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Thread: Tim's Mortgage News / Rates and FAQ's

  1. #441
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    Without knowing the amount of the car loan, or credit score that’s impossible to answer

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    20K on the car loan

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    Monthly payment... also is the $25k guaranteed? Does the YTD on the stub support that? What is the two year claimed income as per T4/NoA? Increasing year over year? Decreasing? Any other debts?

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    Quote Originally Posted by ercchry View Post
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    Monthly payment... also is the $25k guaranteed? Does the YTD on the stub support that? What is the two year claimed income as per T4/NoA? Increasing year over year? Decreasing? Any other debts?
    I wanted a more approx answer not specific but no hes already been laid off once this year because the company folded, this is the new job and hes only had it for 3 months, some of that time was not working due to covid shutting the restaurant down. All i know is he lives pay check to pay check.

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    Quote Originally Posted by nzwasp View Post
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    I wanted a more approx answer not specific but no hes already been laid off once this year because the company folded, this is the new job and hes only had it for 3 months, some of that time was not working due to covid shutting the restaurant down. All i know is he lives pay check to pay check.
    Honestly I doubt most places would qualify him so 175k would be what he can buy since that'd be it. a) Short work history doesn't indicate stable income and b) He owe's 80% of his yearly income in a car loan ... thats two huge red flags. he might have a better chance if he pays off the vehicle loan with 20k from the downpayment then waits ~3-6 months to seem more stable at his new job.
    Nolan

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    Quote Originally Posted by nzwasp View Post
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    I wanted a more approx answer not specific but no hes already been laid off once this year because the company folded, this is the new job and hes only had it for 3 months, some of that time was not working due to covid shutting the restaurant down. All i know is he lives pay check to pay check.
    Well... this is why I ask, on the A side... not looking great. If credit is stellar a big bank might do 50% LTV... maybe...

    Most likely sounding like a B deal... so would need to qualify based on:

    $75/month for heat
    1/2 of any condo fees
    Property taxes
    Probably using a rate of 6.5% (rate plus 2%)
    Car loan payment and any other debts (3% of any cc or LOC balances)

    Up to 80% LTV and 50% TDS... or 65% LTV and 65% TDS... If he has taxes Filed showing Steady earnings and a couple stubs showing he has stable hours at a similar position then income will work

    Or private Of course... not sure what the appetite is like these days but if they’re in first position they would probably do up to 70-80% LTV and expect rates of 9%+, income doesn’t matter

  7. #447
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    Quote Originally Posted by Buster View Post
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    ya, @TimLacroix is fantastic.
    Thanks for the shout out @Buster
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

  8. #448
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    Quote Originally Posted by ercchry View Post
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    Well... this is why I ask, on the A side... not looking great. If credit is stellar a big bank might do 50% LTV... maybe...

    Most likely sounding like a B deal... so would need to qualify based on:

    $75/month for heat
    1/2 of any condo fees
    Property taxes
    Probably using a rate of 6.5% (rate plus 2%)
    Car loan payment and any other debts (3% of any cc or LOC balances)

    Up to 80% LTV and 50% TDS... or 65% LTV and 65% TDS... If he has taxes Filed showing Steady earnings and a couple stubs showing he has stable hours at a similar position then income will work

    Or private Of course... not sure what the appetite is like these days but if they’re in first position they would probably do up to 70-80% LTV and expect rates of 9%+, income doesn’t matter
    Well in this situation the most screwed up thing is that his mom wants to buy the house for 350k max. He heard in his mind my mom is giving me 350K. However also the mom thinks the best way to hide money from the govt is putting her assets in her childrens name which we all know is dumb. Anyway so my wife and my bil would have to be on a title but he cant get a mortgage by himself when my wife is also on the title. So my wife told him to go get an unsecured loan for 100K or tell the mom to split the money 50/50 and then he could just buy a house (not a condo) for 175k plus whatever he could qualify for. The mom is gonna live in this house too.

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    Wtf... call Tim, alternative lenders exist for a reason. Sounds like plenty of ways to structure this

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    Another thumbs up for Tim!

    Called him this morning for an advice on what he thinks of the 'promotional' offer from my bank. He told me that the offer can definitely can be better. Gave my bank a call and told them what other banks are offering based on Tim's advice and got a much better rate.

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    Quote Originally Posted by HiSpec View Post
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    Another thumbs up for Tim!

    Called him this morning for an advice on what he thinks of the 'promotional' offer from my bank. He told me that the offer can definitely can be better. Gave my bank a call and told them what other banks are offering based on Tim's advice and got a much better rate.
    or you know.. use Tim's services??? LOL

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    Quote Originally Posted by gwill View Post
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    or you know.. use Tim's services??? LOL
    yeah, wtf? Lol moving out of my house as I speak and once I'm ready to buy another one, @TimLacroix is my first call.

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    Quote Originally Posted by ercchry View Post
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    Wtf... call Tim, alternative lenders exist for a reason. Sounds like plenty of ways to structure this
    I used tim for my renewal too however in this situation Im waiting for them to find a house first.

  14. #454
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    Quote Originally Posted by nzwasp View Post
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    I used tim for my renewal too however in this situation Im waiting for them to find a house first.
    No, you need to talk to him first. The details are super important here.

    Also your wife can register an interest after everything is closed too, so doesn’t have to be on mortgage but can leave her equity in the property so mom can have a place (and stay out of your house! Haha)

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    Quote Originally Posted by gwill View Post
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    or you know.. use Tim's services??? LOL
    I did feel bad for getting free advice. Lol
    But this renewal will be a short term renewal. Planning for a moving up, will consult with Tim when the time comes.

  16. #456
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    Current Rates to Open Week July 27, 2020

    Prime Rate - 2.45%

    PROMOTIONS

    5 Year Fixed - 1.89% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90-129 days (some restrictions)

    5 Year ARM/VRM - 1.70% High Ratio Purchase or Switch Only, Owner Occupied, Close in 90-120 days (some restrictions)

    -------

    Full Feature Rates up to 120 day rate protection
    Starting at:

    3 Year Fixed - 1.95% * High Ratio

    5 Year Fixed - 1.94% to 2.14% * High Ratio
    5 Year Fixed - 2.10% to 2.39% * Conventional

    5 Year ARM/VRM - 1.90% - 2.20%

    HELOC Rates Prime +0.50%

    Refinance Rates
    5 Year Fixed - 2.25% - 2.49%

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

    OAC, some terms and conditions may apply, rates subject to change without notice
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

  17. #457
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    Whats the gut feel on next 5 years.. got an offer to lock in at 1.99 for 5, currently at 1.55 (td prime - 1.05)

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    Quote Originally Posted by Brent.ff View Post
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    Whats the gut feel on next 5 years.. got an offer to lock in at 1.99 for 5, currently at 1.55 (td prime - 1.05)
    This is a tough answer... what are your plans in the next 5-years?

    One thought or strategy is to increase payments as if you took the 1,99% rate. This would put more payments toward principal while taking advantage of the 1.55% variable rate.
    - variable would give the option of low penalty if you sell or need to break your mortgage
    - I assume your renewal is at least 3 to 4 years from now based on your -1.05% discount?

    It is expected that BoC will likely maintain current rates until 2022-23.
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

  19. #459
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    Thanks. Currently we are increasing our payments to be about the same as the 1.99, and have till Jan 2024, paying rapid biweekly

    Quote Originally Posted by TimLacroix View Post
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    This is a tough answer... what are your plans in the next 5-years?

    One thought or strategy is to increase payments as if you took the 1,99% rate. This would put more payments toward principal while taking advantage of the 1.55% variable rate.
    - variable would give the option of low penalty if you sell or need to break your mortgage
    - I assume your renewal is at least 3 to 4 years from now based on your -1.05% discount?

    It is expected that BoC will likely maintain current rates until 2022-23.

  20. #460
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    --> If you increase each year a little too... huge impact to your balance and interest. Then you worry less about the BoC rate changes.
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Kardia Mortgage Inc
    www.TimLacroix.com

    If you have any questions please feel free to PM me or email [email protected]

    Click here to View current Mortgage Rates

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