House Appraisal before mortgage gets insured - Page 3 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

ken0042 · 06-23-2006, 08:59 AM

Not that I disagree with what you are saying, CI, but isn't that an American website?

I do believe that MoneyGuy is being a little over cautious, telling people not to apply for one credit card because it will affect your credit score. I would think it's fair to say "Don't make a point of seeking credit you don't need while in the process of looking for a mortgage."

MoneyGuy · 06-24-2006, 04:05 PM

First off, I never said that one credit check would impact your credit score. However, it's easy to have several credit checks can happen very easily and without your knowledge, and adding credit checks is not a good idea. Applying for one credit card might not have an impact, but then again it might if you've had several others recently.

So, yes, I think it's foolish to have credit checks that are unnecessary. And, when applying for a mortgage, I'd say it's a bad strategy to apply all over the place with different institutions, because they'll all do credit checks. Use a mortgage broker, because that person can do the work for you with only one check.

The good thing about this discussion is that now many people who didn't know this little fact now do, and will be more careful.

ken0042 · 06-25-2006, 10:50 AM

Quote:

Originally Posted by MoneyGuy

First off, I never said that one credit check would impact your credit score.

Then what did you mean by this:

Quote:

Originally Posted by MoneyGuy

Hint: You know those booths you see at malls for free t-shirt if you apply for a credit card? Don't do it. They check your credit rating and it affects your score.

There's nothing bad about being wrong. Just admit it.

MacDougalbry · 06-25-2006, 11:37 AM

Real Estate very rarely ever goes down. We'll see I guess.

Dude, you must be pretty young. There were major corrections in the Calgary real estate market at both the beginning of the '80s and the beginning of the '90s.

By the way, Calgary is now more expensive than Toronto. Median price in TO at mid-month is $303,000. In Calgary, the median price is currently $334,500. (An increase of $9000 from last month... the year-over-year median price increase is 52%!) Mid-month average price in TO is $358,600. There is no mid-month price available for Calgary, but at the end of last month it was $358,300.

MoneyGuy · 06-25-2006, 01:52 PM

Quote:

Originally Posted by ken0042

Then what did you mean by this:

There's nothing bad about being wrong. Just admit it.

Okay, what I meant to say is if you do stuff like a few times it will impact your credit score. You're right, one think probably won't matter, but apply for some credit cards, a couple of lines of credit, shop around for a mortgage with a few banks, and watch your score drop. Okay?

But what I wrote was wrong. I knew what I was trying to say, but it didn't come out right.

MoneyGuy · 06-25-2006, 01:56 PM

Quote:

Originally Posted by MacDougalbry

Real Estate very rarely ever goes down. We'll see I guess.

Dude, you must be pretty young. There were major corrections in the Calgary real estate market at both the beginning of the '80s and the beginning of the '90s.

By the way, Calgary is now more expensive than Toronto. Median price in TO at mid-month is $303,000. In Calgary, the median price is currently $334,500. (An increase of $9000 from last month... the year-over-year median price increase is 52%!) Mid-month average price in TO is $358,600. There is no mid-month price available for Calgary, but at the end of last month it was $358,300.

He's right. In fact I had the same thought that the guy must be very young. I'd guess that the average age on this site is very young and most of you don't ever remember seeing a real estate correction. I'll say it again, I'd bet we'll see one in the next few years. BTW, sometimes small corrections happen without you even knowing, because your house value isn't published daily in the papers like stock and mutual funds prices are.

White Doors · 06-26-2006, 12:38 PM

Quote:

Originally Posted by MacDougalbry

Real Estate very rarely ever goes down. We'll see I guess.

Dude, you must be pretty young. There were major corrections in the Calgary real estate market at both the beginning of the '80s and the beginning of the '90s.

By the way, Calgary is now more expensive than Toronto. Median price in TO at mid-month is $303,000. In Calgary, the median price is currently $334,500. (An increase of $9000 from last month... the year-over-year median price increase is 52%!) Mid-month average price in TO is $358,600. There is no mid-month price available for Calgary, but at the end of last month it was $358,300.

You noticed I didn't say NEVER?

You can think what you want, but Calgary real-estate will be going up for quite some time. The speed at which it rises may SLOW, but I can't see the value decreasing.

White Doors · 06-26-2006, 12:40 PM

Quote:

Originally Posted by MoneyGuy

Okay, what I meant to say is if you do stuff like a few times it will impact your credit score. You're right, one think probably won't matter, but apply for some credit cards, a couple of lines of credit, shop around for a mortgage with a few banks, and watch your score drop. Okay?

But what I wrote was wrong. I knew what I was trying to say, but it didn't come out right.

No it didn't and you suggesting to not shop around for the best mortgage to save 5-10 pts on your credit score was bad advice too. Mortgage rates can vary quite alot and considering it is your biggest debt, not having the best interest rate you possibly can is just stupid.

V · 06-26-2006, 12:45 PM

Why would you shop around if you can get a mortgage broker do it for you, and not take the hit on your credit score?? That's just silly talk WD. Honestly.

ken0042 · 06-26-2006, 12:47 PM

Speaking of the market going up (or not going up)- has anybody else noticed a bit of a slow down? Granted, my basis for thinking this is just in what I've been looking at, but it seems like the MLS list for Copperfield just keeps getting longer and longer, and the houses on there just aren't moving.

I wonder if we have hit a bit of a plateau?

White Doors · 06-26-2006, 12:49 PM

hey you can go to a Broker, but they don't have access to all of the resources either. A broker can't always beat a bank if the bank is willing to haggle with you. It's silly talk to not shop around for the best rate. Talking to ONE broker doesn't necessarily give you the best rate.
It's also silly talk for a CFP to give out advice and not be more clear on it. Especially one who considers credit checks something more worthy of worry than the best interest rate on the biggest purchase of your life.

0.1% difference on a 5 year term makes thousands of dollars difference on a $250k mortgage. But hey, if you are more concerned about a couple of credit inquiries on yoru credit score, go right ahead!

White Doors · 06-26-2006, 12:50 PM

Interesting piece to put the housing market in perspective:

http://www.cren.ca/content_view2?CONTENT_ID=2395

Quote:

A hundred years of recorded history in Calgary has told us that house prices just keep going up no matter what people think or write. Is it finally time to put 'bubble will bust' stories in the waste basket or will we never learn from history?

V · 06-26-2006, 12:50 PM

The summer months are always terrible. Not a lot of people are interested in buying right now. Plus there are a lot more houses up for sale right now. I'm suprised it took so long for the available houses to increase, though. I would have expected everyone would try to sell before the end of May.

I have a feeling it's going to be another insane spring next year. The increase from February to May was absolutely insane this year, and I'm guessing we'll see something similar next year. Maybe not as crazy, but I refuse to believe we're done now.

White Doors · 06-26-2006, 12:53 PM

Quote:

Originally Posted by ken0042

Speaking of the market going up (or not going up)- has anybody else noticed a bit of a slow down? Granted, my basis for thinking this is just in what I've been looking at, but it seems like the MLS list for Copperfield just keeps getting longer and longer, and the houses on there just aren't moving.

I wonder if we have hit a bit of a plateau?

Or people are finnaly figuring out that Copperfield is just downwind from the Calgary dump?

tvp2003 · 06-26-2006, 12:55 PM

Quote:

Originally Posted by ken0042

Speaking of the market going up (or not going up)- has anybody else noticed a bit of a slow down? Granted, my basis for thinking this is just in what I've been looking at, but it seems like the MLS list for Copperfield just keeps getting longer and longer, and the houses on there just aren't moving.

I wonder if we have hit a bit of a plateau?

I'd be curious as well... I've read/seen reports that things are starting to "slow down" in certain areas of the city, with stuff staying on the market longer and not having bidding wars on virtually all new listings.

With that said however, I'd be interested in seeing whether the actual prices are slowing down... I'm sure the migration rate into the city is still sky high, with labor/material shortages for new home/condo construction still abundant. The numbers that are on MLS.ca can be deceiving because you don't know what the final purchase price is...

MoneyGuy · 06-26-2006, 01:04 PM

Quote:

Originally Posted by Dominicwasalreadytaken

Why would you shop around if you can get a mortgage broker do it for you, and not take the hit on your credit score?? That's just silly talk WD. Honestly.

That was exactly my point. If you shop around by going to several banks, that can have a negative impact on your credit score. Let a mortgage broker do it for you and there is only one credit check on your record. Plus, I think the advice may be a lot better if you find a good broker.

MoneyGuy · 06-26-2006, 01:06 PM

Quote:

Originally Posted by White Doors

....one who considers credit checks something more worthy of worry than the best interest rate on the biggest purchase of your life.

I don't.

MacDougalbry · 06-26-2006, 09:04 PM

Quote:

Originally Posted by tvp2003

I'd be curious as well... I've read/seen reports that things are starting to "slow down" in certain areas of the city, with stuff staying on the market longer and not having bidding wars on virtually all new listings.

With that said however, I'd be interested in seeing whether the actual prices are slowing down... I'm sure the migration rate into the city is still sky high, with labor/material shortages for new home/condo construction still abundant. The numbers that are on MLS.ca can be deceiving because you don't know what the final purchase price is...

My understanding is that they just released a whole bunch of new lots in Copperfield, so I wouldn't use that as an example. Also, as mentioned previously, being summer, things would be slow. A stabilizing of the market would be a good thing, though.