Mortgage Broker

[onetwo_threefour]

Does 3.89 apply on refi or new purchases only?

[Mike Oxlong]

Originally Posted by onetwo_threefour

Does 3.89 apply on refi or new purchases only?

Purchases and refinances. It is a quick close though, has to close by September 30th.

[Mike Oxlong]

3.79% on a 5 year fixed now.
120 day rate hold

If you are buying or renewing anytime soon let me know. Let's get that rate locked in for you.

[Mike Oxlong]

3.69% on a 5 year fixed.
Quick close special. Has to close within 45 days.

[Art Vandelay]

Does anyone or has anyone ever agreed to pay your penalty for breaking your mortgage early if you switched to them?

I have 3 yrs left on my term and the penalty to break is $16K, just wondering if any company is willing to eat that for me to switch to them?

[Mike Oxlong]

Originally Posted by Art Vandelay

Does anyone or has anyone ever agreed to pay your penalty for breaking your mortgage early if you switched to them?

I have 3 yrs left on my term and the penalty to break is $16K, just wondering if any company is willing to eat that for me to switch to them?

Unfortunately not. Sometimes they will cover any admin fees for switching (usually about $250) of they will cover legal fees on a straight switch or transfer through a company called FNF.

But not the payout penalty. I personally think the payout penalties banks are allowed to charge are bordering on criminal. It is sucj a scam what they are able to get away with. $16,000 is steep no doubt but I have heard of payout penalties of over $30,000.

We could look at your situation though. If by switching to a mortgage at a rate of 3.69 or 3.79% you might save more than $16,000 in interest charges over the next 3 years and make it worth it.

[VladtheImpaler]

Just wanted to bump this thread to give kudos to Mike - he worked very hard on financing for an investment property for me. Drop him a line.

[bizaro86]

How soon before the end of your mortgage term do you recommend starting to look at your options for refi?

[Mike Oxlong]

Originally Posted by bizaro86

How soon before the end of your mortgage term do you recommend starting to look at your options for refi?

I would start looking 5 months out. I can get you a rate hold for 120 days just to make sure you get today's low rates. If they drop in that 120 day period then you get the lower rate, however if they happen to rise in that 120 day period you are locked in to the lower rate.

If you start looking 5 months out and get the application and paperwork out of the way then as soon as you hit that 120 day mark you are ready to jump on the best rate we can find you.

[VladtheImpaler]

Originally Posted by Mike Oxlong

I would start looking 5 months out. I can get you a rate hold for 120 days just to make sure you get today's low rates. If they drop in that 120 day period then you get the lower rate, however if they happen to rise in that 120 day period you are locked in to the lower rate.

If you start looking 5 months out and get the application and paperwork out of the way then as soon as you hit that 120 day mark you are ready to jump on the best rate we can find you.

Talk to you in 12 months.

[Mike Oxlong]

Here's a little video I made to explain the benefits of using a mortgage broker. Check it out if you have 4 minutes of your life to waste:




I have another one I'll post in a few days.

[Mike Oxlong]

3.59% on a 5 year fixed right now!
Amazing rate. It had to close by November 15th but it is a great mortgage that has very flexible prepayments options.

Let me know if you are buying soon and we can get you hooked up with this rate.

[oilfan69]

Originally Posted by Mike Oxlong

3.59% on a 5 year fixed right now!
Amazing rate. It had to close by November 15th but it is a great mortgage that has very flexible prepayments options.

Let me know if you are buying soon and we can get you hooked up with this rate.

can you find Canadian lenders that will mortgage a property in phoenix?

[Mike Oxlong]

Originally Posted by oilfan69

can you find Canadian lenders that will mortgage a property in phoenix?

No unfortunately not. I am looking at buying an investment property down in Phoenix as well and we have to use US brokers.

What I have heard from the US brokers so far is we need a minimum of 30% down 35% if it is an investment and you won't be living there.

Minimum of $50,000 mortgage and I was quote a rate of 7% but that was on an investment property.

They also said you could only have one mortgage in the US

[Mike Oxlong]

Here's part 2 of the DLC Mortgage Superhero.
Jamie explains how to pay your mortgage off faster:

[Mike Oxlong]

Not much new as far as interest rates go.

A few lenders are now offering 3.59% on a 5 year fixed now. So there are a few more options......great rates!!

[Da_Chief]

My sister is on a variable rate right now. Looking to close. Her mortgage company is offering 3.79 on a 5 year fixed. Obviously moving to another company would have a penalty with it. What do you recommend? The penalty is ~$3000.00

[Mike Oxlong]

Originally Posted by Da_Chief

My sister is on a variable rate right now. Looking to close. Her mortgage company is offering 3.79 on a 5 year fixed. Obviously moving to another company would have a penalty with it. What do you recommend? The penalty is ~$3000.00

It's tough to say without knowing all the numbers. We would need to know her remaining mortgage balance, term and ammortization left on the mortgage.

However at only $3000 for a payout penalty there is likely a good chance it is worth it for her in the long run to switch to the lower rate.

Have her get a hold of me if she wants me to run some numbers for her and figure out if it is a better option.
jamiecoulter@shaw.ca

[CRXguy]

I will PM you once I get some information from my dad. He's currently with BMO right now and the rates just went up a bit to 4%. I believe I signed a 1 year open mortgage last year(Oct/09) for his house. Basically my name is on the mortgage of his house, and he makes the payments.

Is the lowest rate at 3.59% 5 year closed?

Thanks.

[Mike Oxlong]

Originally Posted by CRXguy

I will PM you once I get some information from my dad. He's currently with BMO right now and the rates just went up a bit to 4%. I believe I signed a 1 year open mortgage last year(Oct/09) for his house. Basically my name is on the mortgage of his house, and he makes the payments.

Is the lowest rate at 3.59% 5 year closed?

Thanks.

Yes, the 3.59% is a 5 year fixed closed mortgage.
Let me know ASAP and we can put the rate hold in for you guys.