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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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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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Old 09-29-2017, 08:31 AM   #213
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M3 Mortgage Group acquires Verico to create $44B-loan giant amid market slowdown



http://business.financialpost.com/pe...arket-slowdown

Quote:
Montreal-based M3 Mortgage Group, parent company of some of the most well known names in the residential mortgage sector, said Thursday it has added a major independent brokerage to its stable of companies in a move that grows its annual loan volumes from $25 billion to $44 billion.


M3 Mortgage Group, which already owns Multi-Prêts Mortgages, Mortgage Alliance, Invis and Mortgage Intelligence, said the move to buy Vancouver-based Verico Financial Group Inc. gives its 6,000-broker strong company a presence spanning coast to coast and makes it the largest, fastest growing non-bank mortgage originator across the country.


“Today’s announcement is a game changer for us. It gives us the scale and scope to truly transform the home financing space by offering a diverse range of solutions to all brokers,” said Luc Bernard, president and chief executive of M3 Mortgage Group.
After M3 acquired my brokerage, Invis, earlier this year, they wasted little time making another acquisition. As the article states, this makes us the largest brokerage in Canada, which will give us access to better products across the board.

The broker channel has struggled to adjust since the government imposed changes over the last year or so, as it gave an unfair advantage to large banks - which has been well documented. The timing of this is perfect, as 44 billion in volume is a massive number, and can be used to negotiate with various lending institutions in the broker channel.

I was hesitant at first about the acquisition, but after meeting with upper management, I am very excited about their vision and dedication moving forward.
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Old 10-04-2017, 09:48 AM   #214
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How to deal with mortgage payment difficulties



Sometimes unforeseen financial circumstances can impact your ability to make your regular mortgage payments. Or perhaps your debt demons have been caused by taking on too much other high-interest debt. It can be tempting to want to conceal your debt problem for as long as possible – but that’s almost never the best strategy. With early intervention, there are weapons available that can help you fight these demons! Your mortgage lender doesn’t want to see you default on your mortgage; they’d much rather help homeowners find a way to keep their home.
For mortgages insured by the Canada Mortgage and Housing Corporation (CMHC), they have identified several tools available to help you ride out a period of financial uncertainty:
  1. Converting a variable-interest rate mortgage to a fixed-rate mortgage to protect you in the event of a sudden jump in interest rates.
  2. Your lender may be willing to offer a temporary payment deferral, or other flexible options for short-term relief. If you’ve made any lump-sum payments against your mortgage in the past – or if you’ve been on an accelerated payment schedule – that history can help.
  3. You may be able to extend your amortization period to reduce your monthly payments. You can shorten the amortization again later if your circumstances change.
  4. If you’ve actually missed a few payments already, you may ask if the lender is willing to add them to the mortgage balance and extend the payment period accordingly. (Best, however, to start talking before you start missing payments!)
  5. A special payment arrangement unique to your situation may also be possible.
Genworth Canada also has a Homeowner Assistance Program designed to help homeowners who are experiencing temporary financial difficulties that may put their mortgage at risk.
Ultimately though, it’s best to seek help at the first sign of financial trouble. Getting in touch and having a conversation is a great place to begin – because as an independent mortgage professional, I work for my clients and look out for their best interests, not the lenders, and I know what the lenders are after.
It’s possible that your financial situation just requires some extra penny-pinching to stay on budget. But if you find yourself adding to your credit card debt – or borrowing to make mortgage payments – then it’s time to have that conversation. The earlier you get help, the easier it will be to conquer those debt demons!
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Old 10-06-2017, 08:51 AM   #215
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Booking in free consults for anyone interested, with particular focus on rental properties. We use a unique strategy that I can almost assure you haven't been presented with. Brokers and banks don't teach it, which baffles me. It makes absolute sense, and will do two things for you:
1. Increase your monthly cash flow
2. Ensure you're capitalizing on your tax advantages for an investment property

PM for details. Happy Friday!
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Old 10-13-2017, 11:12 AM   #216
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So I'm a credit card salesman now too. Next up - volcano insurance!! (Family guy reference FYI)

It is a great cash-back credit card though if anyone is interested, as the trend is to move away from rewards, and towards cash-back cards:
- 5% cash-back on home renovations ($5,000 limit, 90 days). 1% after 90 days
- 2% groceries
- 1% all other purchases

Apply here: http://invis.ca/brokers/Greg-Miller
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Old 10-17-2017, 08:20 AM   #217
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I don't like the timing of this, as I think it's too much at once, but the "stress test" will officially be implemented for uninsured (>20% equity) mortgages starting January 1st, after being implemented for insured mortgages in late 2016.

All mortgages will be qualified at either the Bank of Canada benchmark rate (currently 4.89%) or the contract rate + 2% - whichever is higher.

If anyone has any questions or wants to see how this could affect their situation, please feel free to PM or ask questions within the thread.

http://www.cbc.ca/news/business/osfi...ules-1.4358048

Greg
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Old 10-17-2017, 09:26 AM   #218
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Quote:
Originally Posted by MillerTime GFG View Post
I don't like the timing of this, as I think it's too much at once, but the "stress test" will officially be implemented for uninsured (>20% equity) mortgages starting January 1st, after being implemented for insured mortgages in late 2016.

All mortgages will be qualified at either the Bank of Canada benchmark rate (currently 4.89%) or the contract rate + 2% - whichever is higher.

If anyone has any questions or wants to see how this could affect their situation, please feel free to PM or ask questions within the thread.

http://www.cbc.ca/news/business/osfi...ules-1.4358048

Greg
I don't mind it. It stops people from borrowing money to get to the 20% mark and then not really being able to afford the house, especially if the market declines and rates go up. We live in such a heavily debted society that the government has to do something to protect us from a debt bomb. There's never a good time to put in these types of reforms, but they need to be there.
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Old 10-17-2017, 11:40 AM   #219
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Thanks for weighing in pseudo first of all.

I'm not 100% against it, I just don't like the timing. There have been immense changes in the last couple years, and the markets haven't fully adjusted yet. I would have liked to see them wait.

What I would really like to see them do however is start clamping down on unsecured debts (credit cards/vehicle loans/lines of credit etc.). As you mentioned, society is heavily indebted, and most of that is household unsecured debt...with little to no regulations. I just bought a car a few months ago for the first time in a few years, and I literally asked the finance guy "Is that it?!". They asked for ZERO income documents.
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Old 10-17-2017, 04:02 PM   #220
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Important note:

The stress test for conventional mortgages will be the higher of your contract rate + 2%, or the Bank of Canada benchmark rate. Most conventional mortgage rates are in the 3.39%-range right now, which means you'd be qualifying at 5.39%.

The stress test for high ratio mortgages is the Bank of Canada benchmark rate only, which is currently 4.89%.

It will be harder to qualify for those putting more than 20% down than it will be those putting less than 20%.
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