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Old 02-17-2010, 01:31 AM   #16
Robb
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This means we need to stop buying shit for our cars and save money ! LoL
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Old 02-17-2010, 07:57 AM   #17
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this is the info i got from my Realtor:
-You need to be approved for a 5yrs fixed rate mortgage to qualify, but you can still have a variable rate.
-If refinancing the bank can only give you 90% of the value of your home instead of 95%
-If you are buying another property other than your primary one, you need to pay 20% up front
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Old 02-17-2010, 08:17 AM   #18
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Quote:
Originally Posted by Deep 3.2TL View Post
and I believe it's 25% to avoid CMHC fee's.
It's definitely 20%, I just bought a house a couple months ago. Also breaking a mortgage contract isn't that expensive, at least mine doesn't seem to be. I'd have to pay an extra three months interest (with ING Direct at least), that doesn't seem like a big deal.
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Old 02-17-2010, 08:56 AM   #19
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Deep is correct if its not going to be your current residence your going to need %20 down.You can still go open variable or fix,its to control the speculators who's income is not high enough if they decide to buy multiple units that not going to be a primary residence.With the HST coming in and this new mortgage regulations it will weed out about %70 of the speculators but also hurt the non speculators with the increase closing cost because of the HST.
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Old 02-17-2010, 09:19 AM   #20
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It's definitely 20%, I just bought a house a couple months ago. Also breaking a mortgage contract isn't that expensive, at least mine doesn't seem to be. I'd have to pay an extra three months interest (with ING Direct at least), that doesn't seem like a big deal.
I think it's more a function of the bank, rather than CMHC rules (they cannot impose rules).

ING may require 20% but BMO needed 25%, at least 3 years ago when I got my mortgage.

Either way - when my mortgage comes up, I'm going with Manulife One.

http://www.manulifeone.com
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Old 02-17-2010, 10:06 AM   #21
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AIG is also offering mortgage insurance. Put CMHC out of business I say becasue it is racketeering taking money from people who don't have it.

I made some movements and didn't pay it this time because I put down 20% but basically CMHC stole around $12K off me over the years. The amount of money they generate versus the payouts is staggering.

Another scam is the extra mortgage insurnance over $300,000 have to pay extra dough even though you paid CMHC already. Banks send a nurse over to take blood and piss its a circus...for $300,000? WTF is that these days a 1bdrm condo? a townhouse in the burbs?
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Old 02-17-2010, 10:10 AM   #22
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Originally Posted by thinair View Post
It's definitely 20%, I just bought a house a couple months ago. Also breaking a mortgage contract isn't that expensive, at least mine doesn't seem to be. I'd have to pay an extra three months interest (with ING Direct at least), that doesn't seem like a big deal.
Read it more carefully, the standard terms are the greatest of, 3 months interest or IRD. The latter clause has almost never mattered, to the point where they don't even mention it to you. IRD, or interest rate differential, is basically designed to cockblock you from trying to jump ship to a much better rate like what has happened over the past few years. The way it works is they take your remaining term, look up THEIR current equivalent rate for THAT term (including any discounts they'd give you), and the penalty is the difference in their interest income off you at the current rate you're paying, and this one.

So say you have a 6% mortgage with 3 years left, and their rate for a 3 year with discounts, is 3.5%. You owe them 3 years worth of interest payments at 2.5%!!!

But I doubt it'll happen again any time soon, it'll probably be the other way around for a while, with IRD being negative lol.
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Old 02-17-2010, 02:03 PM   #23
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Read it more carefully, the standard terms are the greatest of, 3 months interest or IRD. The latter clause has almost never mattered, to the point where they don't even mention it to you. IRD, or interest rate differential, is basically designed to cockblock you from trying to jump ship to a much better rate like what has happened over the past few years. The way it works is they take your remaining term, look up THEIR current equivalent rate for THAT term (including any discounts they'd give you), and the penalty is the difference in their interest income off you at the current rate you're paying, and this one.

So say you have a 6% mortgage with 3 years left, and their rate for a 3 year with discounts, is 3.5%. You owe them 3 years worth of interest payments at 2.5%!!!

But I doubt it'll happen again any time soon, it'll probably be the other way around for a while, with IRD being negative lol.
to break a mortgage is either 3 months interest or interest rate differential whatever is greater. you dont have to pay all of the interest. Just the differenve between the current rate and the rate you are financed at...or something along those lines.
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Old 02-17-2010, 03:39 PM   #24
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The federal government has announced changes to the rules for government-backed insured mortgages (less than 20 percent down payment) as follows:

- All borrowers will be required to meet the standards for a five-year fixed rate mortgage even if they choose a mortgage with a lower interest rate and shorter terms.
- Reduced maximum amount that can be withdrawn in refinancing a government-backed insured mortgage to 90 per cent from 95 per cent of the value of the home.
- Require a minimum down payment of 20 per cent for government-backed mortgage insurance on non-owner occupied properties purchased for speculation. Borrowers purchasing owner-occupied residential properties will still be able to access government-backed mortgage insurance with a 5 per cent down payment.


Additional detail: http://www.fin.gc.ca/n10/data/10-011_1-eng.asp
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Old 02-19-2010, 07:54 PM   #25
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Quote:
Originally Posted by Deep 3.2TL View Post
I think it's more a function of the bank, rather than CMHC rules (they cannot impose rules).

ING may require 20% but BMO needed 25%, at least 3 years ago when I got my mortgage.

Either way - when my mortgage comes up, I'm going with Manulife One.

http://www.manulifeone.com
It's 20% anywhere now, it used to be 25%

As stated on page 32
http://www.cmhc-schl.gc.ca/en/co/buh...ersGuide_E.pdf
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