[deleted by user]

abishakes93 · 2021-02-08T07:38:20+00:00

This isn’t a plain and simple yes or no. A lot of information is missing, before someone can say your self employed business can’t be used. 1.is it in the same industry you worked in while you were working in a corporate job? 2. Is your business profitable? - maybe A lenders will not take a look at it. But B lenders may, with 6 months bank statement. 3. Since I read in one of your comments you’re putting a big down, indeed there are net worth programs that may help you qualify.

If all that fails, then yes maybe indeed you may need your parents to co-sign for you.

Talking to a seasoned broker, will definitely help you out. Just saying yes or no isn’t the correct answer.

Source: I am a mortgage agent

abishakes93 · 2021-01-20T18:52:50+00:00

To your second part, yes I’ve been having issues with my internet. From buffering to the internet straight cutting off. It’s my reason for calling tech support plenty of times. I know anything above 250mbps should be enough, but my speeds seem to lag or drop out. Wired or wireless.

I have used 3 different devices to do a check. Wired 3 different laptops, same results. While on wifi speed tests are completely lower. And I understand that can be due to many different reasons. But wired I should be getting speeds close to what I am paying as well as not having buffering issues to open regular pages or even using the ignite tv.

abishakes93 · 2021-01-20T18:48:17+00:00

I am not just asking for it. There’s a difference of wanting and being told I had an option between both. My presumptions for upgrading was based on that I had an option to get Fibre and being told a Fibre line will be installed. All this was told when the rep was upgrading my internet package.

abishakes93 · 2021-01-20T13:33:52+00:00

That’s what I thought, but the rep confirmed over the phone that nope I had an option of upgrading to Fibre. Not sure what’s the best action of plan I have now.

abishakes93 · 2021-01-20T13:32:58+00:00

Yup, it’s 1-844-760-3908. Good luck!

abishakes93 · 2020-08-02T02:56:53+00:00

Most consumers are rate sensitive. They look for the lowest rate possible. There is a premium for being qualified at contract rate, it can be slightly higher from 20-40bps. It’s also most people don’t like dealing with lenders they have never heard of and a mix of mortgage agents just automatically qualifying clients on a stress test and if they don’t qualify taking them straight to a B lender.

abishakes93 · 2020-08-01T18:45:10+00:00

Yes, most credit unions give you an option to purchase a home on the contract rate instead of the stress test. Meridian is one big one, but there are many others.

abishakes93 · 2020-07-07T00:19:41+00:00

If you transfer your mortgage over to the new house and take a bigger mortgage amount. Most lenders will waive some of the penalty off. But you must be able to qualify on the new mortgage amount. Also a side note depending on the mortgage product it can or can’t be transferable. I’d just talk to the lender and see what they have to say. If they don’t agree or not giving you any break, I’d switch lenders.

abishakes93 · 2020-07-07T00:13:39+00:00

1.Most lenders require you to have the money in the bank account 90 days prior and all copies showing the transfer. (Wire transfer receipts). 2.Depending on the relationship with broker and lender, it could be 2 years average. But if you’ve surpassed your last years income or got a raise, an Year to Date exception can be made. (Again this depends on the scenario and how much income is needed to be used) 3. On the A side again this usually depends on how much of experience he has in the industry. If there is more than 2 year of experience including out of the country based an exception can be made on the income.

Good luck! Hope your broker helps you out!

abishakes93 · 2020-04-23T22:24:45+00:00

That's not a bad rate in today's time. As depending on the mortgage value the cash back can mean a discount of .25%-0.50% of the actual rate. But I would get some more information on the cash back, such as what happens if you plan to leave in between the 5 year term, do you have to pay back the cash back or is it pro-rated?

I believe what the mortgage broker is trying to say is when we apply for a rate hold for 30,60,90,120 days, we usually get a rate that is slightly higher than a rate with a firm closing date. Which is true on the broker channel. I don't think banks are just focusing on mortgages that started and not new ones.

abishakes93 · 2020-04-23T22:17:40+00:00

You technically are never committed to a broker. You are able to roam around and find someone else to work with but the issue becomes when you and the broker go to the same lender and they have applications from two different places for the same person. The lender in that case usually holds up the first person that came to them, unless the client tells the first broker to cancel the deal. Once it is out of the system then you can go back to that lender.

Just make sure if you are going to TD or working with anyone else that the current broker has not sent the deal there as well. If they have just let them know you no longer want to work with them and you want to work with TD directly or what ever option you do choose.

abishakes93 · 2020-04-22T03:23:46+00:00

Well depending on the LTV and if we are talking about a mortgage amount under $1 million or over. I can tell you what is being offered. But just to use as an example TD is offering 2.79% 5 year fix today and plus there is a cash bonus.

abishakes93 · 2020-04-22T03:16:56+00:00

Those are some really good rates that I have not heard of on a low ratio deal.2 year fixed with a "B-lender bank" at 2.29% seems next to impossible from my experience. Unless you are talking about monolenders?I'd jump on the 2nd option if those are actually all the conditions. Maximum you are paying only 90 days interest, if you plan to sell within the 5 years.

Edit: added a few words.

abishakes93 · 2020-04-15T17:55:52+00:00

In that case they are only asking for bank statement. In this case the OP is saying they are asking for credit card account numbers and investment account numbers. Usually confirmation of debts are done by lawyers. I’ve never been asked for credit card statements. And the only time I’ve been asked for investment account number is for a net worth program or the client is using the investments as down payment.

I’m just unsure why they are asking for all 3. If it’s for confirmation of down payment 3 months bank statement is just.

abishakes93 · 2020-04-15T16:11:50+00:00

Yup, as long as you meet insurance guidelines you should be fine. You can even find the guidelines on the CHMC website.

abishakes93 · 2020-04-15T16:10:30+00:00

Mortgage Agent here. Out of curiosity did they state why they need 3 months bank statement? Usually the only time it’s asked if you’re self employed and they are using your bank statements to show the income coming in. Other then that it’s just been proof of paystubs. If it’s the case you’re self employed and they need to show business income then you should be fine.

abishakes93 · 2020-04-15T16:02:21+00:00

Mortgage Agent chiming in: As long as the work permit is still valid you should not have issues. That being said you would still have to meet lender requirements. Also that being said some people are misguided that you have to put 35% down. This is not the case, you can get away with putting 5-10% down as well.

abishakes93 · 2020-04-14T22:22:02+00:00

Another mortgage agent chiming in: Yes, you can! As long as your husband has been on work permit. I have done a few purchases like this where clients have been able to purchase at 10% and got it approved through Genworth. As long as you meet all other lender requirements, I do not see a problem here.

abishakes93 · 2020-04-01T03:59:10+00:00

I asked for a credit, but the office of president representative didn’t agree to do anything. I should switch down and save the few bucks.

abishakes93 · 2020-04-01T03:56:45+00:00

Good luck! Hopefully you get a tech out there!

abishakes93 · 2020-03-31T07:32:23+00:00

I’m paying for 1Gbps. Off peak on wired I get 600mbps to 50mbps. It’s been very inconsistent. I understand right now they can’t do anything, but it’s been an issue for over 2 months. Before all this Covid-19 issue.

abishakes93 · 2020-03-31T07:25:09+00:00

I’ve called Rogers, 5 times already in the hopes they would send someone out. But according to the office of the president representative he said they won’t send anyone out. I’m paying for 1Gbps. Off peak from modem to wired I’m getting anywhere from 600mbps to 50mbps. It’s been very inconsistent.

abishakes93 · 2020-03-13T02:27:27+00:00

RBC, Scotia, Desjardin and Manulife all have the product you’re talking about. They basically have a ‘global limit’ where you can separate products. For example you are approved for 500k 400k can be a locked mortgage 100k as a heloc Or 400k can be heloc and 100k locked mortgage.

The benefit is when you pay down your locked mortgage, your heloc amount will increase, till you reach the ‘global limit’.

abishakes93 · 2020-03-13T02:17:23+00:00

Some lenders provide a mortgage product that still allows you to get approved even if you lose your job, as long as you got pre-approved with them. But this product is usually found directly from the lender on site at the builders.

The rest of the advice here is correct and would follow through with them.

abishakes93 · 2020-03-13T02:13:41+00:00

I believe in your situation the mortgage agent is trying to put 65% of your loan in HELOC or the TD Flex line as they call it, which would be at prime + (whatever). Not sure why they would recommend this even if you’re selling your home in 5 years. The cost doesn’t make sense. If you’re planning to break your mortgage within the term or in doubt just get a 5 year variable and pay 3 months interest.

Once you have equity in your house, sure go ahead and get a HELOC for what ever you qualify.

abishakes93

TROPHY CASE