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Questions by potential first-time home buyers


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#101 Mike K.

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Posted 02 December 2020 - 08:25 AM

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.


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#102 lanforod

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Posted 02 December 2020 - 08:26 AM

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.



#103 Mike K.

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Posted 02 December 2020 - 08:30 AM

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.


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#104 lanforod

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Posted 02 December 2020 - 08:33 AM

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...



#105 Victoria Watcher

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Posted 02 December 2020 - 08:34 AM

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.
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#106 Mike K.

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Posted 02 December 2020 - 08:37 AM

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.


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#107 Matt R.

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Posted 02 December 2020 - 10:02 AM

There are blended products out there too.

Matt.
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#108 Matt R.

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Posted 02 December 2020 - 12:18 PM

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.

#109 Rob Randall

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Posted 02 December 2020 - 12:23 PM

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.


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#110 Barrrister

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Posted 02 December 2020 - 04:24 PM

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.


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#111 tommy

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Posted 02 December 2020 - 04:42 PM

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



#112 Mike K.

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Posted 02 December 2020 - 06:10 PM

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.
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#113 Mike K.

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Posted 02 December 2020 - 06:11 PM

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?
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#114 Matt R.

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Posted 02 December 2020 - 08:38 PM

Does your wife co-sign?


Of course. She’s stuck with me.

Matt.
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#115 Matt R.

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Posted 03 December 2020 - 11:35 PM

Does your wife co-sign?


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

Matt.

#116 Victoria Watcher

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Posted 04 December 2020 - 12:26 AM

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

#117 Matt R.

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Posted 04 December 2020 - 12:47 AM

Yeah of course, the income is combined. So?

Matt.

#118 Victoria Watcher

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Posted 04 December 2020 - 12:50 AM

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.

#119 Matt R.

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Posted 04 December 2020 - 12:56 AM

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.
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#120 Mike K.

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Posted 04 December 2020 - 07:06 AM

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.
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