Landlord's A Dick

[shamous113]

They weigh both of them just not sure how and what priority. min down payment is 5%, 10% is better and 25% means that you don't have to pay the CMHC insurance/fees I believe (don't quote me on that). your credit rating is what it is and you wont be able to change that in a couple of months unfortunately. total amount of current debt can affect the total that you will pre-qualify for, a broker or a mortgage specialist will be the best person to advise you what direction to go.

 

[jeffopentax]

@shamous113 i think many moons ago it was 30% to avoid insurance, but I hope either I'm wrong or they've changed it. I know my credit will take years to even begin to repair. Just wondering if a large downpayment could offset that a bit.


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[shamous113]

IMHO it should off set it because their is less risk to the investor for them to recover all of their investment and associated costs. the prows will be able to help you go in the best direction. and just think this means you can get a bigger tank!

 

[skittles]

Something to consider....he's not the one that can evict you. As of the closing date, he's no longer your landlord. The new owner is and they are supposed to give you 60 days. Did they give you notice when showing the property? You may have more legal rights here than you thought. It'll buy you more time.

 

[jeffopentax]

Something to consider....he's not the one that can evict you. As of the closing date, he's no longer your landlord. The new owner is and they are supposed to give you 60 days. Did they give you notice when showing the property? You may have more legal rights here than you thought. It'll buy you more time.

He's giving us till the end of our lease, which is july 1st. He's not breaking any law, so the situation is what it is. Funny thing is, this year we were going to tell him we don't want to rent, we want to work out a way to buy (be it rent to own or him carrying the mortgage). Time is just working against us every way it can.


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[Sewerat]

Jeff rent to own has little progress. Typically you over pay the rent so that you can save a few hundred dollars of down payment to purchase the house in a year or so.

I have dealt with mortgage brokers and gotten a mortgage when banks said no. Take the advise from others and contact a broker. R ally any broker is fine I have dealt with 2 different ones and never met either one. Each individual have unique situations and brokers can adjust to that.


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[SamB]

Jeff, are we still talking about this ?!
Think of me as a big brother giving you the motivation to move forward
(OK, for those who have met me, please replace big brother with Father or Grandfather)
If you need a broker, I can send you the info for my guy but he is in Toronto so not a good plan - but he works wonders so LMK
I can tell that you are nervous and afraid of what may come out of any meeting with a mortgage broker but they want your business - they are in the game to make money and they should do whatever it takes to win your business. They aren't the judge - they are the guidance counselors
If Frodo had listened to his fears, he would never had traveled to Mount Doom
Accept the challenge and throw the ring into the fire !

 

[jeffopentax]

Haha i did mention I've been swayed towards a broker by all of you. I get the impression they are more capable/helpful than I thought


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[shamous113]

Well Said @SamB . Jeff wishing you luck in your endeavor let us know how it goes.

 

[SamB]

Haha i did mention I've been swayed towards a broker by all of you. I get the impression they are more capable/helpful than I thought


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Well now we are getting somewhere !!

 

[SamB]

Well Said @SamB . Jeff wishing you luck in your endeavor let us know how it goes.

Thank you !

 

[Sewerat]

One other point to push you over the edge Jeff. A bank mortgage broker gets paid just for showing up to work 9-5. An independent mortgage broker doesn't get paid unless a deal is closed. Who has a more vested interest in making a deal close for you..??


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[sunnykita]

Just go for it Jeff ! the mortgage broker is more likely to get the deal done, the banks have too many rules to go by and the brokers usually have a few different institutions they can go to ! Don't be afraid ! just jump right in and see what they can do for you ! Having the down payment helps a lot ! We're all rooting for you !

 

[Nonuser]

see if you can buy 2 ill rent to own one off you ;0

 

[Hong]

Give it a whirl and see what happens. If it's a no go, I"m sure we can do something to help. This is a good bunch of people on here.

 

[jeffopentax]

I'm all for a broker, 100%. Now... how to find one! Prefer local (Brantford). Do i fire off emails explaining my situation and see who gets back to me? I hate the idea of calling and repeatedly verbally explaining it. I smoke, i don't have the lung capacity


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[Nighthawk26]

One other point to push you over the edge Jeff. A bank mortgage broker gets paid just for showing up to work 9-5. An independent mortgage broker doesn't get paid unless a deal is closed. Who has a more vested interest in making a deal close for you..??


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This is absolutely not accurate. Even the second part with brokers. MOST get a base and their salary is performance structured based on deals closed. Of course like a 30/70 split. I know a Mortgage Broker who works for RBC. This guy owns piles of land in Muskoka, does more business than every other bank in the region combined, HIMSELF. Has 2 assistants, and answers emails at 2am from me. You think that guy has all that and works like that for his 9-5 wage?

The difference, and ONLY difference if you deal with a quality broker from a bank and an independent, is that they can find products from different places. Higher risk people, lower risk people, he can help a wider range risk of people. At the same time, you have to be a little more careful understanding all the back end details. Typically the higher the risk, aside from the higher rate will come the stricter back end. IE. less opportunity to buy out or pay down faster. Stiffer penalties for a missed payment, etc, etc. Just don't talk to the schlep you find when you walk in the branch and is ready there to help you. THAT is the 9-5 guy who is frankly useless. Same with the "investment" guy at the branch. Useless.

 

[Nighthawk26]

I'm all for a broker, 100%. Now... how to find one! Prefer local (Brantford). Do i fire off emails explaining my situation and see who gets back to me? I hate the idea of calling and repeatedly verbally explaining it. I smoke, i don't have the lung capacity


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You keep it short and simple. Put your cards on the table. Believe me, they have heard it all. There will be no judgement. They get paid to make a deal work for you. Period. The more straight up you are the better and quicker he can help you. I had chatted in PM but I was on tapatalk, and it doesn't show in the PM section online. I will get his cell number for you as well as his direct email, and send it when I get a chance.

 

[Nonuser]

I have a funny story about mortgage. I bought my first house at 24 with CIBC. My mother opened a bank account for me as a toddler there. I had several car loans there and Eventually a line of credit on the house because I made double payments for a few years had it almost paid off in 10. I then went and got separated and bought the same house from my ex=wife (her half).

Went to the same lady i knew for years on a first name bases and had 10 of thousands in RRSP's from her. She flat out told me I cant have a mortgage because of my new situation. I didnt qualify. Never missed a payment never late on anything.

My ex had a mortgage broker, she let me use her and I got pre approved in 2 days. I asked where my new mortgage was going to be held? The same CIBC I had been denied at. I walked in there the following month to do banking and the lady asked me where I go my mortgage? I told her here and for 1 percent lower than she offered me.

 

[Nighthawk26]

I have a funny story about mortgage. I bought my first house at 24 with CIBC. My mother opened a bank account for me as a toddler there. I had several car loans there and Eventually a line of credit on the house because I made double payments for a few years had it almost paid off in 10. I then went and got separated and bought the same house from my ex=wife (her half).

Went to the same lady i knew for years on a first name bases and had 10 of thousands in RRSP's from her. She flat out told me I cant have a mortgage because of my new situation. I didnt qualify. Never missed a payment never late on anything.

My ex had a mortgage broker, she let me use her and I got pre approved in 2 days. I asked where my new mortgage was going to be held? The same CIBC I had been denied at. I walked in there the following month to do banking and the lady asked me where I go my mortgage? I told her here and for 1 percent lower than she offered me.

The saddest part of that story is all those years she is rotting in a job that has given her zero forward mobility. That is the 9-5 person.

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