Mortgage Broker - Page 4 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

1_Flames_Fan · 05-25-2009, 06:48 PM

Quote:

Originally Posted by 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.

Have you ever done a residential mortgage on a property that is zoned as light industrial? It is a legal dwelling that was built in about 1960 I believe but recently the zoning for the property was switched to light industrial. We haven't had any luck with getting a mortgage because of this. Its not a credit issue or anything like that, its a zoning issue. Any thoughts?

Deegee · 05-25-2009, 06:55 PM

Could you link the MLS listing 1_Flames_Fan? I'm curious.

1_Flames_Fan · 05-25-2009, 07:49 PM

Quote:

Originally Posted by Deegee

Could you link the MLS listing 1_Flames_Fan? I'm curious.

Its my sister and brother-in-laws place and its going to be a private sale so they are not listing it. Its about an 1100 sqft house on .73 acres of land. Getting a mortgage for it because of the zoning has been a real pain in the ass.

Mike Oxlong · 05-25-2009, 08:30 PM

Why was it switched to industrial? Are there businesses on the land now?

Being a private sale is another tricky aspect. A lot of lenders don't like those.

I-Hate-Hulse · 05-29-2009, 11:43 PM

Off hand, do you know what First National's buyout penalty is? I think I have 2 years left on my 5 year term, but considering I'm at 5.25%...... I vaguely remember a rather crushing penalty.

albertGQ · 05-30-2009, 06:09 PM

Just heard through the grapevine that ATB will be having a June promotion where their 5-year fixed rate (extreme discount) will be 3.50%. Not sure if this is true or not, but it was a branch manager that advised me of this.

So whoever is getting a mortgage may want to check this out Monday

I-Hate-Hulse · 05-31-2009, 10:13 PM

Thanks Fotze... that's pretty punishing. Since there's a chance I move next year... probably doesn't make sense to re-fi...

albertGQ · 06-02-2009, 04:16 PM

CIBC 5-year fixed closed rate just went up from 3.75% to 3.95%

Mike Oxlong · 06-03-2009, 02:07 PM

Fixed rates are going up across the board. If you are thinking about buying or refinancing get pre approved and get a rate hold NOW. If you wait you are going to further miss out on rates.

If you are thinking about refinancing to get out of your current mortgage this could be great timing for you. Get a pre approval and rate hold put in place now so you have a guaranteed rate. When banks increase rates further your IRD penalty will be less than it is now, which will make even more financial sense for you to get out of your current mortgage.

albertGQ · 06-04-2009, 08:31 AM

Quote:

Originally Posted by Mike Oxlong

Fixed rates are going up across the board. If you are thinking about buying or refinancing get pre approved and get a rate hold NOW. If you wait you are going to further miss out on rates.

If you are thinking about refinancing to get out of your current mortgage this could be great timing for you. Get a pre approval and rate hold put in place now so you have a guaranteed rate. When banks increase rates further your IRD penalty will be less than it is now, which will make even more financial sense for you to get out of your current mortgage.

Just wanted to confirm that ATB does in fact have a 5-year fixed rate at 3.50%. All bank rates are going up but ATB is having a June promotion for this ridiculously low rate.

Take advantage of this if you can

Boblobla · 06-25-2009, 09:14 AM

I would like to give Jamie a huge thanks for all his help securing my first mortgage. He answered all of my questions promptly, even the really really dumb ones. I have no idea how I would have done all this without his help considering all the different documentation the banks wanted from me.

Deegee · 06-25-2009, 05:58 PM

ATB is no longer offering that rate.

oxygen · 06-25-2009, 07:56 PM

Does anyone know of any financial institutions that will lend on appraised value instead of purchase price?

Deegee · 06-26-2009, 06:56 AM

When you initially purchase the property, most places will lend on lower of the purchase price OR appraisal value.

I assume you are talking about the initial purchase?

oxygen · 06-26-2009, 08:15 AM

Ya, I'm talking about the initial purchase. There must be some second tier lenders that would lend on the appraised value even if it's greater than purchase price.

Mike Oxlong · 06-26-2009, 03:59 PM

Quote:

Originally Posted by Boblobla

I would like to give Jamie a huge thanks for all his help securing my first mortgage. He answered all of my questions promptly, even the really really dumb ones. I have no idea how I would have done all this without his help considering all the different documentation the banks wanted from me.

Flowers....awww you shouldn't have, and roses are my faves!

This should prevent any "What should I get my mortgage broker?" threads at least.

It was a pleasure working with you and Jenn. Glad to hear you guys like the house!

Check out the Kilt and Caber down in McKenzie Towne. Not too far form you now, it's a great place.......we'll have to go for a beer.

Mike Oxlong · 06-26-2009, 04:12 PM

Quote:

Originally Posted by oxygen

Ya, I'm talking about the initial purchase. There must be some second tier lenders that would lend on the appraised value even if it's greater than purchase price.

'

As far as I know they lend on the lower of the 2. I'll look into it a bit more and if I find out differently I will let you know.

Deegee · 06-28-2009, 01:33 PM

Never mind.

Mike Oxlong · 08-12-2009, 01:50 PM

Just a quick update on where rates are going. After that big jump about a month ago they have started to fall back down a bit.

5 year fixed are in the 4.29% range now which are still fantastic.
Some lenders are also dropping their variable a bit as well.

Feel free to contact me if anyone has questions on anything.

albertGQ · 08-12-2009, 08:28 PM

VIBC dropped their VRM closed to P+0.4% and their VRM open to P+0.8%