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  1. mortgageman

    Fixed or Variable mortgage?

    The rates quoted on ratehub will most likely be for high-ratio, primary residences. Don't be surprised if rental property pricing is nowhere near those rates.
  2. mortgageman

    Rate for home

    It's a question of risk vs reward. If you want the lowest rate available today then go with a variable rate. If you want or need protection from rate and therefore payment increases then a fixed rate may make sense. Some people don't get to choose a variable rate mortgage or fixed rate...
  3. mortgageman

    Mortgage Renewal - What typically happens?

    When you're approaching renewal you'll be contacted by your lender. It depends on the lender as to how many months out from renewal that is. Typically they will call or mail you a renewal offer. Usually the offer isn't particularly competitive. When you're up for renewal you are like a free...
  4. mortgageman

    Mortgage Fraud in Canada

    Any serious professional broker is not going to risk their license to help someone commit fraud on a deal. Successful brokers will simply adapt their business and do more Alt. A, B and private lending deals. If you can't qualify to switch your mortgage to a new lender at renewal you simply...
  5. mortgageman

    How to evict an agressive tenant that is making racial remarks to the other tenant

    You probably have cause to issue a 14 day eviction notice based on the upstairs tenant interfering with the rights of the other tenant in a significant manner.
  6. mortgageman

    Netherlands real estate collapse a foreshadow for Vancouver

    Can you please provide some hard data on employment levels, GDP growth, housing affordability, mortgage underwriting standards, in-migration, rent levels, etc. to back up your statement that the Netherlands real estate market is "almost an exact image of Canada and particularly Vancouver."
  7. mortgageman

    newbie investor, personal mortgage questions

    Let's say your property is worth $400,000. The maximum you can refinance is 80 per cent or $320,000. Under the mortgage rules pushed through in July 2012, the maximum for a HELOC component is 65 per cent LTV or $260,000. So the remaining 15 per cent ($60,000) would have to be in a mortgage for...
  8. mortgageman

    Newbie Investor need your advice

    Have you done anything to re-establish credit? Lenders are going to want to see that you have ideally two trade lines (eg. a credit card and a car loan) with a two year history of properly managing them. If you haven't done anything yet, start with a low-limit credit card of $500 or $1000 and...
  9. mortgageman

    The myth about strong Canadian banks

    What never gets talked about in the whole CMHC liability, should-the-government-be-socializing-mortgage-risk debate is that CMHC generates a boatload of revenue for the government. National arrears rates (measured as being behind three months in mortgage payments) are a fraction of 1 per cent...
  10. mortgageman

    newbie investor, personal mortgage questions

    A number of lenders offer mortgage and line of credit combinations. If you want to access the maximum amount of equity in your primary residence (80 per cent loan-to-value) you'll have to have to have at least 15 per cent of the loan as an amortizing mortgage. We used to be able to go 80 LTV on...
  11. mortgageman

    Need help - Mortgage brokers and other experts - current residential mortgage rates in Ontario

    With the small .40 per cent spread between a five and a 10 year term, the 10 year is now a no brainer.
  12. mortgageman

    Need help - Mortgage brokers and other experts - current residential mortgage rates in Ontario

    If you're looking for the lowest rate there are a couple of lenders with good two year rates. With the increase on five year rates, you might consider going for a four year. One lender has 2.79 for a four year fixed. Keep in mind the qualifying rate is higher for fixed terms less than five years...
  13. mortgageman

    Need help - Mortgage brokers and other experts - current residential mortgage rates in Ontario

    Is there a particular reason you are interested in a five year term? Five year terms are the most popular term but that doesn't mean a five year term is the best option for you. Shorter or longer terms might make sense. What are your plans for the property? How long will you own it? Are...
  14. mortgageman

    Increase Your Real Estate Returns Using Leverage.

    You should always use leverage safely, regardless of the current prevailing economic conditions since your personal economy, (your employment income, vacancy rate, large repair bills) can sink your real estate business if you are stretched too thin. I've suggested before that landlords might...
  15. mortgageman

    Changing LOC to Mortgage Possibly... Need Advice

    It depends on their retirement income and what their plans are for the property. The HELOC will give them maximum flexibility for managing their household cash flow and they can pay it off without penalty if they downsize. A mortgage with a 30 year amortization will have higher payments, a...
  16. mortgageman

    Mortgage affordability: Tips to gauge how much house you can afford

    The big issue many homeowners, especially first-time homeowners, currently face is that when interest rates eventually rise those homeowners will be in for serious payment shock as their mortgage comes up for renewal. Most haven't even considered the consequences of how their affordability will...
  17. mortgageman

    Stick to my current plan, or is a second mortgage a better route?

    Sherilyn, you're correct there are still a couple of credit union lenders that can do 80 LTV on a HELOC as they don't fall under the banking rules that has impacted charted banks.
  18. mortgageman

    Stick to my current plan, or is a second mortgage a better route?

    If you only have a HELOC on your property then the maximum loan to value under the new rules is 65 LTV. You can still go to 80 per cent LTV but 15 per cent of that must be in an amortizing mortgage. So as an example on a $100,000 property you can have a mortgage/line of credit combination for...
  19. mortgageman

    Stick to my current plan, or is a second mortgage a better route?

    I have several thoughts for you: 1. If you sell you will trigger many hard costs you have mentioned (realtor fees, legal fees, etc.) as well as a capital gains tax liability which you haven't mentioned. 2. If you add a second mortgage you may find that while the interest rate, lender fee...
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