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Old 07-19-2017, 03:57 PM   #201
MillerTime GFG
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Fixed Rates Going Up

Fixed rates have trended upwards in the last week or so, anywhere from 0.20-0.30% depending on the lender, after it was announced the BoC was increasing the overnight rate as well, which has lead to prime rates going up.

I do have access to one lender that has stated they're holding onto their current promotion until the end of July however, which is 0.40-0.50% lower than what most lenders are offering, especially on conventional files.

If you'd like more info, please PM or call/email. Can hold rates for up to 120 days on this one. (5-year fixed).

Stress Test Across the Board?


On another note - an interesting proposal unfolding, as the Finance Minister hints at including the stress test for conventional mortgages as well, meaning mortgages with > 20% equity/down payment. This would even the playing field between banks and monoline lenders, as monoline lenders back-end insure even their conventional mortgages, therefore having to use the stress test on conventional "insurable" files.

http://www.bnn.ca/video/~1170595?hoo...5b9ba89079d3da
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Old 07-24-2017, 04:22 PM   #202
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I feel like my only updates are rate increase notices! I suppose that means the economy is strengthening however.

The Bank of Canada benchmark rate has increased from 4.64% to 4.84%. This means for all high ratio mortgages, 4.84% is what's used for qualifying. Same goes for all variable/HELOC mortgages, as well as "insurable" conventional mortgages.

Clear as mud? Feel free to post your questions. Basically it means borrowing power will be decreased.
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Old 07-26-2017, 03:39 PM   #203
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Recent client (and CPer!) showed me his renewal letter from one of the big banks asking what my thoughts were. The rates offered were ABYSMAL, and insulting, given this is a very strong borrower. Unfortunately, too many people are simply renewing with their current lender becase they assume it's a good option, and it's the "easy button". Such a huge mistake that can cost you thousands.



If you'd like me to track your renewal to ensure you are getting good advice, and the best rates and strategies, let me know. Generally the process starts 5-6 months prior to renewal to review goals and strategies, and answer any questions.

PM for details!

Greg
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Old 08-16-2017, 11:32 AM   #204
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Recent article with CREBNow in which I was featured in:

http://www.crebnow.com/mortgage-madness/
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Old 08-18-2017, 03:27 PM   #205
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Still whispers of the stress test being introduced to conventional mortgages as well. Conventional refers to mortgages with more than 20% equity.

If you're looking to purchase with 20% down, or considering a refinance in the near future, I'm happy to run some numbers for you if you think it may impact you.

Remember that my services are free, as I get paid by the lender.

Happy Friday!
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Old 08-22-2017, 09:45 AM   #206
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Recently featured in this CREBNow about Millenials getting into the market.

Confession: I didn't know I was a millenial before being featured in this article. I had to Google it.

Once I knew what age group this was referring to, I was able to articulate some trends I have been seeing.

Any thoughts? Would love to hear feedback/trends you're seeing, or challenges you're experiencing in the market.

http://www.crebnow.com/generational-divide/

Quote:
Greg Miller, a mortgage broker with SmartCap Inc., has worked with many millennial clients. In fact, he’s a millennial himself. “It’s tough to get into the market without a little bit of help these days,” he said, noting that people are using the “Bank of Mom and Dad” now more than ever, or are having their parents co-sign mortgages to qualify.
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Last edited by MillerTime GFG; 08-22-2017 at 11:35 AM.
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Old 08-31-2017, 12:39 PM   #207
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Interesting piece of information received today, that lenders are being encouraged to ask for income documents even for simple renewals (ie 2 paystubs). I asked what would happen if they can't provide them due to being laid off/in-between jobs/went self employed, and was told "renewal as usual".

Anyone had this happen at renewal that can weigh in? I'm curious to see your experience and which lender it was with, as not all have adopted this yet.
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Old 09-06-2017, 08:19 AM   #208
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BoC increases overnight rate again, to 1 percent. Expect lenders to start moving prime rates within the next 24-48 hours. If you have a variable rate or HELOC, your rates will be going up by 0.25%.

http://www.bankofcanada.ca/2017/09/f...se-2017-09-06/
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Old 09-06-2017, 09:03 AM   #209
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Any thoughts on where rates are headed after today's rate increase?
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Old 09-06-2017, 12:16 PM   #210
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Quote:
Originally Posted by Calgary14 View Post
Any thoughts on where rates are headed after today's rate increase?
There's a chance prime rate could go up once more in 2017, when the BoC next meets. Fixed rates have been trending up over the past few months as well, in the 0.30-0.40%-range, and are expected to continue to creep up.

The opposing force of course though is overall Canadian indebtedness. They don't want to shock the economy by rapidly raising rates. I personally don't think they will raise it again in 2017, but my crystal ball malfunctions sometimes. I would lean towards it happening in 2018.

There are some really good spreads right now with variable rates being offered by lenders, so it still can make sense in some scenarios to go that route.
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Old 09-07-2017, 08:30 AM   #211
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Just a reminder that pre-approvals and approvals (purchase/refinance/transfer at renewal) can hold today's rates for up to 120 days. It's a great idea to look at doing so as early as possible when we're in a rising interest rate environment.

I can get approvals back same-day in some cases. Inquire for details.

Greg
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Old 09-15-2017, 04:02 PM   #212
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RE: Equifax Breach

Just as a heads up, there is a phishing scam going around where people are posing as Equifax in a phone call to verify your account information. Equifax will be notifying people by mail, not phone.

http://globalnews.ca/news/3745269/eq...edium=Facebook
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