winkdemon

hey guys

just wondering if anyone knows of a good mortgage broker , looking to buy a house so was thinking of getting it started thanks

Tallguy67

When my wife and I bought our current house we used Sheldon Deering at MyMortgage. We were really happy with the rates he go us. The office is in NW Calgary.

Phone 866-509-1090 or info@mymortgage dot see eh

high bid

Get preapproved and finance using a credit union if you have the option to do so!

Dr. Evil

Along the same lines - do any of you guys have experience with Manulife One?

Need advice quick.

You may want to look into it as well Rob.

Tate

My credit union, that I've been with for over 20 years, was going to give me an interest rate of 4% over prime. I went with one of the big banks, which I've never been with (still don't actually have an account) and am 0.75% under prime. So much for loyalty paying off.

dvst8r

For the four mortgages I have had, I have never been with the bank, that I too have banked with for over 20 years. Somebody else always has had a better deal.

Mike Holmen

My mortage is with the royal bank. My mortage is 2.99% and 2.25% for my line of credit. Been banking with them for over 30 years. Not recommending them for any banking services. I just got lucky with my banking services.

Good luck Rob with the new housing purchase. Luck for us there are tons of options out there besides banks.

DWeiler

On my second one now with the vacation property,it was fun being out of debt for a bit.HSBC for me with my debt(mortgage---5 year for 3.84%)----ATB for all my/mrs retirement/investments.If i could without penalty i would go to ATB ---they seem to be more personal IMHO.Shop around,the best rate may not be the best place to borrow as read the "fine print/terms" about early re-payment/double up's and extra lump sums----most will let up to 20% a year without penalty,or increase your payment by 20%(which i did).Hope this helps-----the joy of home ownership---always something to do around the house when you own it.DW

winkdemon

my biggest thing is i need someone to make with me , i am selfemployed , and only make 35 000 on the books but i do have 80g for a down payment so hope that will help me ,

Swamp_Donkey

I used www.dominionlending.ca If you are interested in using the same person as me, let me know. But I am assuming there is an office in Calgary..... It is Don Cherry approved! Haha. That might make you go with them or run away screaming. They can find the deals for sure, rather then walking into your local regular bank. With the help of dominion I am on pace to pay off my $265,000 mortgage in 8 years! 3 years left! Whoop whoop. Then I might actually have money to get the 98 12v rippin up the roads.

Tate

Good thing to look into. Mine will let me do a 10% lump sum annually, increase my payments up to 10% annually, and double up or down my payments for each payment. I pay mine weekly, so I can double up and then cancel it every week if I choose. Going to weekly payments also knocked 4 years off my mortgage without increasing the amount money being spent. I've got 13 years left on my mortgage, out of 25, and had my house for just under 3 years. I'm hoping to have it paid off by the time I'm 30.

pistazie

I also used Dominion Lending (Collin Bruce). They got me a great rate at Street Capital Financial, 2.99% for a 4-year term. www.streetcapital.ca/.

Getting my financing was a complete gong show because I kept going back and forth whether I was going to put down 5% or 25% - they changed things several times for me without complaint. Ended up going with a conventional mortgage with 25% down. There goes that pulling truck I was gonna buy n the states!

They made some "adjustments" to my original mortgage application that...lets just say I had a few questions about... but apparently it was all legit! .

From my point of view, the term to look into is the penalty if you cancel your mortgage before the term expires. In general, lenders use the greater of the two values between 3 Month's Interest, or the Interest Rate Differential (IRD)). There are lots of horror stories about the IRD, as its not well regulated and kind of secrative, and no one is really sure how the lending institution calculates it. It can be tens of thousands of dollars though if interest rates drop and you cancel your mortgage (i.e., sell the house). Luckly for us people who have really low interest rates its not too bad if the interest rates go up.

I don't really care how long it takes for me to pay off my house - its still cheaper than rent. I probably wont live there in the long term, and likely will sell it before i ever pay it off.

As I understand it, the lending institution still takes the same amount of interest over the term of your loan no matter if you double up payments etc. The only benefit is that it will reduce your principal next time you need to renew your mortgage.

If that is the case I dont get why people are so keen on giving the lending institution that extra money during the term of the mortgage. Its giving them a pile of extra cash that you then do not earn any interest on. If you are disciplined, then why not instead keep that money in an interest-bearing savings account, then just apply it to your house when your term is up and you need to renew?.

DWeiler

Fact is who knows what curve life may take in the future, some of us don't want to be held by the ***** for 25-30 years by the bank----discipline is hard to come by for most.In this materialize society there is always something to spend money on---the difference is a want or need,out of sight/hand/mind,ever little bit helps toward eliminating the 'DEBT".I guess i'm old school(blame the old man---who payed a mortgage thought the late 70/80's at 20%)pay of your debt to a degree if possible FIRST---who know where the rates will be in 10 years.Shoulda/Coulda/Woulda applys to most.NO FLAME OR WAR INTENDED----DO WHAT YOU THINK IS RIGHT FOR YOUR PARTICULAR SITUATION.PS----Housing prices are insane now---friend just bought a starter----380,000K---i'm staying put.

dvst8r

My word of caution is:

With that 80g for a down payment is being that you only make "35k" a year on the books, is you need to be able to PROVE where that 80g came from. Cash jobs and other suspect income will get you an audit guaranteed. There has been a real crack down with all the houses bought with drug money and terrorist money.

They want consistent company draws, or proof of something valuable sold, ect... There was a time you could buy a house cash no questions, that day is gone, and so is the time where even your down payment isn't questioned.

roxxx

Personally wished we used them We just closed on a small acreage and it was a GONG show my buddy swears by manulife one. I have their card from red deer on my desk and as soon as the crap settles I hope to switch