Mortgage Broker - Page 13 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Draug · 03-20-2013, 05:26 PM

Quote:

Originally Posted by Aleks

Is it worth locking to 10 years? My house will be complete end of may, and we are kicking around a 5 year 2.89 or go the extra with 10. I'm leery as I've always been a variable rate guy and it's been good for me, but I also know it has to get rocky at some point.... Your honest opinion? Fwiw I'm also a weekly accelerated payment person, not sure if that plays into it. Where can I see the trend of the 10 year rates on a graph somewhere?

I had the same decision to make last summer. Then, it was between a 5yr @ 3.09% and a 10yr @ 3.99%.

In the end, I opted for the 10yr @ 3.99%. My mortgage is at the very upper end of what I can afford. I probably couldnt absorb an interest spike over 6.5%, and if that happened at the time of a 5 yr renewal, I'd be in a world of trouble. So, even though the 10 year will cost me a bit more longterm, it mitigated enough risk to make it worth it for me.

Btw, Mike Oxlong found my original mortgage, and helped me with the refinancing. From experience, I highly recommend Mike for any of your mortgage needs.

albertGQ · 03-20-2013, 05:50 PM

I don't even think I'd go for the 10 year 3.69% rate now. I think the 5 year 2.79% product is much better. After 5 years, even if the rates are higher, you can get a 2 or 3 year term for lower than the 5 year at that time.

Anyone know what the rates for 1, 2 and 3 year terms over the past 5 years?

Bertuzzied · 03-21-2013, 10:16 AM

Quote:

Originally Posted by fotze

I never had a mortgage rate lower than 5% my whole life.

Damn you!! My mortgage on my first house was 7.25% back in 2000.

I-Hate-Hulse · 03-26-2013, 12:57 PM

Mike do you know of a Manulife One type product (can adjust borrowing amounts in separate "buckets" for tax purposes) but with more competitive rates? Thx!

MG153 · 04-01-2013, 11:53 AM

i am currently starting house shop and looking to get my pre approval . Are there any brokers around calgary you would reccomend, i have already had struggles with one in the south and dont really want have to deal with the same situation somewhere else

mykalberta · 04-01-2013, 11:56 AM

Are 30 yr amortization mortgages still available if you dont use CMHC ? Or is the limit 25 no matter what. I know in 2012 they changed it for CMHC mortgages to 25 years - but does that apply to all mortgages even if you have 20% down payment?

Thanks.

Deegee · 04-01-2013, 12:23 PM

MG153: I believe Mike gets good reviews on this site and is a broker. If you do not want to deal with a broker, I have been a banker for quite a number of years and would be free to answer questions.

mykalberta: The rule changes were to high ratio mortgages only. Conventional mortgages can still have longer amortizations.

Mike Oxlong · 04-03-2013, 05:16 PM

Quote:

Originally Posted by I-Hate-Hulse

Mike do you know of a Manulife One type product (can adjust borrowing amounts in separate "buckets" for tax purposes) but with more competitive rates? Thx!

Hey everyone....sorry for the delayed response. Haven't logged on in a few days unfortunately.

Anyways the Manulife One product is about the only option that I have access to at this point.

Mike Oxlong · 04-03-2013, 05:18 PM

Quote:

Originally Posted by mykalberta

Are 30 yr amortization mortgages still available if you dont use CMHC ? Or is the limit 25 no matter what. I know in 2012 they changed it for CMHC mortgages to 25 years - but does that apply to all mortgages even if you have 20% down payment?

Thanks.

You are still able to get 30 year and even 35 year ammortizations provided you have over 20% down.

It is just the High ratio (insured) mortgages that have a maximum amortization of 25 years.

Mike Oxlong · 04-03-2013, 05:19 PM

Quote:

Originally Posted by MG153

i am currently starting house shop and looking to get my pre approval . Are there any brokers around calgary you would reccomend, i have already had struggles with one in the south and dont really want have to deal with the same situation somewhere else

I would be more than happy to help you out.

Send me a PM and we can discuss your situation a bit and we can go over some options for you and get the pre approval process going.

I promise to make it as struggle free as possible for you!!

Deegee · 04-03-2013, 08:29 PM

Quote:

Originally Posted by Draug

I had the same decision to make last summer. Then, it was between a 5yr @ 3.09% and a 10yr @ 3.99%.

In the end, I opted for the 10yr @ 3.99%. My mortgage is at the very upper end of what I can afford. I probably couldnt absorb an interest spike over 6.5%, and if that happened at the time of a 5 yr renewal, I'd be in a world of trouble. So, even though the 10 year will cost me a bit more longterm, it mitigated enough risk to make it worth it for me.

Btw, Mike Oxlong found my original mortgage, and helped me with the refinancing. From experience, I highly recommend Mike for any of your mortgage needs.

My prediction is that the end of 5 years, lots of people will be refinancing to stretch out the amortization again if there is a spike in rates to lower payments. If people made increased payments it would certainly help at renewal when rates are theoretically higher then now.

albertGQ · 04-03-2013, 10:05 PM

Nothing wrong with getting one year terms every year either.

Slava · 04-03-2013, 10:07 PM

Quote:

Originally Posted by Mike Oxlong

Hey everyone....sorry for the delayed response. Haven't logged on in a few days unfortunately.

Anyways the Manulife One product is about the only option that I have access to at this point.

You can offer Manulife One?

Mike Oxlong · 04-04-2013, 04:20 PM

Quote:

Originally Posted by Slava

You can offer Manulife One?

Yeah we actually just had the Manulife rep come to our office this week.

Slava · 04-04-2013, 04:30 PM

Quote:

Originally Posted by Mike Oxlong

Yeah we actually just had the Manulife rep come to our office this week.

Interesting, as I didn't think that mortgage brokers were doing them. Do you still have to refer the clients to a bank rep then?

Rapidfire999 · 05-13-2013, 08:15 AM

Question: My GF and I have been looking at purchasing a new home together. We have found a condo that we are very much interested in but we would be first time home buyers. We both make an okay amount of money (recently graduated 1-2 years) and are looking at grabbing a mortgage for ~$400. We will probably be putting anywhere from 5-10% down on the house. Problem is, I am a contractor and will be for awhile as long as I stay with this company. She is a full time employee.

What kind of problems will I run into and is there a good mortgage broker that I can call that deals with these situations more often than not? BTW we both have very good - excellent credit ratings.

Any information would be greatly appreciated, thanks!

Mike Oxlong · 05-19-2013, 04:46 PM

Quote:

Originally Posted by Rapidfire999

Question: My GF and I have been looking at purchasing a new home together. We have found a condo that we are very much interested in but we would be first time home buyers. We both make an okay amount of money (recently graduated 1-2 years) and are looking at grabbing a mortgage for ~$400. We will probably be putting anywhere from 5-10% down on the house. Problem is, I am a contractor and will be for awhile as long as I stay with this company. She is a full time employee.

What kind of problems will I run into and is there a good mortgage broker that I can call that deals with these situations more often than not? BTW we both have very good - excellent credit ratings.

Any information would be greatly appreciated, thanks!

Pm sent

robaur · 06-20-2013, 03:09 PM

Hi Mike,

I think my mortgage broker is an idiot. I am building a new house so I decided to get a construction mortgage. I was given a 1 year open rate of 3.70% and pretty told "deal with it". This was a mortgage mobile person working with a bank. Can you shed some light on the rates going around for construction mortgages right now?

Thanks for your help. I may be too late to deal with you regarding this house, but I am planning on building more in future.

EDIT: The project required 25% down and that was done.

DoubleK · 10-05-2013, 11:58 AM

Hi Mike,

I'm up for renewal on Jan 1, 2014 and have received a couple quotes. Can you send me a PM with what you are seeing these days?

Best to jump now or wait until end of the year?

Mike Oxlong · 10-21-2013, 12:15 PM

Quote:

Originally Posted by DoubleK

Hi Mike,

I'm up for renewal on Jan 1, 2014 and have received a couple quotes. Can you send me a PM with what you are seeing these days?

Best to jump now or wait until end of the year?

Best plan is to lock a rate in right now. If rates go up we end up being covered. But if they decrease you will get the better of the 2 rates.

Can't lose!

PM sent.