128 replies to this topic

[Mike K.]

I could average down now that the mortgage is coming up on year three, but that locks you in to another five-year term at the averaged down rate which would be around 3%. Is it worth locking into 3% for five years, if I might be able to get 2% or 2.5% in two? That's the toss-up.

[lanforod]

Lol. Split hairs all you want, but you're just losing money every month right now. Go variable if you're that concerned about it. I did years ago, no regrets.

[Mike K.]

If you're not self-employed, and I don't think you are, you wouldn't have a clue about the stipulations attached to mortgages for people like myself, one being I cannot tap into a variable mortgage, the other being my mortgage rate required insurance despite a 28% downpayment, the third being I carry a 0.29% rate addition on my rates.

 

So I can't just walk into a bank and be all tough guy, I have to abide by restrictions that you don't.

[lanforod]

Yep. Like I said, do some legwork and see if you can. Maybe it isn't worthwhile, but the bigger that gap between what you can get now and what you have locked it makes it more likely you could save a bundle. Instead of arguing with a bunch of dudes on an island in the pacific...

[Victoria Watcher]

being self employed you get to sleep in whenever you want or take off on a vacation on a whim.

so that’s a good trade off.

[Mike K.]

I'm working on a mortgage right now for another property so I'm in touch with the banks.

 

But now that we've had this exchange I'll let everyone know how it pans out on the rate adjustment, etc.

[Matt R.]

There are blended products out there too.

Matt.

[Matt R.]

If you're not self-employed, and I don't think you are, you wouldn't have a clue about the stipulations attached to mortgages for people like myself, one being I cannot tap into a variable mortgage, the other being my mortgage rate required insurance despite a 28% downpayment, the third being I carry a 0.29% rate addition on my rates.
 
So I can't just walk into a bank and be all tough guy, I have to abide by restrictions that you don't.

Weird, I’m self employed and didn’t run into any of those issues. I can give you the name of my guy if you want. He’s four for four for us.

Matt.

[Rob Randall]

I'm working on a mortgage right now for another property so I'm in touch with the banks.

 

Banks? Aren't you using a mortgage broker?

 

No brick and mortar bank would lend to me when they found out my job was scrubbing chowder pots in the VV commissary so my broker recommended an online lender. No complaints.

[Barrrister]

Being self employed means that the boss is a total bastard who is screaming at you while you are brushing your teeth in the morning.

[Tom Braybrook]

self-employed since 1984...always took the shortest term w'lowest rate...never a problem

[Mike K.]

Banks? Aren't you using a mortgage broker?

No brick and mortar bank would lend to me when they found out my job was scrubbing chowder pots in the VV commissary so my broker recommended an online lender. No complaints.

I’ve got a mortgage with one of the Big 5, via a broker. But I’m dealing with the bank directly now regarding my mortgage as the broker doesn’t have anything to do with that.

[Mike K.]

Weird, I’m self employed and didn’t run into any of those issues. I can give you the name of my guy if you want. He’s four for four for us.

Matt.

Does your wife co-sign?

[Matt R.]

Does your wife co-sign?

Of course. She’s stuck with me.

Matt.

[Matt R.]

Does your wife co-sign?

What’s that got to do with self employed people having more restrictions? She’s self employed too.

Matt.

[Victoria Watcher]

I think generally the more people you have signing on the easier it becomes.

[Matt R.]

Yeah of course, the income is combined. So?

Matt.

[Victoria Watcher]

well I think he was suggesting it was a bit harder for him to qualify for generous terms since he was doing it solo with no second person to help.

[Matt R.]

well I think he was suggesting it was a bit harder for him to qualify for generous terms since he was doing it solo with no second person to help.

Sure, of course. The original post didn’t mention that, just all the hoops were because of self employment.

Matt.

[Mike K.]

Well, there was the whole I and not we in every one of my posts.

Yes, I’m doing it solo. If I had a co-signer, self-employed or mot, it would be night and day. Banks like to de-risk by having more than one individual responsible for a mortgage, even if it’s a 1% co-signer, and that gives couple-applicants or people with a parent co-signing a massive advantage over single applicants.