We appreciate you using NASB for your mortgage needs. 25 years is going to be the most common now since low ratio bulk insured mortgages cannot qualify at 30 years now. Your resource for free mortgage rate quotes and informative articles about home loans including all aspects of the home loan application and approval process. [–]lifesnirony 0 points1 point2 points 3 years ago (3 children). house Those don't really exist anymore. I work as a mechanical engineer during the day. One difference I found is that because my income is almost entirely from revenue property, the banks were only willing to look at the rent from the upper suites of a duplex with a non conforming basement suite, whereas other lenders don't seem to care and considered the whole house rental income. This is why mortgage brokers do not like collateral mortgages. Moving to MCAP with a big buy down was also a pain so I just negotiated with BMO using HSBC's pricing. That sounds like a great deal except there are lenders who are offering lower rates through mortgage brokers. landlords Plus a lot of credit cards have some sort of protection for purchases made on the card (these vary though). A lot of brokers I know do much less volume and some do struggle. This is common for this time of year. At first you needed to have $100,000 in cash investments to move to them but now from what I have seen from mortgage brokers posting on Facebook is their clients are walking in and getting that rate. Want to begin investing. Join our "Finance" Discord - https://discord.gg/FW58RSC, Auto You do not necessarily need a good relationship. Anyone tried their real estate agents? Key Factors of NASB VA Home Loan Lenders . Some people do a lot more volume than I do and they have a staff to support them. They offered no explanation except that the economy had caused these rates to rise! Anybody can be a mortgage broker. It takes us the same amount of time to do a big mortgage as a small mortgage so this is especially important if you have a big mortgage where the savings will be more for you. True North Mortgages can pay for real estate leases in the mall. It isn't the money printing machine it used to be. Yes but the funny thing with them is that a lot of their business comes from online advertising. I plan to look at some historical prime rate data today but does that even matter? The more money down you have the more your options increase. [–]bhyndman 0 points1 point2 points 3 years ago (0 children). Lenders earn more when they renew your mortgage because they do not have to pay a commission to the mortgage broker (some pay renewal fees to mortgage brokers though). [–]bhyndman 0 points1 point2 points 3 years ago (2 children). Kept my 80% HRLC in the process. I've worked at banks and done a few other credit related jobs in the past. If you have a collateral mortgage it will cost you legal fees if you want to switch to another lender. BMO didn't offer it easily - my banker had to convince their pricing team to allow it. It is a common belief that True North Mortgage offers a restricted rate but the truth is they have their own lender and they state loud and clear on their website that it is an unrestricted mortgage. There are only 11 who offer "A" lending rates. Gonna have to disagree with you too OP. hey quick question i have a 2 year old mortgage through YNCU(your neighborhood credit union) @ 2.79 variable. Eventually moved ALL of my business out of RBC. Yeah the more information out there the better for us! As an example I’ve got a 3.25% offer from a small bank in hand on this one, It is a large jumbo mortgage so that’s why it’s not in the 2s. [–]OntariohydraSlav 0 points1 point2 points 3 years ago (8 children). Whether you've had challenges getting approved for a loan in the past, want to make the home buying process easier, or need help to improve your financial ⦠It took me about 3 years until I had a good number of agents referring business to me. [–]cdn_mortgage_guru[S] 7 points8 points9 points 3 years ago (7 children). [–]cdn_mortgage_guru[S] 28 points29 points30 points 3 years ago (22 children). Be inquisitive, and clear if you are unsure. This is a great way to build a book of business and learn a bit about credit and qualifying. Do you have any related education or just experience? I have been approved (credit check, employment verification, and even a property evaluation) for a mortgage from two different monoline lenders at very good current rates (P-.9 and P-.6). 3.09%. Mortgage Refinance. View your loan balance and account information. Always use a broker. another quick question for you, I have learned a lot from your AMA so thanks. [–]cdn_mortgage_guru[S] 2 points3 points4 points 3 years ago (1 child). They had a good program for professionals but needed 35% down (or so I think I never did one). Is there any downside with going with a smaller lender? Is it something that computers would make obsolete? You're best to google this for a calculator. I'd personally do some research online to find out what card fits your lifestyle best (cash back, travel, points, etc. But I don't have much mortgage left either so I don't think they were sweating about it. The mortgage world is your oyster when you have a mortgage that low. Uninsurable is higher, for 30 year am, refinances, over 1m mortgage, single unit rental, etc. We always welcome employee feedback and ideas for improvement. North American Savings Bank, F.S.B. Canada loses 213,000 jobs in January, unemployment rate jumps to 9.4%. This covers a very wide variety of topics, including banking, employment, budgeting, minimizing recurring or popular expenses, advice for large purchases, and more. Turns out the NASB loan officer screwed up and did not take into account the pricing hit for a condo, and they ended up having to add 0.435 points to get the 2.75 rate, but not until after giving me the initial loan estimate showing 2.75% no points. I have been doing it for 24 years and have steady clientele who refer me and I have done their kids mortgages. Check out Costco.. they pointed me to a couple of lenders who have a much better rate. hardly a significant obstacle to moving the mortgage. [–]AlanYx 2 points3 points4 points 3 years ago (1 child). 3) What is primary way your market? [–][deleted] 0 points1 point2 points 3 years ago (1 child). It most certainly does. If so, just looking at ratehub, it seems like, while a hassle, it would still be worthwhile. A couple words of wisdom before you go to mortgage learnaversity. but that person decided to move out of the province after 6 months, do you still get to keep all of the 5k you made? Once you qualify for a HR only mortgage, do you qualify it for it when it's time for renewal? Hope this helps! No big banks. Hopefully not but I believe it took me 6 months to get my first one. I asked b/c from the lender's point of view, that person can break the variable contract within 1 month in an extreme case, lender only made a few hundred bucks in interest + 3 month interests, yet they paid broker 5k already. Any on the horizon? Is this typical volume? It also costs a mortgage broker 20 BPS of their commission to lower your interest rate 5 BPS and you can ask them to do that as well or go see a broker who will do this for you. Sorry if these questions are off topic; I'm just getting my feet wet with this stuff. It was about 150 clients that year. Ask them if they can buy the rate down, or if they have any better offers, but also state you're going to check elsewhere. Every article I read seems to indicate that you should be able to qualify for a Prime rate 2 years after discharge (keeping in mind that your credit score is satisfactory and you have your downpayment), but talking to a few people on this subreddit has made me doubt whether that's true or not. edit* also wanted to note that rmgs bdm for my team is not good at all. Knowing this, why would I want to go with a big bank? I am concerned that one, or both, of the lenders/brokers will screw me over by either declining/pulling out my final approval closer to closing and/or turning around and saying I was never able to secure those preferential rates to begin with, as it was a "mistake". About me: I've been a mortgage broker since the mid-nineties, and the industry has gone through a lot of changes. You can feel free to be "harsh", but never insulting. You will need to wait until you have stable income for a few months and guaranteed employment. 4 year term = 90 BPS For actual rates, please complete a loan application or contact a NASB loan officer. If you have heard or read something which might be related to the question, and you want to check it, then make sure you ask it as a question. Do I need to build a relationship with these big banks somehow for a good offer? We'll be in touch! The lender will want to verify your employment before the mortgage closes and if that changes it could jeopardize your mortgage. What's your phone number? Just the trade off is I'll have to drive more for work or convince them to let me work remotely more often. when we got the morgage we were having issues with the banks because income to price ratio IIRC. A mortgage advisor from a bank like TD gets paid 50 BPS on a 5 year mortgage and I get paid 110 BPS on a mortgage. [–]throwaway543323w 0 points1 point2 points 3 years ago (1 child). 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