Mortgage Broker

[MillerTime GFG]

BoC just announced they are cutting the overnight rate from 0.75 to 0.50. Expect banks to follow suit shortly; whether fully or partially.

Good news for those with variable rates.

[fundmark19]

Originally Posted by MillerTime GFG

BoC just announced they are cutting the overnight rate from 0.75 to 0.50. Expect banks to follow suit shortly; whether fully or partially.

Good news for those with variable rates.

Not that good of news since TD decided to only go down .1 and I assume everyone will follow. It is kind of a joke that the big banks continue to not pass the discount along to the consumers and raking in the cash.

[MillerTime GFG]

Ya I am sure that will draw some criticism, especially once (I assume) other banks follow suit.

Nonetheless, even with that slight drop, you're going to see variable rates around the 2% mark.

[Slava]

Originally Posted by MillerTime GFG

Ya I am sure that will draw some criticism, especially once (I assume) other banks follow suit.

Nonetheless, even with that slight drop, you're going to see variable rates around the 2% mark.

Wow, 2% for mortgage rates is crazy. What are the fixed rates at, at this point?

[killer_carlson]

What is the rate if I incorporated a #co to purchase property? I'd be putting 20% down

No, I don't want to sign a personal guarantee for the #d co - the lender would have security with a mortgage against the land.

[MillerTime GFG]

Originally Posted by Slava

Wow, 2% for mortgage rates is crazy. What are the fixed rates at, at this point?

5 year fixed is anywhere in the 2.54-2.64% range depending on desired product, credit/income, etc.

What is the rate if I incorporated a #co to purchase property? I'd be putting 20% down

No, I don't want to sign a personal guarantee for the #d co - the lender would have security with a mortgage against the land.

As far as I know (and I asked some other brokers within my brokerage), we don't have access to something like this within the broker channel. Everyone's going to require a personal guarantee, especially at that LTV (loan to value). I don't think this could be done at the branch level either unfortunately.

PM'd you for more details.

[Slava]

Originally Posted by MillerTime GFG

5 year fixed is anywhere in the 2.54-2.64% range depending on desired product, credit/income, etc.



As far as I know (and I asked some other brokers within my brokerage), we don't have access to something like this within the broker channel. Everyone's going to require a personal guarantee, especially at that LTV (loan to value). I don't think this could be done at the branch level either unfortunately.

PM'd you for more details.

That is just insanely cheap! The refi business must be flying right now.

[MillerTime GFG]

Originally Posted by Slava

That is just insanely cheap! The refi business must be flying right now.

As long as the penalty to break their current mortgage isn't too steep (like you find with some of the big banks), then it can definitely make sense for a lot of people with interest rates > 3%.

[MillerTime GFG]

Seeing that a few of my lenders have reduced their prime by 15bps to 2.70% now. TD has now done the same after originally going only 10bps less.

I guess being the first one in isn't always a good thing!

[MillerTime GFG]

Mr. Wonderful/Mr. Polarizing's thoughts on the BoC's decision to cut the key rate:

http://www.huffingtonpost.ca/2015/07...anada-business

[MillerTime GFG]

I'm not used to hearing good news or loosening of guidelines with CMHC, but here it is!

"CMHC announces new rules to make it easier for homeowners to rent out property"

Under the new rules, CMHC will consider up to 100 per cent of gross rental income from a two-unit owner-occupied property that is the subject of a loan application submitted for insurance. The annual principal, interest, municipal tax and heat for the property including the secondary suite must be used when calculating the debt service ratios.

CMHC said when 100 per cent gross rental income is the income, it must have been sustained over at least two years and the income amount must not exceed the average of the past two years. This is to make sure it addresses income fluctuations, cyclical trends and deals with unexpected events such as vacancies.

http://www.edmontonjournal.com/busin...ml?id=11246806

[MillerTime GFG]

Not really a surprise, but it's looking like the Bank of Canada may cut interest rates again when they meet next on September 9th.

http://business.financialpost.com/in...-bank-predicts

Speaking by phone from Montreal on Wednesday, economist Paul-Andre Pinsonnault predicted Governor Stephen Poloz will cut the policy rate by a quarter point to 0.25 percent next month, matching a record low set in 2009 during the global financial crisis.

“If over time the international situation improves and Canadian skies clear, the Bank could always withdraw some of its accommodation,” National Bank Financial economists wrote in a research note Wednesday. “Better one rate cut too many than sorrow for not having acted sooner.”

[MillerTime GFG]

10 reasons you should repair your home before selling:

http://www.forbes.com/sites/trulia/2...ell-your-home/

Anyone have "rate envy" towards current interest rates? Feel free to contact me to do a quick calculation as to whether it makes sense to do a refinance. All you need to find out is what your penalty to break is, and depending on your lender, I can sometimes do so on your behalf. It's worth a conversation!

[MillerTime GFG]

Bank of Canada keeps overnight rate at 0.50%.

Announcement:
http://www.bankofcanada.ca/2015/09/f...se-2015-09-09/

Next meeting set for October 21st.

[MillerTime GFG]

Bump.

Have seen quite a few lenders increase their variable rates within the last week or so, but there is still one offering phenomenal rates without the catch/restrictions you'll see with most of the low rates out there. Fixed rates remain unchanged for the most part.

PM/email for details.

Greg

[MillerTime GFG]

Ever wonder how your credit/beacon score is determined? Here's the breakdown: (Note - this is for Equifax. May be different for TransUnion)
- 35% repayment history
- 30% utilization. (ie. all trades are maxed vs. 50% utilization)
- 15% history (ie. collections in past, bankruptcies, etc.)
- 10% credit mix - Vehicle loan vs. credit card: A vehicle is considered a necessity, therefore not as indicative of credit. If you don't pay your vehicle payment, you're walking.
-10% new credit - ie. amount of inquiries.

Common misconception: Having bureau pulled multiple times. This is the "de-duping" rule. If the credit pulls are considered similar in nature (ie. all for mortgage purposes), your credit score will not take an extra hit for each pull, provided they are done within a certain time-frame. (15-45 days depending on type). *Note that as a broker, I only have to pull clients' credit once, no matter how many lenders the deal is 'shopped' to, as long as the credit bureau is < 60 days old*

Feel free to ask any questions about credit in here or via PM, or for tips on improving scores.

[MillerTime GFG]

What the Liberal win could mean for parents and home buyers:

http://www.moneysense.ca/news/libera...nd-homebuyers/

[MillerTime GFG]

Bond yields trending upwards and cost of investor funds increasing has led to increased rates for both fixed and variable rates over the past 2-3 weeks. That being said, it's an increase from rates that were at historical lows, so there are still great rates to be had.

Also, wanted to share a recent review I received on both FB (https://www.facebook.com/mysmartcap/) and Google + (https://plus.google.com/+SmartCapIncinvisCalgary/about) from a client. While I did get these clients a great rate, I like how she doesn't just refer to that, as it was the strategy as a whole that she appreciated:

"An experienced and educated mortgage broker, Greg Miller walked us through financing a rental property with ease and confidence. Aggressive and strategic, yet professional and personable, he advised on products and plans that fit our lifestyle, but most importantly provided maximum financial gain. Thanks Greg - we would have been lost without your services!"

[MillerTime GFG]

MoneySense Week: Should I really buy a house now?

http://www.canadianbusiness.com/investing/moneysense-week-should-i-really-buy-a-house-now/?utm_source=hootsuite

Why there won’t be a housing market crash in Canada

“We’re expecting a soft landing for Canada’s housing market in 2015,” explains Marc Pinsonneault, senior economist at National Bank of Canada. “There won’t be a profound correction in housing prices.”
While Pinsonneault and his colleagues do believe house prices will decline in 2015 and 2016, they’re convinced it will be s slow cooling, not a crash. (Cooling is a term used to describe a housing market that slowly depreciates in terms of price and number of sales. A cooling market means there is no sudden, large drop in prices, sales or new builds, which are indicators of a market crash.)
The first reason Pinsonneault predicts a cooling and not a crash is that mortgage rates aren’t going to escalate rapidly over 2015 and into 2016. “We’re going to see increases, but not 100 basis points at a time,” says Pinsonneault.

[MillerTime GFG]

Just a reminder that select professions within the medical field (ask for details) can access a HELOC @ prime with one of my lenders, and Engineers @ prime + 0.25%.

This HELOC can also function as an All in One product. If you're curious what that is, please inquire here or via PM.