie Towne
Exp:
Default

Recent client (and CPer!) showed me his renewal letter from one of the big banks asking what my thoughts were. The rates offered were ABYSMAL, and insulting, given this is a very strong borrower. Unfortunately, too many people are simply renewing with their current lender becase they assume it's a good option, and it's the "easy button". Such a huge mistake that can cost you thousands.



If you'd like me to track your renewal to ensure you are getting good advice, and the best rates and strategies, let me know. Generally the process starts 5-6 months prior to renewal to review goals and strategies, and answer any questions.

PM for details!

Greg
__________________
Mortgage questions/inquiries? Go HERE. I'm a mortgage professional.
Facebook: facebook.com/mysmartcap
MillerTime GFG is offline   Reply With Quote
Old 08-16-2017, 11:32 AM   #204
MillerTime GFG
Powerplay Quarterback
 
MillerTime GFG's Avatar
 
Join Date: Feb 2010
Location: Mckenzie Towne
Exp:
Default

Recent article with CREBNow in which I was featured in:

http://www.crebnow.com/mortgage-madness/
__________________
Mortgage questions/inquiries? Go HERE. I'm a mortgage professional.
Facebook: facebook.com/mysmartcap
MillerTime GFG is offline   Reply With Quote
Reply

Thread Tools

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


All times are GMT -6. The time now is 06:31 AM.

Calgary Flames
2016-17




Powered by vBulletin® Version 3.8.4
Copyright ©2000 - 2017, Jelsoft Enterprises Ltd.
Copyright Calgarypuck 2016