www.notapennydown.com Zero Down mortgage, Garth Turner & the Government of Canada with Vancouver mortgage broker Mark Fidgett. The federal government has cracked down on the mortgage industry with new rules that will make it more difficult for consumers to borrow. Here’s why I think it’s flawed.
Video Rating: 2 / 5
Question by p_o_l_a_k: Is this a good morgage rate for me (CANADA only)?
Im in my late 20′s, buying first apartment. RBC wants to give me 4.04%, fixed, closed for 5 years. I have a high risk mortgage because I was only able to put down 15000 on a 255000 apartment and my mom had to co sign for me so she said this is the best she could do. We’re having a meeting next week to discuss my options. But she did send me this email:
“We touched on this briefly the other day…as of April 19th there was a change in the guidelines for anyone going through CMHC. Those clients that do not qualify at the 5 year posted rate (before any discounts) have to take the 5 year term. You do not qualify at his rate..so you have no choice but to go with the 5 year rate.”
So does it sound like there is no way for me to change the rate? What if I want to go variable and open. If that’s allowed, would you guys reccomend that. Are the rates going to go up like I keep hearing or should I lock in. I’ll take any advice. thanks.
Best answer:
Answer by Storm Smyth
4.04% from RBC is a fair and very competitive rate. New rules stipulate that if you are taking out a mortgage for anything shorter than a 5year fixed rate term then, no matter what rate and product you chose to go with (for example a 3 year fixed which would be at a lower) you still have to qualify based on your income at the bank of Canada’s posted 5 year rate (which is much higher and harder to qualify for).
Seems like you are doing OK with your offer from RBC.
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Question by jamie m: Can mortgage rate change, after some years, I live in Canada.?
I have a mortgage I got from a broker and lender, my deal closes on Apr 13 for my house purchase. How do I know if my rate of 5.8% will change in a couple years like those “teaser rates” that I had read about that happen in USA. Are there different laws here that protect us? Ontario Canada, Thanks
Best answer:
Answer by Bailey
if it is a fixed loan it will not change
if it is an adjustable loan it will
Know better? Leave your own answer in the comments!
PropertySold.ca Mortgage Agent Abraham Niyazi discusses “How to get the lowest mortgage rate in Canada”. You can save thousands of dollars in interest by getting a low mortgage rate. Abraham works with 25 different banks to make sure that his clients get a low mortgage rate. His service is available throughout Canada, excluding Quebec. He suggest that in order to get a low rate, a buyer can go to multiple banks and ask for the lowest rate, or they can choose a Mortgage Agent and have the Mortage Agent work to get the lowest mortgage rate.
Video Rating: 5 / 5
www.ratesupermarket.ca – The outlook for the month of October is unanimous; mortgage rates across the board will remain level. Fixed rates: Unchanged Despite lower bond yields due to slowing economic growth and deflation worries, fixed mortgage rates are not expected to decrease any further. Lenders have already tightened their belts by squeezing margins, any extra decreases are not expected to stimulate housing activity enough to make it worth while; so fixed mortgage rates will remain at current levels for the immediate future. Variable rates: Unchanged Economic growth is slowing by more than the Bank of Canada projected in its last Monetary Policy Report. GDP growth is declining, the US continues to show signs of weaknesses, and home purchases continue to fall. As a result, our panel members expect the Central Bank to hold off on raising interest rates further following their next meeting on October 19th.
Video Rating: 0 / 5
Jonathan Silveira Mortgage Broker with Dominion Lending Centres www.JonathanSilveira.ca can help new home buyers and seasoned home owners find the perfect mortgage to fit their needs. Call 1-800-662-7757 for Canadian Mortgage help.
Columbia Business School Professor Chris Mayer discusses why his plan with Dean Glenn Hubbard to lower mortgage rates will not only provide a sizeable economic stimulus but also stem the decline in house prices, protecting the government — and taxpayers — from future losses. “Fundamentally, our proposal is about restoring normally functioning credit markets,” says Mayer. Learn more at www4.gsb.columbia.edu
In Canada, mortgage rates tend to have lower interest rates on balance than mortgage rates in the United States. Find out which mortgage rates are available by institution at bankrate.com withhelp from a registered financial consultant in this free video on calculating mortgage rates. Expert: Patrick Munro Contact: www.northstarnavigator.com Bio: Patrick Munro is a registered financial consultant (RFC) with outstanding sales volume of progressive financial products and solutions to the senior and boomer marketplace. Filmmaker: Reel Media LLC
Video Rating: 0 / 5
To compare mortgage rates, talk with various lenders, consider a shorter term loan to negotiate better interest rates, and get several quotes from a least a few different lenders. Find the best mortgage rate by shopping around withadvice from an experienced mortgage broker in this free video on personal finance. Expert: Matthew McKillen Contact: www.innovativefg.com Bio: Matthew McKillen has more than 21 years of industry experience in arranging loans for his clients. Filmmaker: Christopher Rokosz
Video Rating: 0 / 5
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