I was searching to transfer my mortgage and I have a appealing offer and wasn't aware that existed. Background: $700k Mortgage transfer with CMHC insurance from HSBC/RBC to CIBC. 25 year amortization from variable-fixed to 3 year fixed. ...
Mar 4th, 2024 3:55 pm
... amount in your RRSP (above and beyond the $35k for HBP) and you want to use most of it to purchase a home. I know you can do a non-arms length mortgage using a broker. However, is the amount from the RRSP then taxable once you use it for the mortgage?
Mar 4th, 2024 2:10 pm
At a Scotiabank branch I was told about about the different types of mortgages: The standard model with 15% prepay privileges and the option to increase payments by 15% (in addition to making double payments, meaning you could pay up to 2,3 times the normal ...
Mar 3rd, 2024 10:07 pm
Hello Everyone,I thought of starting a thread focusing on first time home buyers and mortgage related issues. I am a Mortgage Agent, Please feel free to ask any questions related to your mortgage for first home here.ThanksSandy
Feb 19th, 2024 10:40 am
Hi , We have a variable rate mortgage (around 6.3%) , original mortgage ~ 320k , Mortgage left ~200k (In Winnipeg) We had some savings that we were keeping in TFSA . We have already contributed 20% allowed lump sum last month. Now we are ...
Feb 18th, 2024 11:40 pm
... add a name. But cannot remove my mother in-law without incurring the additional deposit. Question With 3 names on the title, can we still get a mortgage with just myself and my wife. Or does the lender require all 3? I have been getting alot of conflicting answers from my lawyer and broker. ...
Feb 16th, 2024 4:54 pm
Facing a steep hike in my mortgage payment after 10 years (2.5% to 6.5%). Can the New Canadian Mortgage Charter help lower it? Any tips on what to ask my bank to keep payments low?
Feb 13th, 2024 12:43 pm
I checked my amortization schedule at the time when I got a mortgage and again now when the interest is a lot higher and I noticed the actual payment to principal had been greatly reduced. Is this the same for anyone else with an adjustable rate mortgage? ...
Jan 17th, 2024 5:03 pm
Hi there, In the past if you were purchasing a new home and want to transfer equity from the current home, you would set up an open mortgage, transfer equity when current home is sold. I believe with open mortgage rates high at this point, setting up a HELOC is one option where your new ...
Jan 12th, 2024 8:55 pm
Currently I have a second recreation property with a mortgage rate of prime +2%. My HELOC is prime +0.5%. I contacted my mortgage lender and they told me the prime +2% is a fantastic rate and wouldn't be able to do any better. I have more than enough ...
Jan 10th, 2024 12:37 pm
I’ve prepaid my mortgage consistently since i got my mortgage but now that i’ve hit 6 years left i wonder if i should stop as i have other saving commitments. I also thought its less worthwhile to pay down your mortgage when you are ...
Jan 2nd, 2024 8:15 pm
I'm looking for advice on what to do about my credit, as I will be looking to get approval for a mortgage in about 6 months. Backstory - I was extremely naïve with my finances in my early 20's and completely messed up my credit, starting in the 2016-2017 timeframe when ...
Jan 2nd, 2024 7:33 am
Hi, I am considering changing my HSBC mortgage payment to an external bank account in preparation of the RBC takeover. Has anyone done this previously? Is it possible over the phone or am I required to go to a branch in person with a void cheque?
Jan 1st, 2024 8:12 pm
Hi I am looking to get a fixed rate mortgage and I expect mortgage rate will get lower next couple year. i heard some banks offer blend and extend option on fixed rate mortgage. I know Scotiabank allows its client to do blend and extend their ...
Dec 15th, 2023 10:39 pm
I.e. if I have two cars worth $110,000 together that are fully paid off.
Dec 4th, 2023 9:18 pm
... There will be a Bank of Canada interest rate announcement on DEC 6 2023. If you think rates might go up, you might want to lock-in your mortgage before the banks increase their rates. According to Ratehub.ca: https://www.ratehub.ca/best-mortgage-rates/5-year/fixed [Make sure to press ...
Dec 4th, 2023 11:16 am
... initiative for first time home buyers other than the federal and provincial initiatives. Are there any lenders who are offering cash back? A CIBC mortgage advisor offered me $1000 cash back and legal fees waived for first time home buyers. There rates are quite a bit higher than most other rates ...
Nov 15th, 2023 2:15 am
Something similar to this RBC Mortgage Specialist . It appears to be 100% commission, does anyone know what is the percentage the mortgage specialist gets once they close a mortgage?
Mortgage renewal date falls on a weekend, how to switch mortgage provider when the mortgage term matures?Will this affect mortgage switch?
Nov 5th, 2023 8:30 pm
https://storeys.com/canadian-mortgage-arrears-historic-lows-cmhc/ The number of Canadian mortgages in arrears is now at 0.25% according to figures provided by CMHC’s Romy Bowers. President and Chief Executive Officer of the Canada Mortgage ...
Nov 2nd, 2023 6:48 pm