QUOTE (johnkord @ Aug 8 2010, 04:47 PM) A little side question with respect to penalties... : If one gets a 5-year fixed mortgage now at 4.5%, and rates go up to 6.5% in 3 years time (hypothetical only) and one wanted to terminate the loan at that point (in 3 years time), is it true that the...

Thomas, LOL, you`re not only an expert in Real Estate....... thanks for the feedback. I make it a little smaller.

I ask my web guy and he got the banner resized, so I should be okay now. I`ll let you know.

I am trying to add a picture/link into my signature. It`s the banner from my website. I`ve managed to get the link to the picture to work, but when I am unable to resize the picture. Is that because the actual source of the picture is too large?

Hi Randy, I`ve handles a number of lease option buyouts and haven`t had an issue with the downpayment yet. In each case, the documentation was very clear up front, and the lender used the deposit, plus the surplus lease amount, plus the interest over 3 years towards the downpayment. I was...

Your best option is probably Scotia, but if the appraisal indicates the deferred maintenance, the LTV may be cut back. Scotia is probably the best option through a mortgage broker. TD will require probably 25% down. Firstline can finance at 80% but the property must meet the 1.1 dcr rule at a 25...

This certianly should make it easier to use the suite income to qualify mortgage applicants. I`m assuming there will be a process to go through to make the suite `legal`, but at least it`s going to be allowed.

@mortgagerob And you can find my facebook fan page by clicking the link below.

My gut feeling says that `yes`, we will see an adjustment to the HELOC rates. Who knows when? I think many experts are still surprised that the VRM pricing has some back so fast and so deep. The pendulum didn`t swing the other way for very long.

It`s possible, as it is correct that some lenders do not insure mortgages through CMHC. Some of the Alt A lenders, like some Trust Companies, or private lenders may design a program that allows for properties up to 85% or 90% without CMHC insurance. What wasn`t posted in the ad was the price...

QUOTE (RedlineBrett @ Jul 15 2010, 06:14 PM) The reason it comes back to you 1 to 2 weeks later is so that they can close the transaction, transfer title and register the new owner without the bank knowing there is $ coming back. Otherwise they`d send you the $ right at closing when the seller...

I looked into BNI, but never went through with it. THe existing chapters were impossible to get into as a mortgage broker, and I wasn`t confident with the quality of a new group to commit financially to it. I started my own networking group in my local area with a couple of other professionals...

Even a private 2nd mortgage would be tough at 90% LTV. Most equity lenders are still only going as high as 80%, with the odd lender going to 85% .

With many answers in the lending world, IT DEPENDS. I have financed clients that have been newly self employed, just recently left their company but then signed a contract with the previous employer. It can be seen as a tax strategy and saves some money for both parties. However, the client...

QUOTE (Berubeland @ May 7 2010, 08:15 PM) Thanks Rob, He is dealing with a broker now but it looks like a scam so far to me. So far the broker has had him pay for an appraisal which cost him over $300. Now the broker wants another $700 to create employment record for his wife who is a dtay at...

I`ve just recently completed 2 deals for a client that bought the property less than 30 days prior to refinance. The circumstances made sense. They had pressure from the seller to close due to the price they were getting. They had the home equity available, and used the proceeds to pay out...

Your client may still have options if he truly has 25% equity. There are still a couple of institutional `B` lenders in Canada that self insure deals up to 80 or 85% LTV. The rates are higher and there may be a lender fee involved, but overall not too bad considering the risk involved. If he...

QUOTE (mihwalee @ Apr 28 2010, 10:31 AM) What happens if your mortgage is underwater at renewal? Do the banks start doing re-assessments when they know the market has shifted down? I know one of my Edmonton properties is down from when we purchased - still 3+ years til renewal and put 30% down...

QUOTE (llee @ Apr 20 2010, 10:16 AM) And if one gets 3 of those properties, his TDS is already 32.1%. Is that why the mortgage broker said it`s impossible to fund the 4th property? Hi Lucas, Your answer depends on what lender the broker was trying to qualify you at. If it was First National...

Hi Dan, In theory, you are correct. As long as each property has a positive cash flow you should just be able to keep adding properties. But every bank has different qualifying criteria and different aggregate limits when you`re dealing with conventional mortgages.