Mortgage Brokers

[ashedfc]

You're quite right Zonny. Although there is a small difference, it could very well not be worth the hassle of a weekly payment. I always encourage my clients to go bi-weekly if they can. It can mean paying your house off in 20 yrs. intead of 25 yrs. with just that little extra push on the payments. It's a HUGE savings on interest.

HUGE savings in interest rates is one way of looking at things. But, what if that extra money is put aside into a TAX Free saving account in a mutual fund portfolio (like the actively managed ones which perform over 20%), you are much better off with TFSA, because your TFSA will grow much larger than the value of your home.
Or even, look at the Mortgage Tax deductible strategy, where your mortgage interest becomes tax deductible.

ASH@EDFC

[mulock]

My broker is in Nova Scotia, so probably not very helpful for you. Her name is Holly Robinson though, if any NS folks are interested. PM me if you do use her, she recently sent me a GC for referring a client to her! :D

Z

She's my mortgage broker too! She was referred to me by a coworker. I found her to be very thorough, professional, and great at finding amazing mortgage rate options. You can Google "Holly Robinson" to get her Halifax office number or toll free number

[Zonny]

She's my mortgage broker too! She was referred to me by a coworker. I found her to be very thorough, professional, and great at finding amazing mortgage rate options. You can Google "Holly Robinson" to get her Halifax office number or toll free number

Also, if you refer someone to her, you get a reward! I referred someone at work and she sent me a $50 gift certificate to a restaurant.

Z

[ashedfc]

Anybody know of a good mortgage broker in the Ottawa/Cornwall area?

I have to renew my mortgage in July and hope to get pre-approved soon before the rates go up.

You might consider the whole mortgage as a line of credit. This allows you to pay as much as you can, or as less as interest only. There are no penalty for over payment. This kind of mortgage is the most recommended for financial planning purpose. This way you end up having more money than just paying your mortgage. Let me know, if you want more info on this.
[email protected]

[Sunraven]

Looking for a mortgage broker in Toronto area, ASAP! PM me if you can refer me to one.

Someone had PM'd me the details for someone a while back but the PM got deleted when Boo did that big purge of PMs.

Thanks in advance!

[ashedfc]

Looking for a mortgage broker in Toronto area, ASAP! PM me if you can refer me to one.

Someone had PM'd me the details for someone a while back but the PM got deleted when Boo did that big purge of PMs.

Thanks in advance!

Can you provide some info on your debt situation, so we are in a position to suggest - like
1. Property market value
2. Is this your principal residence, or an investment property
3. Mortgage amount outstanding.
4. Any other debt (outside from your mortgage)
5. Is your income stable (like salaried), or unstable (business income).

Selection of a mortgage broker, or lending institution will depend on your answer. For a broker, its business. You have to pick up the right kind of mortgage, so you don't get into trouble in future.

Mortgage should be an asset, not a burden.
PM me at [email protected]

[Sunraven]

Can you provide some info on your debt situation, so we are in a position to suggest - like
1. Property market value
2. Is this your principal residence, or an investment property
3. Mortgage amount outstanding.
4. Any other debt (outside from your mortgage)
5. Is your income stable (like salaried), or unstable (business income).

Selection of a mortgage broker, or lending institution will depend on your answer. For a broker, its business. You have to pick up the right kind of mortgage, so you don't get into trouble in future.

Mortgage should be an asset, not a burden.
PM me at [email protected]

Thanks for your concern, but there's no way I could get into trouble in the future... I'm very financially responsible, and my mortgage is certainly not a burden. It's rather, an necessary evil that I hope to be rid of some day.

I'm coming up for renewal that's why I am asking for recommendations on brokers. Are you a broker?

[ashedfc]

Thanks for your concern, but there's no way I could get into trouble in the future... I'm very financially responsible, and my mortgage is certainly not a burden. It's rather, an necessary evil that I hope to be rid of some day.

I'm coming up for renewal that's why I am asking for recommendations on brokers. Are you a broker?

I am a Financial Planner (not a mortgage broker).
Just a suggestion :- Talk to your existing bank, & ask for home equity line of credit. If your entire mortgage is like a home equity line of credit, then, you can pay interest only, or as much as the entire principal without any penalty. And there are several other benefits.
If your mortgage is not a burden, then, why are you looking for a mortgage broker. It might be preferable to deal with your already existing relationship with your bank.

[tray]

Just curious about the current rates, I am locked in on a 5 year term right now, up August of 2011. Are banks willing to renegotiate your rate if you lock in for another 5 years? The current rate is almost 2% lower than my current rate.

Has anyone been successful in doing this without a penalty?

[ashedfc]

Just curious about the current rates, I am locked in on a 5 year term right now, up August of 2011. Are banks willing to renegotiate your rate if you lock in for another 5 years? The current rate is almost 2% lower than my current rate.

Has anyone been successful in doing this without a penalty?

Only the existing lender can absorb the penalty. It all depends on - how much is the penalty. Its either IRD (interest rate deferential) or 3 months interest. You can do the calculation & see, if the benefit is worth the penalty. I have come across several cases, where clients have paid 3 months interest as penalty & got into a lower rate. But you have to see - What's good for you.
Interest rates are going up for sure - Bank of Canada governor has already indicated, in fact,
Australia rates - already increased 4 times since Oct 2009
Sweden rates - already increased 2 times
India rates - already increased last friday (week-before)
Brace for higher rates - its just a matter of time.

Only concern is- If Bank of Canada raises rates too fast, then the Canadian dollar will shoot up, which will be against the manufacturing sector. This is precisely, we believe rates will go up, but not that much like (pre recession rate of 6.25% prime)

[tray]

Only the existing lender can absorb the penalty. It all depends on - how much is the penalty. Its either IRD (interest rate deferential) or 3 months interest. You can do the calculation & see, if the benefit is worth the penalty. I have come across several cases, where clients have paid 3 months interest as penalty & got into a lower rate. But you have to see - What's good for you.
Interest rates are going up for sure - Bank of Canada governor has already indicated, in fact,
Australia rates - already increased 4 times since Oct 2009
Sweden rates - already increased 2 times
India rates - already increased last friday (week-before)
Brace for higher rates - its just a matter of time.

Only concern is- If Bank of Canada raises rates too fast, then the Canadian dollar will shoot up, which will be against the manufacturing sector. This is precisely, we believe rates will go up, but not that much like (pre recession rate of 6.25% prime)

Thanks for the reply. If my existing lender will absorb the penalty, I woud be quite happy sticking with them. Does this happen often?

[SmackUTwice]

I wrote a cheque today for my down payment on my house!!!!!!! Paying monthly for mortgage....... but once I get into the swing of things (this is a whole new world to me!)... I'll switch to weekly or bi-weekly to save A TON on interest!

[ashedfc]

Thanks for the reply. If my existing lender will absorb the penalty, I woud be quite happy sticking with them. Does this happen often?

Its not very common, but it happens. It all depends on- What kind of client you are. If you have good credit history & good income, they absorb the penalty (you have to negotiate, with your banks mortgage consultant) If you dont have a good credit history, then, there are cases where the bank might not want you as a client.
I had a client recently, whose mortgage was withdrawn from the lender. Getting a mortgage is a previlage - its not a right.
Every case is different, so, you know yourself better.

[nadiabreckon]

HUGE savings in interest rates is one way of looking at things. But, what if that extra money is put aside into a TAX Free saving account in a mutual fund portfolio (like the actively managed ones which perform over 20%), you are much better off with TFSA, because your TFSA will grow much larger than the value of your home.
Or even, look at the Mortgage Tax deductible strategy, where your mortgage interest becomes tax deductible.

ASH@EDFC

Personally I'd rather have my mortgage go down a little quicker than putting the few extra dollars in a TFSA..IMHO..

[Zonny]

If your mortgage is not a burden, then, why are you looking for a mortgage broker. It might be preferable to deal with your already existing relationship with your bank.

Whether your mortgage is a 'burden' or not, why would you not want to get the best possible rate?

Our mortgage is not a burden for us, but that's certainly not a reason for us to want to pay more. Our bank that we've had a relationship for years can't match the rate we got from the broker. Having our mortgage outside of our home bank isn't a problem at all, it comes out of our account automatically anyhow. Doesn't matter much who's taking it!

Z