Tim's Mortgage News / Rates and FAQ's

[J-D]

Originally posted by asp integra
Saw mortgage rules are changing this month, what all will be different?

I could be wrong, but...

Now you have to qualify with the posted Bank of Canada rate, instead of the discounted rate.

So as an example if the 5 year fixed rate is like 2.50%, you have to qualify at almost double that right now at 4.64%.

[TimLacroix]

Originally posted by asp integra
Saw mortgage rules are changing this month, what all will be different?

Hi integra,

Yes there are some new changes to qualifying for mortgages. I was traveling today when the announcement was made so will have a more comprehensive post tomorrow.

Essentially one of the biggest changes is at the rate at which you will now need to qualify for a mortgage. Previous to this change, if you took a 5 year fixed or longer, you qualified for your mortgage at that contract rate... essentially 2.49% today.

With the changes, you will now need to qualify at 4.64% which is the Bank of Canada's posted rate. Typically the only terms that qualified at this rate was variable, and 4 years terms and lower.

What the impact will be is a lower amount you will qualify for. More to come... a updated announcement will come tomorrow. Call if you have questions... or email.

[TimLacroix]

Originally posted by 403ep3
Waited for everything to clear and stay in the new place a couple weeks until I wrote a review.

Tim and Colton were fantastic to deal with any were always prompt and detailed with their responses. They answered all our questions and always reassured us they had our back, and they did. We are now at our new place and had no hassle with getting the approvals done and with handing over our documents needed.

Thanks again Tim and Colton. Will use on my next purchase, although that won't be for awhile!

Sorry for the delayed response 403ep3...

Just wanted to say thank you for the kind words. Please let us know if there is anything else we can do anytime throughout your mortgage... questions of any kind. Cheers. and congratulations on your new place!

[TimLacroix]

Current Rates to Open Week Oct 24, 2016, 2016

Prime Rate - 2.70%

Special Rate Offers

5 Year Fixed - 2.34% High Ratio Only, Owner Occupied, some restrictions apply.

5 Year ARM/VRM - 2.15% High Ratio Only, Owner Occupied, some restrictions apply.

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.19%
3 Year Fixed - 2.24%
4 Year Fixed - 2.39%
5 Year Fixed - 2.44% - 2.49%

3 Year + ARM - 2.20% * Maturity is Nov 2019
5 Year ARM/VRM - 2.20%

HELOC Rates Prime +0.50%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.59%* High Ratio and Conventional
5 Year Fixed - 12 Month Rate Hold - 3.24%* High Ratio
5 Year Fixed - 12 Month Rate Hold - 3.34%* Conventional

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[Zero102]

Did rates just come back down? Your post from the 3rd says 2.49 for 5 year fixed full featured, and an email I got from you around the 13th talked about the new rules bumping rates up 0.1%

[TimLacroix]

Originally posted by Zero102
Did rates just come back down? Your post from the 3rd says 2.49 for 5 year fixed full featured, and an email I got from you around the 13th talked about the new rules bumping rates up 0.1%

Thanks for the note... typo at 2.39%. However, we do have 2.39% for High Ratio deals closing within 45-60 days.

The 5 year is 2.44% to 2.49% right now for between 90 and 120 day rate protection).

ALL of the above are FULL featured only difference is time to close and whether it is High Ratio or not.

Yes some lenders have raised rates, not all as of yet. Since the last update some have launched a couple of promotions but do expect these rates to adjust again mid Nov.

[TimLacroix]

Current Rates to Open Week Nov 14, 2016, 2016

Prime Rate - 2.70%

Special Rate Offers

5 Year Fixed - 2.34% High Ratio Only, Owner Occupied, some restrictions apply.

5 Year ARM/VRM - 2.15% High Ratio Only, Owner Occupied, some restrictions apply.

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.19%
3 Year Fixed - 2.24%
4 Year Fixed - 2.39%
5 Year Fixed - 2.44% - 2.49%

3 Year + ARM - 2.20% * Maturity is Nov 2019
5 Year ARM/VRM - 2.20%

HELOC Rates Prime +0.50%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.59%* High Ratio and Conventional
5 Year Fixed - 12 Month Rate Hold - 3.24%* High Ratio
5 Year Fixed - 12 Month Rate Hold - 3.34%* Conventional

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Hi Beyonders...

We are receiving notices that rates are rising tonight for a few lenders and likely will see more announcements today and as the days come.

The 5 Year Bond Yield has risen quite a bit since the US election. The bond has increased approx. 0.20 +...

We are seeing 5 year fixed rates increasing by about 20bps on the rates posted above.

Call or email if you have questions.

[TimLacroix]

Current Rates to Open Week Nov 21, 2016

Prime Rate - 2.70%

Special Rate Offers

5 Year Fixed - 2.34% High Ratio Only, Owner Occupied, 60 days Quick Close

5 Year ARM/VRM - 2.20% High Ratio Only, Owner Occupied

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.19%
3 Year Fixed - 2.24%
4 Year Fixed - 2.39%
5 Year Fixed - 2.44% - 2.49% *some restriction and may not last much longer (average 5 year is approx. 2.64% and up)

3 Year + ARM - 2.20% * Maturity is May 2020
5 Year ARM/VRM - 2.25%

HELOC Rates Prime +0.50%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.74%* High Ratio and Conventional
5 Year Fixed - 12 Month Rate Hold - 3.04%* High Ratio
5 Year Fixed - 12 Month Rate Hold - 3.14%* Conventional

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Rates are increasing again this week. There are a number of changes that have occurred and the announcements from lenders have started to roll in today.

I will be reviewing and providing some updates over the next few days as there are a number of rate changes to decipher through.

NOTE: There will be more changes effective January when the next set of changes occur. Please PM or reach out if you have questions.

[TimLacroix]

Current Rates to Open Week Dec 5, 2016

Prime Rate - 2.70%

Special Rate Offers

5 Year Fixed - 2.44% High Ratio Only, Owner Occupied, 60-90 days Quick Close

5 Year ARM/VRM - 2.20% High Ratio Only, Owner Occupied

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.29%
3 Year Fixed - 2.34%
4 Year Fixed - 2.39%
5 Year Fixed - 2.69%

NOTE; Refinance transactions have adjusted pricing:
5 Year Fixed - 2.74% -- up to 25 year amortization - add 0.10% for 30 year amortizations

3 Year + ARM - 2.20% * Maturity is May 2020
5 Year ARM/VRM - 2.25%

HELOC Rates Prime +0.50%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.79%* High Ratio and Conventional
5 Year Fixed - 12 Month Rate Hold - 3.09%* High Ratio
5 Year Fixed - 12 Month Rate Hold - 3.19%* Conventional

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[TimLacroix]

Heads Up everyone...

Rates are changing daily. Lenders are adjusting to the rule changes from Oct 17th and on Nov 30... as well the increase in the 5-Year Bond Yield since the US election.

Along with the increase in standard rates, there are rate Premiums on a variety of products to be aware of:

* Rentals will see a rate premium of approx. 25bps (0.25%) over and above a Principal Owner Occupied Property
* Amortizations over 25 years - we are seeing some lenders with a 10bps rate premium
* Refinances - we are seeing some lenders with different rates on refinances

Along with the mortgage changes and rate premiums... it is very important to reach out early to ensure you understand all your options and protect rates. We do expect to see more changes in the coming months.

Please reach out for a free no obligation call or meeting to discuss your situation and options.

[TimLacroix]

Rates are adjusting upwards again. There continues to be pressure on the 5-Year Bond Yield.

As well there have been some market adjustments with OPEC decision earlier this week with Oil and the CDN Dollar being up and then the recent US Fed rate announcement today!

If you are looking to purchase, refinance or renew a mortgage within the next 4 months... you may want to consider protecting current rates as we do expect another rate increase in Jan 2017, in part due to some of the mortgage guideline changes to the banks & insurers.

Feel free to reach out for a free no obligation coffee / meeting to review options.

[Gestalt]

If we want to start investing in real estate as a long term investment, is it better to do this personally, or as a holding company of some type? We don't need any income from the investments, and we would use any income, as future down payment for future purchases. A rough 10 year goal my wife and I discussed it to own 6 rental properties, and perhaps one or two commercial properties, if circumstances are favorable.

Also, how would a holding company go about getting a mortgage? And would having these mortgages and properties hinder our credit and ability to buy our personal dream home?

Can you help, or recommend who might be good to discuss this?

[TimLacroix]

Originally posted by Gestalt
If we want to start investing in real estate as a long term investment, is it better to do this personally, or as a holding company of some type? We don't need any income from the investments, and we would use any income, as future down payment for future purchases. A rough 10 year goal my wife and I discussed it to own 6 rental properties, and perhaps one or two commercial properties, if circumstances are favorable.

Also, how would a holding company go about getting a mortgage? And would having these mortgages and properties hinder our credit and ability to buy our personal dream home?

Can you help, or recommend who might be good to discuss this?

Please PM me your contact information and time to chat tomorrow afternoon or Friday. This is a little more in depth then replying here.

[TimLacroix]

As most have seen, fixed rates continue to change and we have seen some variable rate discount changes too. Updated rates will be posted Monday - in the meantime, please review existing promotions or PM me for available rates.

This rates won't last much longer!

Purchase Transactions ONLY

5 Year 2.49%
- High Ratio & Conventional
- Must close January 31, 2017

5 year P-45 to -0.50%
- High Ratio & Conventional
- 90 day rate hold

* Not available for switches or rentals

Other terms and rates available... please contact me if you have questions.

[ricosuave]

I just wanted to post a note here (and on calgarypuck.com) that Tim was fabulous to deal with when I was searching around for a mortgage.

Tim was very thorough, constantly checking in as the approval process completed, and made sure that everything was in order. He explained every part of the process and even fielded questions about real estate in general to help ease my mind about such a significant purchase.

In short, if you are looking for a new mortgage, or a renewal, you should give Tim a call and see what he can do for you.

Thanks again, Tim!

[TimLacroix]

Originally posted by ricosuave
I just wanted to post a note here (and on calgarypuck.com) that Tim was fabulous to deal with when I was searching around for a mortgage.

Tim was very thorough, constantly checking in as the approval process completed, and made sure that everything was in order. He explained every part of the process and even fielded questions about real estate in general to help ease my mind about such a significant purchase.

In short, if you are looking for a new mortgage, or a renewal, you should give Tim a call and see what he can do for you.

Thanks again, Tim!

Thank you for the kind words. It was my pleasure though!

Thank you for connecting with us and giving us the opportunity to win your trust and business.

[TimLacroix]

Current Rates to Open Week Jan 2, 2017

Prime Rate - 2.70%

Special Rate Offers

2 Year Fixed - 2.14% High Ratio Only, Owner Occupied, 120 Days Close

5 Year Fixed - 2.49% High Ratio Only, Owner Occupied, 60 days Quick Close
5 Year Fixed - 2.69% High Ratio Only, Owner Occupied, 120 Days Close

5 Year ARM/VRM - 2.10% High Ratio Only, Owner Occupied

Full Feature Rates -- 90 to 120 day rate protection
Starting at:
2 Year Fixed - 2.34%
3 Year Fixed - 2.44%
4 Year Fixed - 2.49%
5 Year Fixed - 2.69%

3 Year + ARM - 2.20% * Maturity is May 2020
5 Year ARM/VRM - 2.25%

HELOC Rates Prime +0.50%

Refinance Rates
5 Year Fixed - 2.74% - 2.89%

Builder - New Home Mortgage Rates
5 Year Fixed - 6 Month Rate Hold - 2.84%* High Ratio and Conventional
5 Year Fixed - 12 Month Rate Hold - 3.20%* High Ratio
5 Year Fixed - 12 Month Rate Hold - 3.30%* Conventional

Rental Rates
5 Year Fixed - 3.04% - 3.19%

Call or PM for MORE "UnPublished" rates or other term information.

OAC, some terms and conditions may apply, rates subject to change without notice

[colinderksen]

Is anyone out there right now able to beat HSBC's 2.35% 5 year fixed? Scotia, ATB, and Royal all told me they couldn't come close to touching that.