Mortgage Specialist - Ask me any question - Page 6 - Calgarypuck Forums - The Unofficial Calgary Flames Fan Community

Table 5 · 07-26-2012, 07:22 PM

Don't want to talk numbers in the open, so I sent you a PM.

Travis Munroe · 07-26-2012, 07:38 PM

Have you tried talking with Kristi? I have numerous clients whom she has gone to bat for when the standard answer is "no". Sometimes painting a more detailed picture helps.

albertGQ · 07-27-2012, 01:23 PM

FYI: Looks like the 5 year fixed mortgage rate of 2.99% will be back on Monday. I think TD, ING, & First National will be offering this on 07/30/12.
This is just rumours so it may or may not be true. I would bet that it is though

Mr.Coffee · 07-29-2012, 02:16 PM

Quote:

Originally Posted by Olao32

A friend of mine asked me a question the other day and I wasn't sure what to tell him.

He and his wife signed into a 30 or 35 year mortgage (I can't recall) which is up for renewal in approximately 6 months. I was 99% sure that if they renewed their mortgage with the same lender they could keep the term as is (i.e. not be forced to reduce the term to 25 years in conjunction with the revised rules). However, apparently they have their mortgage through a subsidiary of CIBC, who is shutting down and no longer financing mortgages. Best I understand it, by default their mortgage transfers directly to CIBC upon renewal.

So, when they renew are they forced to go with CIBC with the revised 25 year term? Or since their original term was 30-35 years could they keep that?

Following this, if they decided to go with another lender all together could they qualify somehow to keep their 35 year term, or would they be forced to requalify under the 25 year period?

I'm somewhat in this situation too, Firstline mortgages (subsidiary of CIBC) just sent me a letter saying they'd honour our mortgage but that they aren't issuing new ones anymore.

Our original mortgage broker wasn't very good and I need good advice. Anybody able to recommend a good one?

albertGQ · 07-29-2012, 05:03 PM

Contact Mike Oxlong. He's fantastic

Champion · 08-01-2012, 11:28 AM

I went to a broker to get my first mortgage 2 weeks ago. It took one quick day and I got pre-approved. Checked our credit, income, and we had 20% down. It was so fast I couldn't believe it. Our budget is 450K-500K and we are also renting right now for $1500/month.

Kristi Hyson · 08-04-2012, 03:54 PM

Hi,

My apologies for the absence and not replying. If your friends have a mortgage that is in insured and they need to preserve their longer amortization they can do a straight switch to another lender (mortgage amount & amortization remain), the only change will be the new interest rate. If your friends break the current mortgage they will be subject on an insured mortgaged to a 25 year amortization. If the mortgage is conventional the amortization can be 30 years.

Kristi Hyson · 08-08-2012, 08:06 PM

Current Mortgage Rates (effective June 14, 2012)

1 Year Closed 2.89%
3 Year Closed 3.19%
5 Year Closed 3.19% **call for details on promotional 5 year rate

2 year closed @ 2.69% (closing must be by September 30th, 2012)

Scotiabank Special Mortgage Programs:

New to Canada, wondering if you qualify for a mortgage? Scotiabank has a mortgage program for temporary and permanent residents in Canada. Follow the link below to check out Scotiabank's StartRight Program for Newcomers.

http://www.scotiabank.com/startright/landing-page.html

Are you self-employed? Scotiabank offers home financing with as little as 10% down. Follow the link below.

http://www.scotiabank.com/ca/en/0,,3208,00.html

8sPOT · 09-03-2012, 02:29 PM

Kristi,

Are you bound by the same rules and policies for income verification? I'm doing a release of covenant, but I've only been contracting since February of this year. I know standard policy is to have 2 years NOA's.

kn · 09-21-2012, 10:53 PM

I currently have a mortgage with ING. Today I had an almost two hour appointment with a mortgage specialist at my CIBC branch. I was surprised to see the amount of time she spent to go over my options. The "best" offer for a 5-year fixed mortgage was 3.14%, saving me about $160/month. Of course, I'll have to pay a penalty for renewing early.

But then I do a quick Google search for "Calgary mortgage broker" and get overwhelmed with the sheer number of brokers out there, and many of them are offering 5-year fixed rates as low as 2.99%.

How do you distinguish one independent mortgage broker from another when so many of them offer the same rate? Seeing this rate out there, should I just go back to my branch and say what's up? Or should I start the ball rolling with one of these independents and then approach the bank for a better rate?

Perhaps a better question is why would I go for a 3.14% rate with CIBC when there are posted rates of 2.99%?

Travis Munroe · 09-22-2012, 01:50 PM

"Fine Print"
The lowest rates typically offer no flexibility while rates that are a bit higher will give you flexibility. Read the fine print and understand the mortgage.

LAHAL · 09-28-2012, 12:10 AM

Can people still assume a mortgage?

I currently own a townhouse that I have rented out. The value of the property is lower then the mortgage, so I can't sell it.

I want to buy a bigger house and don't want my townhouse to effect me qualifying for what I want.

So, can someone still assume a mortgage?

Thanks.

Sent from the future
using a Galaxy Nexus and Tapatalk 2

metallicat · 11-23-2012, 10:36 AM

Sorry if this question has been asked millions of times, but...what is the minimum down payment required to get a mortgage? Is it more complicated than just a simple percentage? And how does one figure out if closed or variable is the right option?

Travis Munroe · 11-23-2012, 09:12 PM

5% down. A couple of banks were offering cash back mortgages however it is my understanding that was gone about a month ago.
You will also want 1% of the purchase price for closing costs (the bank will want to see it) however this can be flexible.

closed rate gives the peace of mind knowing your payment for the duration you lock it into.
variable will be a lower rate but you take a chance of a rate hike which could come in higher than what your fixed rate would have been.

Deegee · 11-23-2012, 09:38 PM

Quote:

Originally Posted by LAHAL

Can people still assume a mortgage?

I currently own a townhouse that I have rented out. The value of the property is lower then the mortgage, so I can't sell it.

I want to buy a bigger house and don't want my townhouse to effect me qualifying for what I want.

So, can someone still assume a mortgage?

Thanks.

Sent from the future
using a Galaxy Nexus and Tapatalk 2

Is the townhouse deal a CMHC insured Mortgage? You can still be sued is the person that assumes defaults...

tvp2003 · 11-24-2012, 08:13 AM

Quote:

Originally Posted by LAHAL

Can people still assume a mortgage?

I currently own a townhouse that I have rented out. The value of the property is lower then the mortgage, so I can't sell it.

I want to buy a bigger house and don't want my townhouse to effect me qualifying for what I want.

So, can someone still assume a mortgage?

Thanks.

Sent from the future
using a Galaxy Nexus and Tapatalk 2

If you've entered into a lease, I believe the rental payments can be used offset whatever your liabilities are (mortgage, taxes, condo fees) to determine what you can afford. Still may reduce the amount you qualify for, but that's not necessarily a bad thing

metallicat · 11-24-2012, 02:53 PM

Quote:

Originally Posted by Realtor 1

5% down. A couple of banks were offering cash back mortgages however it is my understanding that was gone about a month ago.
You will also want 1% of the purchase price for closing costs (the bank will want to see it) however this can be flexible.

closed rate gives the peace of mind knowing your payment for the duration you lock it into.
variable will be a lower rate but you take a chance of a rate hike which could come in higher than what your fixed rate would have been.

If you get a variable rate, can you lock it into a fixed at any time at the current variable rate?

I-Hate-Hulse · 03-06-2013, 11:07 PM

So I'm on a variable with First National right now at a 2.35 variable rate... Is this still available at this or other institutions? Posted rate for FN on their website is 2.8%.

Is this the old "come talk to us for the real rates" thing again?

albertGQ · 03-07-2013, 12:50 PM

Quote:

Originally Posted by I-Hate-Hulse

So I'm on a variable with First National right now at a 2.35 variable rate... Is this still available at this or other institutions? Posted rate for FN on their website is 2.8%.

Is this the old "come talk to us for the real rates" thing again?

I don't know of any place you can get P-0.65%. The best I know of is P-0.40% right now.

Deegee · 03-15-2013, 06:57 AM

Quote:

Originally Posted by oilers_fan

If you get a variable rate, can you lock it into a fixed at any time at the current variable rate?

Typically you can lock into a fixed term from a variable rate without penalty if:

1. The fixed interest rate is higher then the variable rate.
2. The term of the fixed rate is equal to or longer then the remaining on the variable.

You don't get to lock it at what the current variable rate you have is, though.

Most places don't explain how you can lock in your variable rate mortgage if things start to head north.

Every lending institution is different and I would encourage you to ask good questions before signing anything.