Comments on: Anecdotes and Advice from a First Time Home Buyer Part 9 – Closing Costs

By: Maureen

Maureen — Sat, 31 Jan 2009 20:57:09 +0000

Everyone forgets the PST on the mortgage insurance (CMHC) at 8%!! This cannot be financed in the mortgage and must be paid on the day of closing.

Maureen Tabuchi

By: Mr. Cheap

Mr. Cheap — Wed, 25 Jun 2008 17:17:56 +0000

Thanks Rob!

By: Mortgage Broker

Mortgage Broker — Wed, 25 Jun 2008 13:24:42 +0000

Hi Mr. Cheap,

You’re right that brokers generally pull the client’s credit bureau only once when shopping multiple lenders.

Here’s a piece on mortgages & credit reports with more info…

Cheers,

Rob, Canadian Mortgage Trends

By: Mr. Cheap

Mr. Cheap — Tue, 24 Jun 2008 06:21:36 +0000

Spudman: I think people worry about the ~~rate~~credit rating hit more than they need to. I think typically the mortgage broker will do one hit (they’ll know the best place to get you approved at). If Rob from Canadian Mortgage Trends swings by he may be able to confirm / deny this.

If you’re looking for your own mortgage, its possible to talk turkey with them without having a hit on your credit rating (I think there’s a soft hit or something they can do that won’t affect your rating, but will let them be able to tell you if they think they could pre-approve you with a hard hit).

You don’t need more than 2 or 3 quotes to have a pretty good range of options (in my opinion).

Finally, unless your RIGHT at the threshold, dropping a few point shouldn’t be too big of a deal.

As usual, I’m mouthing off about things I don’t know a WHOLE lot about (beyond getting a good rate on the only mortgage I’ve ever had 1.5 years ago). If anyone knows that I’m wrong, please correct me .

By: Spudman

Spudman — Mon, 23 Jun 2008 16:25:21 +0000

I thought that if you use a mortgage broker and go rate shopping on your own that you will be hitting the same institutions for the same mortgage and thus you’ll take a big hit on your credit score, which will then affect the rates from further rate searching. Is this true.

By: My Dollar Plan

My Dollar Plan — Sun, 22 Jun 2008 20:37:45 +0000

We just refinanced with a new product, a 5/5 ARM. It adjust every five years. It’ll beat the fixed rate for the first 10 years at least. After that we’ll see…

By: Cory

Cory — Sun, 22 Jun 2008 11:04:01 +0000

Hi Four Pillars,
I just read your post on mortgage negotiation, and I came across the analysis about variable and fixed. What I learned from my own research is that in any 30 year period in recent history, you will pay less in a variable mortgage than fixed. And correct me if I’m wrong, but if after getting a variable mortgage, you decide to lock in a fixed, you certainly don’t get to lock in the rate you have been enjoying with the variable.
That’s my 2 cents worth.

By: Canadian Capitalist

Canadian Capitalist — Fri, 20 Jun 2008 13:51:12 +0000

Thanks for the link! Have a great weekend!

By: Anecdotes and Advice from a First Time Home Buyer Part 9 - Closing …

Anecdotes and Advice from a First Time Home Buyer Part 9 - Closing … — Fri, 20 Jun 2008 10:19:10 +0000

[...] Four Pillars wrote an interesting post today on Anecdotes and Advice from a First Time Home Buyer Part 9 – Closing …. Here’s a quick excerpt: [...]