- Posts
- Forum
- Post By
-
[NEED ADVISE] What does mortgage commitment letter means?
Hi, I have already put my signature on the mortgage commitment letter, which I felt compelled to do by my mortgage broker. The closing date for my house is still a few weeks away (June 29th). Unfortunately, my mortgage broker did not provide me ...
- AnkushT49607
- May 26th, 2023 1:00 am
- Forum: Real Estate
- Real Estate
-
May 26th, 2023 1:00 am
-
Withdrawing money from mortgage - multiple withdrawals vs single lum sum
I contacted BMO for clarification on withdrawing money from my mortgage account. They use a formula and have no expertise outside of said formula. My question is... If I need 100k over the span of one year, is it cheaper to make say 4 x 25k withdrawals ...
- froggy2059
- May 25th, 2023 3:58 pm
- Forum: Personal Finance
- Personal Finance
-
May 25th, 2023 3:58 pm
-
Switching lenders after mortgage term matures
I’m currently in the process of switching mortgage lenders however the maturity date may come and go before the switch is made. I’m wondering what issues/costs I’ll run into in this hopefully short period of transition time if it happens to go ...
- rkoshack1
- May 23rd, 2023 4:43 pm
- Forum: Real Estate
- Real Estate
-
May 23rd, 2023 4:43 pm
-
How do you cope in monthly mortgage Hikes after renewal.
With the rate increase some peoples monthly mortgages payments are up around 5k or more. The people that got same mortgages just 2 years ago maybe paying half like 2500 per month for same value property. With all expenses how do people manage things. I am close to renewal and mine will be going quit...
- GoToRealtor
- May 20th, 2023 10:11 pm
- Forum: Real Estate
- Real Estate
-
May 20th, 2023 10:11 pm
-
Should I pay off mortgage or invest?
I'm about to renew my ~$200k mortgage at 4.8% for a 3 year term. The home is worth about 700k. The higher interest, coupled with poor investment returns of late, is making me reevaluate savings approaches moving forward. Currently I contribute ...
- asiandriver
- May 20th, 2023 7:37 pm
- Forum: Personal Finance
- Personal Finance
-
May 20th, 2023 7:37 pm
-
Increasing mortgage payment on rental property?
I have a rental property with variable mortgage. With the consecutive rate increases in the last year, my mortgage payment is not enough to even pay down the interest. I increased the payment last year, but looks its not enough. My mortgage ...
- lightspeed
- May 12th, 2023 1:41 pm
- Forum: Personal Finance
- Personal Finance
-
May 12th, 2023 1:41 pm
-
Victoria Private Mortgage Lender Ponzi Scheme, MMAC in Receivership
https://www.cbc.ca/news/canada/british-columbia/victoria-mortgage-clients-worry-about-life-savings-1.6837491 Yikes. Peter Rubin, counsel for the receiver, said Martel's RBC bank account showed $58 million in deposits followed by $58 million in withdrawals, ...
- krn905
- May 10th, 2023 9:33 am
- Forum: Real Estate
- Real Estate
-
May 10th, 2023 9:33 am
-
Cash Out Refinance mortgage for investing?
Hi I wanted to ask have any of you recently done a cash out refinance. Biggest draw back is interest rate means much higher monthly payments even if you just cash out 100k or 200k for example. Has anyone had success investing this way using cash towards stocks or real estate precon etc. Just curious...
- GoToRealtor
- May 8th, 2023 10:49 am
- Forum: Real Estate
- Real Estate
-
May 8th, 2023 10:49 am
-
BMO Mortgage advisor familiar with Smith Manoeuvre in GTA?
Hi all, Anyone know any mortgage advisors familiar with the Smith Manoeuvre in the GTA with BMO? Preferably Mississauga area? Looking to set this up for the first time and was wondering whether anyone has worked with any mortgage advisors ...
- alee23
- May 1st, 2023 10:24 am
- Forum: Personal Finance
- Personal Finance
-
May 1st, 2023 10:24 am
-
Florida US mortgage - any advice on which lenders to use?
... waiting to purchase a pre-construction home on the Treasure Coast of Florida. I'm curious what other Canadians have done to obtain a competitive mortgage down there? I have looked at RBC Bank cross-border, TD Bank cross-border, and a local mortgage broker. Next engaging the developer's mortgage ...
- redflagwheels
- Apr 30th, 2023 2:44 pm
- Forum: Real Estate
- Real Estate
-
Apr 30th, 2023 2:44 pm
-
What happens when remaining balance on mortgage is less than monthly payment
Setting up a prepayment strategy for my mortgage and want to pay it off in the 5 year term. Obviously getting it down to exactly $0 at term end is tricky. What happens if I prepay enough that by the second last payment my remaining balance is ...
- darkest_night
- Apr 22nd, 2023 12:25 pm
- Forum: Real Estate
- Real Estate
-
Apr 22nd, 2023 12:25 pm
-
Help, in the middle of divorce, mortgage up for renewal end of month and need to extend it
So getting a divorce and our mortgage is up for renewal at the end of the month and we are not there yet to finalize what to do with the house. there is a 6 month renewal option at 6.99% that's closed so lots of penalties if we break before ...
- The_Madz
- Apr 12th, 2023 8:36 am
- Forum: Real Estate
- Real Estate
-
Apr 12th, 2023 8:36 am
-
Renewing your Canadian mortgage as an expat?
... the forums and the web and couldn't find a clear answer. My wife and I will officially be considered non-residents of Canada as of this May. Our mortgage is set to renew next year. Has anyone gone through this and can provide some guidance on what happens? From what I've read, I can get an expatriate ...
- unshavenyak
- Apr 7th, 2023 11:00 am
- Forum: Real Estate
- Real Estate
-
Apr 7th, 2023 11:00 am
-
Declaring primary residence with mortgage as rental
I currrently have a 1.6% fixed rate mortgage (70% equity, have cash on hand to pay it off now) on my current primary residence (1st detached SFH). If I want to buy a second SFH to move into and rent out the 1st SFH how do I: - declare the 1st ...
- Elfwood
- Apr 2nd, 2023 11:24 am
- Forum: Real Estate
- Real Estate
-
Apr 2nd, 2023 11:24 am
-
Looking BMO Mortgage Specialist
Hi,I am looking for a great BMO mortgage specialist in Ontario with experience on HELOCs, and superb reviews . Please DM if this is you.
- DaveYYZ
- Apr 2nd, 2023 8:38 am
- Forum: Real Estate
- Real Estate
-
Apr 2nd, 2023 8:38 am
-
Newcomer Mortgage program (A Lender)
Hi I am wondering if banks are still offering newcomer program for mortgage. My friend got PR last year and his full time job income is $100,000 (included current base salary and average of 2 two year bonus). He has no other personal loans. He is looking ...
- oajlu
- Mar 26th, 2023 10:23 pm
- Forum: Real Estate
- Real Estate
-
Mar 26th, 2023 10:23 pm
-
Monthly or Bi-weekly Mortgage payments?
We are with TD Home Equity Flexline and our rate is prime - 0.97%. We opted for paying monthly since we got our mortgage about 3 years ago. We are paying $2,000 monthly but since several interest rate hikes our mortgage payments now only goes to interest since January. Our goal ...
- desertfox
- Mar 13th, 2023 2:54 pm
- Forum: Real Estate
- Real Estate
-
Mar 13th, 2023 2:54 pm
-
Proceeds of Home Sale - towards new mortgage or investments?
... didn't help us figure out what to do). We are purchasing a new house - we just put down the deposit and have 90 days to finalize financing. Our mortgage broker is asking us how much we want to put as a down payment so she can find a rate for us. We are trying to figure out a path forward. A ...
- Jaysap
- Mar 12th, 2023 2:07 pm
- Forum: Personal Finance
- Personal Finance
-
Mar 12th, 2023 2:07 pm
-
Can you use a personal corp to buy an investment property in cash and setup a mortgage between you and the corp?
If someone is looking at buying an investment property but has the funds in their personal corp to buy the property in cash, can they than setup a mortgage agreement between the individual and the corporation? In theory the corp would than act as the lender and a mortgage agreement would be created ...
- FedExpress
- Mar 7th, 2023 10:57 am
- Forum: Personal Finance
- Personal Finance
-
Mar 7th, 2023 10:57 am
-
Keeping mortgage under $1mil with side payment?
Wondering how common / possible this is? Say a seller is asking $1.05 mil - that's $210k down But what if purchase agreement is $999k - $75k down required and a side payment of $51k to match the difference = total pmt of $126k Not talking about under the table or illegal ways, but what if there's a ...
- Middal
- Mar 2nd, 2023 11:03 am
- Forum: Real Estate
- Real Estate
-
Mar 2nd, 2023 11:03 am