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Right before the pandemic and right when interest rates went up really high, gosh
ОтветитьGood video , 👍
ОтветитьI Just subscribed and liked
ОтветитьAppreciate this informative video. It brings clarity and is easy to follow. Thank you!
Ответить"the chances of your [variable] interest rate jumping significantly in a short period of time are very, very low" - That did not age well lol.
ОтветитьWhat is the maximum amortization period allowed in Canada on an investment property with 20% down?
ОтветитьThis didn’t age well
Ответить2 years later people who are on variable mortgages are crying buckets
ОтветитьWhy doesn’t Canada have fixed rate mortgages longer than 5 years? Why not 10, 20, or 30 year fixed rate mortgages, like in other countries? Has this always been so in Canada? When did it change?
ОтветитьSegen means ostrich in Tigrinya language
ОтветитьThe issue is that either the renter or the owner must in some way pay insurance and property taxes if they want a "permanent roof" with utilities like electricity, gas and water. Because of this, many people—at least in California, where I currently reside—are living in tents. No taxes, rent, mortgages, or insurance. The number of people who tell me they live in their car that I meet amazes me. Its crazy out here!
ОтветитьWould love an updated version of this, since so mych has changed with rates in 2023
ОтветитьHey Nolan,
Can you tell us the reality update on what variable rate holders have been going through since you've posted this video with all the rate hikes? Are many going homeless with default and having to rent? Are most able to still hold up their mortgage but how much is the reduced quality of life due to it? More of a reality day to day impact on people in this real-life scenerio if you can! :) thanks!
the fixed rate is for 5 years unlike in the USA which is why everyone is freaking out right now in canada becuase the bank just increased the rate again and lots of people are due to adjust their morgtage rate again
ОтветитьDoes having variable mortgages still work in 2023? People are about to roast
ОтветитьWatching this in 2023 and listening to "Interest rates jumping significantly in a short period of time is very very low" haha. Thanks for the informative video though
ОтветитьThey say interest is not calculated in advance and say interest calculated semi-annually, not monthly, seems this is more expensive than monthly calculation
ОтветитьThey paid 750 dollars for taking mortgage through them and 500 dollars for appraisal without mortgage insurance so that was never a problem in Canada with banks and the mortgage rates are competitive, mean the remain same.
ОтветитьHi, I appreciate your valuable videos
I have the following questions
1. To whom the filled up loan application submitted to?
2. How much is the deposit that accompany conditional offer?
3. Who will prepare Conditional Sold Document?
4. If the house price is high, will the buyer get a higher mortgage loan than he was pre- qualified for because house itself is collateral?
5. To whom the "Commitment on the Loan" written by underwriter be submitted to?
6. What are the legal documents prepared by the buyer attorney?
7. To whom the Conditional Sold Document is submitted to?
8. To whom the conditional offer made by the buyer realtor is submitted to ?
9. To whom the “Commitment on the Loan” done by the underwriter is submitted to?
Regards
I know this was recorded two years ago, but it’s surreal we’re now living out the time of high variable rates when back then the chances of them hiking up was low. 😅
ОтветитьCan you as a mortgage agent renew your own mortgage
ОтветитьThis is a scam. Don’t listen to this guy.
Summary: I am mortgage broker. Keep getting mortgages. Dont go to your bank. Does not explain anything about all the hidden and interest fees you’ll be paying.
Don’t fall for mortgage scam. Get educated by someone who is not selling mortgages!
Variables have hurt many people the past 12 months or even more
Ответитьexcellent
ОтветитьThose who get the variable rates last year are screwed this year 2023. I renewed my mortgage last 2019 just the start of Covid 19 in December. Something inside me is telling me to get the 5 year fixed rate for 2.4% rate. At that time the variable was like 1.6%. My friends told me not to get the fixed rate because variable is the best and the rate isn't gonna go up anytime soon. But I had a bad feeling about the Covid19. I followed my gut feelings and took the 2.4% fixed rates for 5 years. Today the rate is like 6%! I feel bad for those who got the variable in the last two years. They feel the pinch right now with the higher mortgage rate.
ОтветитьGod bless your soul for this video! Really wanna learn everything I can about the adult life here in Canada before it really hits me later on so this was super helpful. Subbed and can't wait to learn more from you :D
ОтветитьVariable is good unless the fed raises interest rates at the fastest rate in 40 years
ОтветитьWatching this video pre 2022 I might’ve believed you about interest rates not jumping in a short period of time 😬
ОтветитьThanks Sir.
ОтветитьAre you aware of any lenders that service western Canada who offer draw mortgages when building in a new community with a typical "production" or "semi-custom" home builder? Do you know which lenders offer interest payments only? Thanks
Ответитьu need to define terms before using them
ОтветитьMaybe its time to give them a rundown on how mortgages rip them off, especially if they move often.
Ответитьhow does owning other properties outright change the mortgage approval? do Canadian banks offer mortgage points?
ОтветитьCan we do part payment towards our Mortgage Loan to reduce the loan term and principal amount? Do we need to pay any penalty for that?
ОтветитьThey told me not to do a fixed rate mortgage. Now in July 2022 it is starting to seem like it would have been a good idea.
ОтветитьVery useful, thanks for sharing!
ОтветитьAmazing video - very helpful!
ОтветитьInformative video ever.. you help from simple foundations to compose aside complexities. This video give useful tips and can’t wait to watch more educations from your channel!
ОтветитьThanks for this rundown! Great to have an understanding while watching what's happening with the market now.
ОтветитьHow did Scott MacGillivray get a mortgage without a job ???
ОтветитьGet fixed and use Martin's mortgage maneuver to avoid the heavy penalties :)
ОтветитьCan explain what exactly is the accelerated payments and benefits/savings from doing it?
ОтветитьReally useful insides of mortgage👍🏻👍🏻
ОтветитьPerfectly explained
ОтветитьThe process is exactly same in india 🇮🇳.
The only small difference is interest rate
You guys pay 1to 2% interest.
We pay 7 to 9% as interest rates
Exactly the video I was looking for. Fantastic content. Keep it up and this channel will explode with subscribers!
ОтветитьSo basically mortgage insurance is rip off and take more money from a person so bank and insurance make money. In mortgage beneficiary is always a bank and if you default the bank will take your house and will sell and get their money back. And in case of Canada the homes are just selling like piece of cake and bank would never and never lose money but will gain money.
ОтветитьHey thanks for the videos. Whats your opinion on mortgage Co-signing?? Or do you have any info on this? I'm wondering if its a good option for me to get into the market a bit earlier with a cheaper 1st time home and will have a serious pay increase by the second year of the mortgage. Just wondering how much the co signer influences the approval since i have a fairly low income at the moment but my mortgage payments on a cheaper condo/house would be equal or less what I currently pay for rent.
ОтветитьHi there! Just a question- I’m in Alberta and since interest rates are nice and low right now, do you still think variable would be the way to go? I mean, it’s unlikely they’re going to get much lower, so you can only go up!
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