Mortgage Question

Re: Mortgage Question

feeds@yuku.com (RoMa) — Wed, 04 Jun 2008 07:42:52 GMT

bump

Re: Mortgage Question

feeds@yuku.com (speedyforme) — Thu, 17 Apr 2008 09:07:01 GMT

^ thanks, I can never tell if they are American'ts or not...

Yes I understad the variable rate, the payments = same the only difference is how much of the principle gets paid off vs interest, seems like everyone I know has a variable

as far as value going down, chances are they won't as far as I know, the worst is that it never appreciates and I am VERY anti-condo, those fees scare me...

Re: Mortgage Question

feeds@yuku.com (ripeplum) — Thu, 17 Apr 2008 08:58:18 GMT

Again what is true in the States is not how it works up here. A variable rate mortgage is exactly like a fixed, with the same terms offered. The only difference is you get a lower interest rate and there is the possibility of it going up. Again this happens slowly and not overnight, and you can lock in at any time. Don't let the Americans confuse you Speedy. Talk to a mortgage broker or your personal banker they should clear it all up for you.

oh, and ps the day real estate...

Re: Mortgage Question

feeds@yuku.com (DylanMcKay6969) — Thu, 17 Apr 2008 08:12:19 GMT

I don't get this part...

Arms adjust after a few years(they are typically locked for 2 or 3 years) and then you have to re-fi to avoid the rate going skyhigh. If your home appreciates, refinancing is no problem, if it depreciates like a lot of homes are doing then you could be in a bind. Plus why waste part of your equity paying to re-fi your house, get a fixed rate, Arms are a scam.

Re: Mortgage Question

feeds@yuku.com (speedyforme) — Thu, 17 Apr 2008 07:37:53 GMT

ripeplum wrote:
Tres up here we get the banks to compete for our business - again at least in my neck of the woods, equity is key in getting a good rate - as long as you have the requisite 20% down and have a decent job the borrower is pretty much in the drivers seat. Sorry, I can't help you there.

Token, there is no cap on the variable rate as far as I know but it moves so slowly and infrequently you would...

Re: Mortgage Question

feeds@yuku.com (MMMadcow) — Thu, 17 Apr 2008 07:32:04 GMT

Tres, our loan wasn't contingent on our selling our present home. We got a great interest rate, and no problems, until now. Homelessness sucks ass.

Re: Mortgage Question

feeds@yuku.com (DylanMcKay6969) — Thu, 17 Apr 2008 07:20:06 GMT

speedyforme wrote:
OK so when they ask you for your annual gross income, easy
when they ask you for expected heating costs, easy
when they ask you about your down payment, easy

when they ask you about monthly debt and give car payments, credit card debts, school loans etc. do they just mean obligated debt, not like monthly expenditures right? so say I have no credit card carryover because I pay it...

Re: Mortgage Question

feeds@yuku.com (CBRetriever) — Thu, 17 Apr 2008 05:03:05 GMT

we can pay extra on the principle on most fixed loans thus paying them off earlier w/o penalties - I paid mine off several years before I was supposed to have done so and that was on a 15 year fixed rate mortgage

Re: Mortgage Question

feeds@yuku.com (ripeplum) — Wed, 16 Apr 2008 23:28:46 GMT

Tres up here we get the banks to compete for our business - again at least in my neck of the woods, equity is key in getting a good rate - as long as you have the requisite 20% down and have a decent job the borrower is pretty much in the drivers seat. Sorry, I can't help you there.

Token, there is no cap on the variable rate as far as I know but it moves so slowly and infrequently you would have plenty of notice when to lock in. You would have to be a real gambler to not lock...

Re: Mortgage Question

feeds@yuku.com (token lunatic) — Wed, 16 Apr 2008 22:39:30 GMT

Is there a cap at all on a variable rate, like say 10%?

Re: Mortgage Question

feeds@yuku.com (Tres Gay) — Wed, 16 Apr 2008 22:38:20 GMT

May I piggy back on this?

I have a house in Richmond that I'm keeping. I only owe about $70k on it. After a down payment our new house will have about a $100k mortgage. We can definitely afford both payments and will rent out the Richmond house. Will the bank be more dickish about the mortgage on the second house and rape me with high interest? My credit rating is on the high end of good but is not excellent.

Re: Mortgage Question

feeds@yuku.com (ripeplum) — Wed, 16 Apr 2008 22:31:29 GMT

A variable rate mortgage up in Canada is actually a very safe mortgage. The Bank of Canada sets it's rates about every 3 months, there are times that there is an unscheduled movement in rates but historically this has been downward to stimulate the economy. Secondly most variable rate mortgages have a lock in feature that would let you lock in at any time - something to consider if rates start to creep up and hit what you would have locked in at had you gone fixed. It doesn't seem...

Re: Mortgage Question

feeds@yuku.com (squashthebeef) — Wed, 16 Apr 2008 21:22:26 GMT

Basically I just want a variable rate that is the lowest I can get.

Thanks, that was the best laugh I've had all week. Serially.

Re: Mortgage Question

feeds@yuku.com (donbrasco4) — Wed, 16 Apr 2008 21:20:46 GMT

MMMadcow wrote:
I have a question....say a family put an offer on a home, offer was accepted, time ticks by, all is supposedly well. An appointment is made, by the sellers, to sign at THEIR choice of title company. Less than two weeks before closing, we get word that the house doesn't have a clear title, the home is probably going into foreclosure, and our present home is no longer ours as of May 1.
Legally, I can...

Re: Mortgage Question

feeds@yuku.com (MMMadcow) — Wed, 16 Apr 2008 21:09:19 GMT

Tell me about it. I'm sure we've missed some great houses, thinking we were set. Now I have to start all over again.

I can't take it. Seriously, my neck feels funny. Can you die from your neck feeling tight and funny? Gosh, I hope I wake up tomorrow...

Re: Mortgage Question

feeds@yuku.com (CBRetriever) — Wed, 16 Apr 2008 21:00:15 GMT

oh, noooooooooooooooo!

that's terrible

Re: Mortgage Question

feeds@yuku.com (MMMadcow) — Wed, 16 Apr 2008 20:57:02 GMT

I have a question....say a family put an offer on a home, offer was accepted, time ticks by, all is supposedly well. An appointment is made, by the sellers, to sign at THEIR choice of title company. Less than two weeks before closing, we get word that the house doesn't have a clear title, the home is probably going into foreclosure, and our present home is no longer ours as of May 1.
Legally, I can hunt down this prick and beat him with assorted sticks, of my choosing. Correct?

Re: Mortgage Question

feeds@yuku.com (IFY0USEEKATE) — Wed, 16 Apr 2008 20:50:19 GMT

Do not get an adjustable or variable rate! Remember OT and always go with FIXED!

You also have to figure in your escrow payments for your property taxes when looking at how much you can actually afford. Those calculators that say you can pay $600 per month for a $200,000 home are not figuring in the property taxes, your homeowners insurance, or any PMI (private mortgage insurance) that you may need to pay. You also need to consider maintenance for your home and any deductible on...

Re: Mortgage Question

feeds@yuku.com (ripeplum) — Wed, 16 Apr 2008 19:56:58 GMT

You could sit down with any mortgage broker and they will get you the best rate but there is really no sense in wasting your time at this point. 2 years is a long time in real estate and banking, who knows what will be. Educate yourself on the costs of home ownership and the closing costs as well - a lot of people are quite surprised by the land transfer tax and the lawyer fees.

One word of warning; anytime you fill out any info online asking about mortgages with a mortgage broker...

Re: Mortgage Question

feeds@yuku.com (CBRetriever) — Wed, 16 Apr 2008 19:19:39 GMT

fixed - a variable rate can also go way up real quick

Mortgage Question

feeds@yuku.com (speedyforme) — Wed, 16 Apr 2008 13:35:13 GMT

OK so when they ask you for your annual gross income, easy
when they ask you for expected heating costs, easy
when they ask you about your down payment, easy

when they ask you about monthly debt and give car payments, credit card debts, school loans etc. do they just mean obligated debt, not like monthly expenditures right? so say I have no credit card carryover because I pay it off every month, I have no more student loans, I don't have anything on my car because I...