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Ottawa Mortgage Broker - Dan Faubert
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Ask the Mortgage Guy!
Ask the Mortgage Guy!

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Ottawa Mortgage Broker - Dan Faubert's posts

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Everyone should read this article(from CBC), even if they only have a dollar invested!
http://bit.ly/IFeelDuped
Read the article right to the bottom, who would have thought what a difference a "vowel" can make in a title.
I'm not saying you should run from the system and invest blindly on your own through a self directed plan. But this article should open your eyes and make you ask more questions of those you TRUST blindly with your money.

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For those of you with a million bucks burning a hole in your pocket, and a few insecurities, here is the vehicle for you :)
http://bit.ly/1OaPDEU

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An interesting article on the history of CMHC(Canada Mortgage and Housing Corp).
http://bit.ly/1GG7QSE
For complete Mortgage rates and terms go to www.mortgagemoney.ca
Dan :)

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An interesting article that reminds us of the fact that we are at historical low rates today, both variable and fixed. Keep that in mind when making your next decision of what term to take.
http://bit.ly/1Liynuy
For complete mortgage rates and terms go to www.mortgagemoney.ca
Dan :) 613-222-2624

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An interesting article to remind us that not all mortgage penalties are created equally. Let it be know that all lenders that show high "posted" rates on their web sights- ie 5 yr fixed of 4.64% will have Interest rate differential penalties that are significantly higher than lenders that post more realistic rates- ie posted 5 yr fixed rate of 2.64%. All of the major banks use this practice, show high 5 year fixed rates, offer you a discount, and then if you ever have to break the mortgage early, WATCH OUT.

As a mortgage broker, I try to use those lenders that post the lower rates, and also offer great discounted rates. Minimizing the penalty if a mortgage has to be broken during term. Usually it is the trust companies and credit unions that have the lower penalties. This is just one of the many reasons to use a mortgage broker that is aware of MORE than JUST THE RATE.
http://on.thestar.com/1NWZMmB
For complete mortgage info, rates and terms, visit me at www.mortgagemoney.ca
If you have been hit with a large bank mortgage penalty, let others know. Real life examples are what open peoples eyes.
Dan :)

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If you were thinking to save the 20% down payment, to avoid a mortgage insurance premium, before buying a home, you might want to think again.
http://bit.ly/1KzMyK2
This article is current with the expectation of possibly smaller annual increases in value than in the past. Which I think is realistic.
I can tell you, if over the last 10 years you have waited, then you have already missed some large increases in property values in the city of Ottawa. The future though could play out differently with flatter value increases. Time will tell.
With purchasing the right real estate, I am a firm believer in owning the roof over your head. Housing is one thing you will always need, and even if you see flatter valuations in the future, at least you are having forced savings in the principle payback of the mortgage.
I see everyday in my business that people in general, are not great savers, and at least by owning your own home, you should always end up with a paid off house as a nest egg.
That is, as long as you don't refinance over the years to pay down debt. But that's another story in itself.
If you own a home, how has it worked out for you? Happy you bought, or wish you had rented?
For complete mortgage rates and terms go to www.mortgagemoney.ca

2.39% 5 yr fixed closing by Jan 15th, 2016
insured only(less than 20% down payment)

2.44% 5 yr fixed closing by Jan 15th, 2016
conventional mortgage(more than 20% down payment)
www.mortgagemoney.ca
These are historical LOW rates, and this mortgage is NOT a restrictive mortgage, has full privileges. 20% lump sum prepayment.
This has to have you variable rate believers out there rethinking the gamble?
Anyhow, food for thought.
Have a great week,
Dan 613-222-2624 

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A short video from the Globe and Mail on whats up this week, Bank of Canada Rate Set etc
http://bit.ly/1UyqpUv
For complete mortgage rates and terms see www.mortgagemoney.ca
Dan :) 613-222-2624

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I was on CFRA's "Experts On Call" on last Saturday afternoon. We spent most of the hour talking about "is rate really everything". A topic dear to my heart. There is so much competition out there for the same mortgage business, that lenders are coming out with new products that shave .05 or.10% off a 5 yr fixed rate, but at the same time remove privileges that I believe are more important to have than the slightly lower rate.
The link to the podcast is below.
For complete mortgage rates and terms, see www.mortgagemoney.ca
Have a great day,
Dan :)

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So I have been away a week out west, but checked and no real changes in rates. What a surprise
It has been this way for some time now, the bond market has fluctuated a fair amount(to the point we were sure fixed rates were going up), and yet it stabilized again, and have had no real 5 yr fixed rate changes in months.
Yes the Bank of Canada rate has dropped, but still not a significant spread between the 5 yr fixed of 2.54% and the current best variable of around 2%.
And then today, and article that I have to say really can't be worded better, so I have to share. An article from the Globe called "Why Variable rate mortgages are more expensive than you think".
http://bit.ly/1IyBQTb
An excellent article worth a read if you think you are asking your self the age old question of whether I should go fixed or variable.
Best 5 yr fixed, full privileges still 2.54%, best variable rate 2.00%(Prime -.70%).
For full terms and rates see www.mortgagemoney.ca.
Or call Dan at 613-222-2624.
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