Quantcast
Tim's Mortgage News / Rates and FAQ's - Page 23 - Beyond.ca - Car Forums
Page 23 of 30 FirstFirst ... 13 22 23 24 ... LastLast
Results 441 to 460 of 582

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

  1. #441
    Join Date
    Feb 2005
    Location
    calgary.ab.ca
    My Ride
    E90M3 510 Wagon
    Posts
    8,025
    Rep Power
    64

    Default

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

  2. #442
    Join Date
    May 2010
    Location
    Calgary,AB
    My Ride
    2015 Kia Forte5 SX
    Posts
    1,008
    Rep Power
    17

    Default

    20K on the car loan

  3. #443
    Join Date
    Feb 2005
    Location
    calgary.ab.ca
    My Ride
    E90M3 510 Wagon
    Posts
    8,025
    Rep Power
    64

    Default

    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?

  4. #444
    Join Date
    May 2010
    Location
    Calgary,AB
    My Ride
    2015 Kia Forte5 SX
    Posts
    1,008
    Rep Power
    17

    Default

    Quote Originally Posted by ercchry View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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.

  5. #445
    Join Date
    Mar 2010
    Location
    Calgary
    My Ride
    Ioniq 5
    Posts
    1,792
    Rep Power
    46

    Default

    Quote Originally Posted by nzwasp View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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.

  6. #446
    Join Date
    Feb 2005
    Location
    calgary.ab.ca
    My Ride
    E90M3 510 Wagon
    Posts
    8,025
    Rep Power
    64

    Default

    Quote Originally Posted by nzwasp View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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
    Join Date
    Jul 2011
    Location
    Calgary
    My Ride
    GMC Sierra
    Posts
    13
    Rep Power
    0

    Default

    Quote Originally Posted by Buster View Post
    This quote is hidden because you are ignoring this member. Show Quote
    ya, @TimLacroix is fantastic.
    Thanks for the shout out @Buster
    Thanks,
    Tim Lacroix | 403-648-1541
    Mortgage. Made Easy Experts
    Mortgage Connection
    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
    Join Date
    May 2010
    Location
    Calgary,AB
    My Ride
    2015 Kia Forte5 SX
    Posts
    1,008
    Rep Power
    17

    Default

    Quote Originally Posted by ercchry View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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.

  9. #449
    Join Date
    Feb 2005
    Location
    calgary.ab.ca
    My Ride
    E90M3 510 Wagon
    Posts
    8,025
    Rep Power
    64

    Default

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

  10. #450
    Join Date
    Jan 2004
    Location
    MooooooO
    My Ride
    AWD grandpa wagon
    Posts
    2,294
    Rep Power
    23

    Default

    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.

  11. #451
    Join Date
    Oct 2014
    Location
    alberta
    Posts
    322
    Rep Power
    16

    Default

    Quote Originally Posted by HiSpec View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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

  12. #452
    Join Date
    Dec 2005
    Location
    not calgary
    My Ride
    changes every year
    Posts
    5,369
    Rep Power
    45

    Default

    Quote Originally Posted by gwill View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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.

  13. #453
    Join Date
    May 2010
    Location
    Calgary,AB
    My Ride
    2015 Kia Forte5 SX
    Posts
    1,008
    Rep Power
    17

    Default

    Quote Originally Posted by ercchry View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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
    Join Date
    Feb 2005
    Location
    calgary.ab.ca
    My Ride
    E90M3 510 Wagon
    Posts
    8,025
    Rep Power
    64

    Default

    Quote Originally Posted by nzwasp View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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)

  15. #455
    Join Date
    Jan 2004
    Location
    MooooooO
    My Ride
    AWD grandpa wagon
    Posts
    2,294
    Rep Power
    23

    Default

    Quote Originally Posted by gwill View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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
    Join Date
    Jul 2011
    Location
    Calgary
    My Ride
    GMC Sierra
    Posts
    13
    Rep Power
    0

    Default

    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
    Mortgage Connection
    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
    Join Date
    Jun 2009
    Location
    Calgary, Alberta
    My Ride
    '14 Taco
    Posts
    808
    Rep Power
    34

    Default

    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)

  18. #458
    Join Date
    Jul 2011
    Location
    Calgary
    My Ride
    GMC Sierra
    Posts
    13
    Rep Power
    0

    Default

    Quote Originally Posted by Brent.ff View Post
    This quote is hidden because you are ignoring this member. Show Quote
    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
    Mortgage Connection
    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
    Join Date
    Jun 2009
    Location
    Calgary, Alberta
    My Ride
    '14 Taco
    Posts
    808
    Rep Power
    34

    Default

    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
    This quote is hidden because you are ignoring this member. Show Quote
    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
    Join Date
    Jul 2011
    Location
    Calgary
    My Ride
    GMC Sierra
    Posts
    13
    Rep Power
    0

    Default

    --> 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
    Mortgage Connection
    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

Page 23 of 30 FirstFirst ... 13 22 23 24 ... LastLast

Similar Threads

  1. Welcome Tim Lacroix- Canada Mortgage Direct

    By JordanLotoski in forum Real Estate / Finance
    Replies: 48
    Latest Threads: 05-16-2016, 04:09 PM
  2. Introducing New Mortgage Mobile App - Tim Lacroix

    By TimLacroix in forum Real Estate / Finance
    Replies: 7
    Latest Threads: 01-16-2016, 01:08 PM
  3. Fixed Mortgage Rates - News & Updates

    By TimLacroix in forum Real Estate / Finance
    Replies: 9
    Latest Threads: 07-01-2013, 06:37 PM
  4. FS: Tim Hortons Roll Up The Rim $100 Tim Card Winner SOLD

    By Adrenaline101 in forum Miscellaneous Buy/Sell/Trade
    Replies: 0
    Latest Threads: 03-12-2013, 04:33 PM
  5. Tim hortons quickpay tim card - BECAREFUL!!!

    By SilverRex in forum General
    Replies: 21
    Latest Threads: 06-07-2008, 08:41 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •