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The discount lenders are charging versus Prime Rate is increasing. We were at Prime + .30% last month, and we are now at Prime - .10%. This trend will continue well into 2010. That said, if you jump into a Variable today, you may find in 6 months time, you will be paying a substantial rate...

All the bigs have moved on rates, except for one. There are a couple other lenders who have held their rates. Again, if you are closing in the next 120 days, or contemplating a refinance, contact your mortgage broker and get your applications in before midnight tonight.

Nfitz, my "gratuitous self-promotion" is not intended to be advertisement of my services, rather, I feel it is important to maintain transparency and openly disclose I do work and have worked in the mortgage business for more than 20 years. I can see how one can interpret this as advertising...

Where exactly would I find the comprehensive list of rules related to posting on UT? (not trying to be a smart ass, just don't want to be in contravention of board etiquette).

I can understand the cynicism 'Nfitz' and 'Madmax' feel towards industry professionals posting on this board. When we pros decide to participate in any such open dialogues, we sometimes come off looking like schills, and our comments or motives can sometimes be misinterpreted, but that does not...

Ethics aside, Prime rate is expected to move up to the 4-5% range within the next 18 months. There are no variable rate mortgages on the market today, that would be even be close to a mid-3% fixed rate at that time. Yes my clients would be paying a rate premium for the next 12 to 18 months...

Nfitz point well taken, but I can assure you a 5 year fixed rate at 3.64% is going to look mighty good in 12-18months time. ( Even compared to a variable)

Just a heads up to anyone closing within the next 120 days, RBC announced today it will be bumping its 4 and 5 year fixed rates by .35% effective immediately. Other lenders are sure to follow on Tuesday. If you have something closing in the next 120 days or are contemplating that refinance...

Just a heads up to anyone closing within the next 120 days, RBC announced today it will be bumping its 4 and 5 year fixed rates by .35% effective immediately. Other lenders are sure to follow on Tuesday. If you have something closing in the next 120 days or are contemplating that refinance...

Cdr, please don't dispense this type of advice. It confuses people, and there is little foundation in fact. Let me clarify. Firstly, there is little or no relation between an income multiple (ie. 2x/3x/5x etc.) and ability to qualify for a specific mortgage amount. General qualification...

Closed Variable now at Prime - .10% (2.15%) 5 year fixed still at 3.74%.

The builder is only looking for confirmation you will have the total funds available to close, regardless of where the $$$ is coming from. You are on the hook, however, for the total amount of deposit $$$ required from the developer, and your phantom mortgage (occupancy fees) will be based on...

Best Open Variable I have is Prime + .75% (3.00%), but we don't push this product very hard unless our client has intentions of paying off the mortgage in full within the next 5 years.

Like any brokerage, it's only as strong as the individual broker you are dealing with. Northwood, as a brokerage is good, but it has experienced brokers and inexperienced brokers. If your deal is a difficult case you want to make sure you're dealing with someone who has put a few tough cases...

There are some compelling arguements being made about this subject. I financed my way through this boom, and was fortunate to have been financing through the boom and bust of the late 80's - early 90's, so I feel I am fairly qualified to comment about this. There are a few reasons why the...

Yep...AIG. Actually the Canadian mortgage division of the company was always very stable. It was the other parts of mother-AIG that were in trouble.

Welcome to my profile. If you would like some specific details about financing your next purchase or any other mortgage related issue, feel free to send me a confidential email. Just refer to the contact info tab in my profile.

Nfitz, all mortgages which are greater than 80% of the purchase price or appraised value of a property, are required by law to be insured through a mortgage default insurer, like CMHC, GENWORTH, and AIG or a lender must self insure against default. This insurance premium is usually capitalized...

Hey Kevin, The interest rate is the same regardless of downpayment amount, however the insurance premium on the mortgage will decrease to 2.40% (with a 35 year amortization). Further, if you purchase a home that qualifies under CMHC's Green Home Program you automatically receive a further...

I don't know of any lenders who won't promise you the "best rate" on renewal, but the fact is only a hand full actually put it in writing. In my practice, I get it in writing whenever possible, in order to protect my client's interests (no pun intended) down the road.