Mortgage Broker

[Hamsnacks]

Currently in the market for a house due to the family growing. In the past I went with TD and had no issues. Been renting the past 5 years and now I may have found a house. Only issue is the mortgage rates at these banks is absolutely ridiculous, even if you do find a good deal on a house your payments would still be high due to the rate.

I've personally never been a fan of brokers, just always preferred a big company like a bank when it came to things like this. But looking online these brokers definitely have better rates right now, I was specifically looking at the company called Canwise, with a 3.29 fixed rate for 5 years.

Anyone have any experience with Canwise, or good success with another broker or is a broker themselves?

Thanks!

[R3illy]

I've used Jon taggart with dominion lending on a few properties now.
7809906809

I avoid the big banks for the reasons your seeing. They like to play alot of games come renewal time and want to work stupid bank hours. Forget about getting an appointment short notice or having someone available if you have any questions.

[Hamsnacks]

@r3illy you've had good experience with them no hidden fees or issues after a few years? Rate was competitive? I'll give him a call, did you want me to mention you as a referral if that benefits you in anyway?

[sns2]

https://timlacroix.com/mortgage-rates/

He is an AO Site sponsor.

[243plus]

Any time me, or my kids, have used a mortgage broker the result was better than dealing with our own banks.

Weird but true.

[Dweb]

Michelle macgarvey from dominion lending her office is on 91st street in Edmonton

Got me my mortgage after Cibc laughed me out of their office

[R3illy]

@r3illy you've had good experience with them no hidden fees or issues after a few years? Rate was competitive? I'll give him a call, did you want me to mention you as a referral if that benefits you in anyway?

theres no referral needed. Hes been great. I can txt anytime theres an issue or question and I get a response. Anytime I need a renewal if I want to switch lenders or need to know what the rates are I get an immediate response.

The banks always want to play games to get the actual rates the brokers start with. Ultimately it's a numbers game as the banks have lots of clientele so no need to be as transparent as others.

[Ebrand]

Trena McIntyre. With TD.

1 (780) 905-8003

Worked an absolute miracle for me and made it seem easy.

[Coiloil37]

Lori Donovan at source mortgage in sylvan lake is excellent. I’m to lazy to write how good she’s been every time I need to renew or buy a property but she’s worth giving a call.

[DiabeticKripple]

I got 3.29% 5 year fixed with RBC in August.

The mortgage broker I talked to after couldn’t get the same rates.

[Hamsnacks]

I got 3.29% 5 year fixed with RBC in August.

The mortgage broker I talked to after couldn’t get the same rates.

That's definitely unheard of these days, I will give them a call and try the others mentioned above.

It's honestly ridiculous how they expect people to own homes these days when they offer these stupid rates, and then all the requirements needed on top. Plus rent just keeps going higher.
I'm worried about those that signed 4-5 years ago with a low rate and now have to renew with way higher interest rates, what if you were already barely making ends meet.
I honestly think we will see people lose their houses soon which should not be happening in this country.

[whitetail Junkie]

https://timlacroix.com/mortgage-rates/

He is an AO Site sponsor.

X2

[Trochu]

Just curious, but have you actually sat down and talked with the bank or just looking at the rates online? Depending on your situation, the advertised rates and rates they'd offer you can be very different.

[Hamsnacks]

Just curious, but have you actually sat down and talked with the bank or just looking at the rates online? Depending on your situation, the advertised rates and rates they'd offer you can be very different.

I was mainly going through advertised rates online just cause I remember in the past, they always gave that line, we really can't give you an exact rate until we start the application and get an answer, didn't want to waste my time or theirs. But I did schedule some appointments this week with a bank and a broker so I guess we'll see what happens. But you are correct, the advertised rate does mean that's the only rate they can give you.

Some side information, realtor was saying 2018 was the worst year in a long time for the number of houses on the market that did not sell. It's a buyer's market right now, plus it's been harder for people to get approved, he's had houses that were listed in the summer that are still available simply due to the fact people can't get the money, the offers are there but they always fall through.
Crazy right now.

[Hunter gatherer]

Use a broker. In saying that if you think rates are high now they could even go much higher. My first mortgage was over 10% and that was a deal. Previously they were as high as 18%. People today don't realize the rates have been so low for so long they have become complacent.

[reddeerguy2015]

Kate Racz

403-331-8553

Kate@theplacetomortgage.com

http://www.theplacetomortgage.com/kate/

Can't beat this one. Cute too! :sHa_shakeshout:

[Dean2]

Check ATB Financials posted rates, they typically have among the lower posted rates, should give you a pretty good idea how low you can get most banks, credit Unions etc. Also, they have higher prepayment without penalty allowances than many of the banks though this does vary widely. The way ATB calculates their payout penalties uses the lower posted rates and can make a huge difference in the amount you have to pay if you end up needing to pay your mortgage out early.

There is more to a mortgage than just the rate. Also, a lot of Credit Unions have easier qualification rules without the jacked up interest rates many lenders offer because they aren't Federally regulated like the Banks. Might be worth throwing one of them into the mix for qualification purposes if you are having trouble getting a yes out of the Banks.

https://www.atb.com/rates/Pages/mortgage-rates.aspx


Closed Fixed-Rate Mortgages
1 year 3.34% 3.50% APR
2 years 3.54% 3.61% APR
30 month 3.64% 3.69% APR
3 years 3.74% 3.78% APR
4 years 3.84% 3.86% APR
5 years 3.89% 3.90% APR
7 Year High Ratio Insured 3.99% 3.99% APR
7 Years Conventional 4.29% 4.28% APR
7 Year Cashback 5.04% 5.17% APR
Open Fixed-Rate Mortgages
6 months 4.50% 4.80% APR
1 year 4.50% 4.64% APR
2 years 4.50% 4.56% APR
Open Variable-Rate Mortgages
6 months 4.95% 5.25% APR
1 year 4.99% 5.13% APR
2 year 4.99% 5.04% APR

[dmac]

Not sure about the comments above regarding appointments and questions answered in a bank branch. A TD mortgage specialist will come to you. That is all they do.

[alex8486]

3.62 closed 4 years TD yesterday.

[Weedy1]

It's honestly ridiculous how they expect people to own homes these days when they offer these stupid rates, and then all the requirements needed on top. Plus rent just keeps going higher.
I'm worried about those that signed 4-5 years ago with a low rate and now have to renew with way higher interest rates, what if you were already barely making ends meet.
I honestly think we will see people lose their houses soon which should not be happening in this country.

Who's fault is that except the homeowner? If people are foolish enough to max out there credit and think rates won't change then they have nobody to blame except themselves.
Plus the majority of single family homes sold in the last 20 years (Edmonton) are complete overkill for the average family. People don't need half of what they buy.

[Okotok]

Best rate I found was through Ratehub. 3.29 5 year fixed and 2.65 5 year variable.

[Weedy1]

Best rate I found was through Ratehub. 3.29 5 year fixed and 2.65 5 year variable.

I haven't renewed a mortgage in years but I would assume you could take the best rate you can find and negotiate the same rate at any given bank if the terms were similar? Yea or nay?

[mindoutside]

Rising rates can definitely be a hard pill to swallow. What has kept people out of there homes is the bench mark qualifying rate. But as far as I have seen, bond yields are low, and the Bank of Canada is now predicted to keep the overnight lending rate still for a while.

This basically signals steady or slight lower rates in the next 6 months.

I am a morthgage broker and would love to help anyone.

Www.paulhernandez.ca or 403 437 2625 or paul@cmexp.com

[DiabeticKripple]

Kate Racz

403-331-8553

Kate@theplacetomortgage.com

http://www.theplacetomortgage.com/kate/

Can't beat this one. Cute too! :sHa_shakeshout:

This is the place that couldn’t get the rate I got from RBC.

I had Julie and she was very nice, even sent me a Christmas card! She did manage to get the same rate about 3 weeks later but I had already signed the paperwork on my first house!

[sillyak]

I got 3.29% 5 year fixed straight from RBC as well when I renewed earlier this year.

Stricter mortgage qualifying rules are a good thing! If you can't pay your mortgage if rates were to rise to the historic average of 7%, you own too much house. If you can barely get by at 3.3% you really need to rethink buying a house, rates will probably trend upward over the next few years.

[daveyn]

I got 3.29% 5 year fixed straight from RBC as well when I renewed earlier this year.

Stricter mortgage qualifying rules are a good thing! If you can't pay your mortgage if rates were to rise to the historic average of 7%, you own too much house. If you can barely get by at 3.3% you really need to rethink buying a house, rates will probably trend upward over the next few years.

Absolutely correct. I do some mortgage work with a Big 5 bank and I can't tell you how many times I've heard "whats the most money we can borrow to buy a house" Just people setting themselves up to lose everything by trying to buy the biggest baddest house they can and willing to put every nickel of disposable income into a house payment. You try to counsel people that interest rates in 5 years could easily put their mortgage payment out of reach. They don't care. The right question is "this is the payment we can afford including property taxes, this is what we have for a down payment, what price range should we be looking at."

So yeah, rate isn't everything, find somebody, banker, broker, credit union,ATB who is willing to sit down with you and look at the big picture, your entire financial picture and can counsel you on the implications of what you are trying to do beyond interest rates etc...NOTE>>>>almost invariably the lowest rate mortgages have the least flexibility when it comes to lump sum payment percentages or increasing your payments or provisions to skip payments if you have a rough month, and have the highest prepayment penalties, sometimes the lowest rate isn't the cheapest.

[Big Grey Wolf]

Always thought brokers were just agents for banks. They do not have their own money. When it comes time to renew they All want to get their pound of flesh $$ and make up for their believed losses during first term.

[Dean2]

Interesting to see just how quickly interest rates are rising. This from ATB's website this morning. Anyone who stayed in the Variable rate mortgages over the past few months is bound to be one REALLY unhappy camper. Current variable rates are already far higher than the recent 5 year fixed rates were. I had thought it would take about 12 months for that to happen, but it ramped a lot quicker than I expected.


Closed fixed-rate mortgages
1 year
5.49%
2 years
5.79%
30 month
5.84%
3 years
5.89%
4 years
5.99%
5 years
6.09%

Open Fixed Rate

6 months
6.00%
1 year
6.00%
2 years
6.00%


Closed variable-rate mortgages
5 years
4.65%
Open variable-rate mortgages
6 months
6.50%
1 year
6.54%
2 years
6.54%

[Big Grey Wolf]

Agree Dean, did not take banks long to get rates on almost All mortgages now at 6%. Starting to hurt younger folks who just bought homes.

[Dean2]

Agree Dean, did not take banks long to get rates on almost All mortgages now at 6%. Starting to hurt younger folks who just bought homes.

I hear you. I have a lot of trouble feeling sorry for anyone that bought in the last year and did not go for a fixed rate mortgage. It is a gamble that just wasn't worth taking. The ones I actually feel sorry for are those still trying to get into the market as these rates are going to make it very hard. I do not think we will see house prices come down enough to offset, there is still far more demand than there is supply.

[Big Grey Wolf]

Just saw on news that we are looking at 15% drop in house prices over next year. Thus some younger buyers may get a price break if not a mortgage interest break.

[mindoutside]

Interesting to see just how quickly interest rates are rising. This from ATB's website this morning. Anyone who stayed in the Variable rate mortgages over the past few months is bound to be one REALLY unhappy camper. Current variable rates are already far higher than the recent 5 year fixed rates were. I had thought it would take about 12 months for that to happen, but it ramped a lot quicker than I expected.


Closed fixed-rate mortgages
1 year
5.49%
2 years
5.79%
30 month
5.84%
3 years
5.89%
4 years
5.99%
5 years
6.09%

Open Fixed Rate

6 months
6.00%
1 year
6.00%
2 years
6.00%


Closed variable-rate mortgages
5 years
4.65%
Open variable-rate mortgages
6 months
6.50%
1 year
6.54%
2 years
6.54%

ATB is not a great reference to bench mark rates. Plenty of variables got signed at prime -1.25% putting them at 2.45% now. And these are mortgages without prepayment clauses. Just standard, non big bank 20/20

[Positrac]

I hear you. I have a lot of trouble feeling sorry for anyone that bought in the last year and did not go for a fixed rate mortgage. It is a gamble that just wasn't worth taking. The ones I actually feel sorry for are those still trying to get into the market as these rates are going to make it very hard. I do not think we will see house prices come down enough to offset, there is still far more demand than there is supply.

I would agree Dean. Having just gone through buying a house in Edmonton and still watching on the MLS new places going pending within a few days of being listed it’s kind of a double wammy for new buyers. Prices are still up and mortgage rates are also up with everything pointing to them going higher.

[Jim Blake]

I wonder what the rates will be if the BOC hit the 3% mark, which according to Macklin could be very possible? Not good!!

[Dean2]

I wonder what the rates will be if the BOC hit the 3% mark, which according to Macklin could be very possible? Not good!!

I actually think the Bank of Canada rate is going to be in the 5-6% range within 18 months. The Governor is already warning they will likely have to go above the 3% neutral rate to tame inflation. That will put fixed mortgages in the 9-10% range and Variable in the 7% zone. People think things are tough now, they ain't seen nothing yet.

[Jim Blake]

I actually think the Bank of Canada rate is going to be in the 5-6% range within 18 months. The Governor is already warning they will likely have to go above the 3% neutral rate to tame inflation. That will put fixed mortgages in the 9-10% range and Variable in the 7% zone. People think things are tough now, they ain't seen nothing yet.

Yes, a very dismal outlook, but it will be reality, and for quite a long period of time!!

Inflation..."transitory" to "entrenched"...what a bunch of bufoons!!

[Big Grey Wolf]

It should not hit most provinces/cities with homes at $400/$500K range. However Vancouver and Toronto with $1-$2million homes your whole pay check will need to go towards paying the mortgage at 8-10% rate.

[Jim]

It should not hit most provinces/cities with homes at $400/$500K range. However Vancouver and Toronto with $1-$2million homes your whole pay check will need to go towards paying the mortgage at 8-10% rate.

It’s all relative to income, if you make $250k a year a one million dollar home is four times your yearly income. If you make $50000 a year a $400,000 home is eight times your yearly income. So in fact the person with the $400,000 home is in a worse position. If you’re making $250k a year chances are your in a career with few people capable of doing your job and hard to replace. If you are making $50000 a year there is lots of people who most likely can do your job. So in a recession the person making $50,000 should be the one who is worried about losing their job/home.

[Big Grey Wolf]

Not true during 1980's in Alberta when mortgage rates hit 20% it was the high end million $$ homes that where the first to be walked away from and given keys to the banks.

[Jim]

Not true during 1980's in Alberta when mortgage rates hit 20% it was the high end million $$ homes that where the first to be walked away from and given keys to the banks.

A million dollar home in the 80’s would be like a ten million dollar home today, not comparable at all. You also didn’t have middle class homeowners leveraged to the roof with HELOC and lines of credit as many are today.