should I get a variable mortgage or locked? should I consider just the rate for chosing the Bank?Toronto,Canad
453687
If at all possible get a fixed rate. When considering a bank(or any entity) for your mortgage the rate should not be the only consideration. There are a number of fees, some normal some junk, that are added to the cost of the loan. Compare and make a judgment based on all the factors.
176150
There are actually three variables that go into determining wht your interest rate will be Fico Score, Debt-to-Income Ratio and Loan-to-Value.  You can get a mortgage with any score.  Even sub 500 scores.  You might qualify for a loan now with your score but the interest rate is going to be higher.  If you are willing to pay the price I would say go for it and allow your mortgage payment history to build up your score.
477463
First decide how long you plan to keep the house.  Is it for 5 years or for 25 years ?  If you plan to keep the house for a long time the traditional 30 year mortgage is the way to go.  Many people keep their first houses less than 5 years when most of the payment is interest.  if that is the case a 5 year adjustable rate mortgage (arm) is best. But when taking out this type, do a worst case scenario i.e. if itcould increase 2% for example, run the numbers and make sure you can make the payment.\n\nNo matter which you choose, make sure your credit score or fico score is as high as it can be.  You should be able to get this on line.  If you have a high score --over 700- your rate will be lower than a low score 500 -- and you will pay much less in interest. If your score is not high, try to pay off your credit cards and after that charge a very small amount , $50 a month a pay it off in full each month.\n\nBuy an easy to read book on mortgages like Mortgages for Dummies and try to understand it well.  There are literally 100 or more mortgages to choose from and it is very complex.  The mortgage broker wants to sell you one and not necessarily educate you forthe one best for you. Buyer beware.\n\nIf you belong to a credit union, it will offer some very good rates.  Try that first. \n\nFinally shop around and check programs at various places and ask, ask , ask if you do not understand.  One time a mortgage broker tried to sell me a mortgage that appeared to be $500 less a month than any other.  I asked how that was possible and she said they $500 would just be added to my principal mortgage.  In other words at the end of a year my mortgage would be $6,000 more and after 5 years it would be $30,000 and of course my monthly interest payment would go up.  Notice she did not offer to explain this . \n\nGood luck and rememeber ask, ask ,ask  until you are sure you understand what you are getting
1060024
You need a private lender.  Explain your situation to them and hopefully one will be willing to take on the risk.  It will help a lot if you have a steady long term job.   Private Lenders charge more interest than banks and some of them do show up on credit search - make sure yours doesn't.  In Canada they advertise in major newspapers under the category, "Money to Lend."  We got our house this way and it worked great.  Good luck with the dream home!
431671
Basically your bank will loan you money based on the value of your property. There are loan ratios so lets say they have a 10% ratio (I think thats normal although others demand more or less depending on the area). That would mean you can borrow up to 90% of the value of the house. If the house is 100K you could borrow 90K. Now if you only owe 50K because you bought it a a few years back and it has gone up in value then your bank will lend you up to the 90K (or an extra 40K) for you to do whatever you want with. Its a cheap way to finance debt for purchasing things like cars, holidays, extensions...than using a credit card or personal loan BUT it means you are putting those things under your home loan and if you dont or cant pay then they reposses your home. You would start by going to your bank and having the home valued by a professional they recognise to see how much you could borrow. A good bank will pay for this service for you as long as you take out a loan with them. You generally set up a new loan (which means a new fee) and then your back to normal. Your home loan repayments will go up but they should be able to calculate these for you so you know what to expect. Remember interest rates are on the rise so factor that in. Happy spending.
913295
Easy, as much as you can afford!, \n\nAt the minimum I would suggest no less than 25% but the more you put on, the less interest you will pay in the long run and you will be mortgage free years ahead of schedule!\n\nWhen we brought our first house we put every cent of savings we had on to the deposit (dont be fooled going for the minimum payment, it adds thousands to the interest!)\nwe also went for the shorter term (25 years instead of 30) to help force us to pay it off quicker (you can always re-mortgage if you get in the poo).\nAnd then we proceeded to put 50% of our income on it for the first 3 years, we have now lowered our payments as we are traveling and renting the house out, but once we return we will put the payments back up.
466623
1) Do not contact 'motgage guru' since on a purchase there is NO RIGHT of RECESSION; period. You only have a 3 day recession on a refinance of your primary residence. Adding a HELOC to a primary residence is a refinance transaction.\n\n2) It sounds like your getting the shaft... Either cancel if possible or start yelling! Once you sign those docs they are set in stone.\n\n3) On a HELOC the rate is based on the prime rate. When you received your GFE the prime rate may have been lower and then it increased since you got the GFE; currently prime is 7.75%.\n\nWhat it kinda sounds like to me is that your HELOC has an introductory teaser rate for a couple of months at 6.625 or there abouts but with the fully indexed rate at 12.3%. What the 18% is telling you is the maximum interest rate cap on the loan. If you take your 12.3% and subtract out the prime rate you have a margin of 4.55%. What this means is that when ever prime goes up or down, add 4.55 to the current rate and there you are.\n\nIf you want to speak to me in some detail about your deal I maybe able to assit you with a much better product.\n\nKevin\nkruorock@firstratelending.com 866-562-6838 x 106
822801
if i were you i would go to an independent mortgage adviser for help i got a variable with a fixed rate or 5 years that way it stays the same for 5 years
32877
Well, it really depends on the lender.  They should have locked your rate as soon as they recieved your paperwork, but different offices operate under different methods.  It could be possible your loan officer is holding out for a better rate (and hopefully not holding out for your rate to come BACK).\n\nI would recommend calling your loan officer and getting an update.  When you're within 12 days of close of escrow, you've earned the right to ask questions.  =)\n\nI certainly wouldn't panic, but you should ask him/her for a timetable (different states use different methods for loan doc signing/closing).  It's always best not to toe the line when it comes to closing dates, because things only seem to go wrong when you're low on time.  =)
421325
This is a little known mortgage option, cause there's unknowns.  The index that the interest rate is following is hard to look up.  I would not take this mortgage.  A fixed 15 or 30 year is better.  If you need to take on an adjustible, try a hybrid 5/1 interest only.\n\nhttp://www.bankrate.com/brm/news/Drdon/20050916a1.asp
141210
I would try RegionalMortgages.com\nWhy are you going NoDoc?  Self-Employed?\nIf not try to avoid NoDoc as the rates are typically higher than traditional mortgages.
880329
Depends on the type of mortgage.\n\nSome are fixed rate - and will not alter whatever the bank rate does. some are LIBOR ones which track London bank rates. Some are capped - which means they vary - to a maximum but not higher.\n\nDepends on the type.
572749
The lowest rate on the market may not be the lowest rate available to you as what lenders will offer you depends on your personal circumstances. The lowest rate today may not be the one you get as interest rates are subject to change - go visit a couple of different brokers and get some illustrations of what is available to you based on your circumstances.
1120075
This is a great question.  \n\nMortgage brokers all over the country have access to mostly the same programs as everyone else.  Rate is the worst thing you can shop for when getting a mortgage.\n\nFirst, since they all have the same bag of goodies, stay local.  I highly suggest you find someone you can meet in person and shake their hand.  Meet their staff and become familiar with the office.  You will be able to judge how well you can trust this person with your biggest asset.  \n\nLet them know that you know all about the loan process and what to look for.  This will urge them to give you the best deal.  Read up on mortgages before you jump in.  This is a great blog to learn everything about the mortgage process and the people involved:  http://www.explaintome.blogspot.com\n\nGet and study their Good Faith Estimate.  Know that brokers will get paid either by fees or in the rate.  When given the choice, fees don't sound bad after all!  \n\nBottom line:  The scenario you gave is a joke to mortgage brokers.  I've worked with 100's of lenders and I don't know any that would deny that loan unless I'm not getting the whole story.\n\nThe mortgage broker that will give you the best rate is the one that is motivated to.  Let your broker know these three things:\n\n1)  You know how the mortgage process works and how they get paid.  Therefore you won't be taken advantage of.\n2)  You realize that brokers don't work for free and you will not be unreasonable.  You'll work with him to negotiate the best deal for you and him.\n3)  You'll do anything you can to help the broker close your loan as soon as possible.  (here's an idea for bonus points.  show up at the broker's office unannounced with your W2's, most recent paystubs and bank statements, and your tax returns if you're self employed.  Bring in a copy of your drivers license.  Don't just bring the license, make a copy first.  He'll know you've done this before and you really know what you're doing.)\n\nDo these three things and you'll impress the pants off the guy.  If he knows you mean business and you'll work with him to close it quick, he can get by charging you less than average.
160491
I am actually a mortgage consultant. You can goto my site if you would like, and enter your info, and I can email you with any info. But for now, to make a mortgage affordable, put down as much as you can. The more down, the less the payments will be. Most people cannot put down 20% these days, which is fine. It is very common to do two mortgages, one for 80% of the sale price, and then another for the rest minus down payment, using two over one that is more than 80% removes PMI, which is Private mortgage insurance, which is almost always required for a loan above 80% of the value of the home. Also, with an adjustable rate mortgage, like a 3/1, which means the rate is fixed for 3 years at a low rate and then can fluxuate once a year after that, that is good for first time buyers. Or even a 5/1 , working the same way. That way, you get a lower rate, and if you move within 5 years great, whihc is the average for first time home buyers, and if you decide to stay, you can always refinance, when the rates are low again. If you want some more information, just goto my site, and I will email you back. In the box down the bottom, make sure you let me know that you got the link from here. I cannot help in all states, but I can def. help you out informationally.
611970
you should spend the money to speak with a real estate attourney. the mortgage may become/probably will become your responsibility.
133083
Start with a mortgage broker.  Talk to your friends and/or family and have them refer one to you.  Talk with the loan officer and don't be afraid to ask questions.  Make sure you feel confident and comfortable with them.\n\nAlso, shop around for rates.  You owe it to yourself to get the lowest rate at the lowest possible costs.  Ask each person to give you a Good Faith Estimate and if they would be willing to lock the quoted rate same day.  (Rates can change throughout the day, so don't spend *too* much time shopping around).\n\nAlso, do not allow people to randomly pull your credit.  This will lower your score for several months, and excessive  inquiries may lower your score enough to disqualify you for the best possible rates and programs.\n\nMake sure you are 100% honest and up-front with your loan officer.  We can typically navigate through many problems, but the ones that surprise us can sink the ship.\n\nGood luck, and happy hunting!