Oh here is my situtation I have bad credit due to unforseen circumstances on my part. I own a house with my brother the mortgage is in my brothers name but the house is in both of ours. I recently found out my brothers has not been paying the moartgage and I had to catch up on that. I have other bills that are getting way out of hand. our house is only worth about 80000.00 I am looking to get a mortgage for at least $66000.00 that would consite of the exsiting mortgage of $35,265.24 putting it in my name and taking brother off ownership of house along with 2 loans that are killing me one is for 12031.80 + intrest payments are $183.38 every 2 weeks other is loan for 10787.51 + intrest payment are 400.00 a month also to get house insurance and pay off a credit card I do not have anymore and property taxes. Would anyone look at me for a mortgage I do have a good job paying 17 an hr full time with overtime a lot. I don't want to lose the house I was recenlty married so that has also helped with the burden but if I can find a mortgage and rate so I can get out of the hole I am in would be great. right now I pay over 1600 a month as my brother has refused to pay anythign since I got married. Thanks

Hello all,

Our latest Mortgage Rate Outlook Panel results for June 2010 have just been released. The panel consists of top Canadian mortgage experts providing their short term outlook for mortgage rate trends in the next 30-45 days.

They answer one, simple question: What is your outlook for Canadian mortgage rates over the next 30-45 days?

Here are June's results:

Summary

Uncertainty is the key word in this month's Mortgage Rate Outlook as there are a number of external factors, both domestic and international, that have our panel members divided on the short term outlook for fixed mortgage rates. They believe variable mortgage rates are expected to increase further, provided there is no additional surprise news from Europe.

Fixed rates: Unchanged

Variable rates: Up

You can view all the detailed commentary at our Mortgage Rate Outlook Panel page.

Our you can view our video summary:

We got an interesting question through to our customer service team today and I thought I'd share it.


Question:

I currently own a townhouse in Milton and have an outstanding $132,000 mortgage.
I am looking to buy a larger house and seek a mortgage in the area of $300,000-$350,000.
My current credit union that holds my mortgage for the next 31 months wants me to pay $7800. to break it. Is there a service where I can investigate getting a mortgage and they will pay the fee from my credit union? I heard some will.??

Answer:

So it looks like the credit union has used an IRD or interest rate differential to quote this homeowner on the penalty to break their mortgage. You can calculate the potential savings of refinancing at a lower rate versus the penalty using our IRD penalty calculator here:

http://www.ratesupermarket.ca/mortga...ty_calculator/

Different lenders will use either the IRD or 3 month's interest to calculate the penalty, so if you're considering refinancing its best to check with your current lender what method they use.

Some brokers may pay off some of the penalty by using their commissions but it would have to be a make financial sense for them to do obviously. For the above situation I would suggest that this person:

1. Calculate the benefits of breaking their mortgage for a lower rate using the above penalty calculator - if the savings exceed the penalty then it may make sense

2. Compare rates to find the lowest mortgage rate in your area, and then speak to professional to see what their advice is.

I hope that helps and wish you all the best of luck with your mortgage refinancing.

Kelvin

hai there,
my husband recently (before 3 weeks) started a new part time job and i just want to know that his new income can be calculated to get approved the desired amount ? pls help me.

tks in advance

thusha

hai there,
i 'm new to this forum and hope this will be very usefull to me. i hope to buy a house from a builder and looking for a best option for a mortgage in edmonton alberta.currently im on rent and that is going to be my first home. how about the prices of the houses and the mortgage rates these days? do you think its better to wait 1 or 2 months expecting rates go down ? do you think is it good to go through a mortgage broker or directly through a bank ?
await for a reply
tks in advance.
thusha

My friends keeps telling me I should go to a broker for a mortgage rather than a bank because I can probably get a better rate through private funding than at a bank. My thinking is a broker would be higher because they have to make money too.

Which one of us is right?

Sandy

[QUOTE=Forum Admin;4]Please
provide us with any and all suggestions that you think would improve
everyone's experience with the RateSupermarket.ca forums - and make them
more useful.

Well, I think that a daily up-date on what is happening in the various
Canadian markets would be very much appreciated. For instance tonight on
the news they were saying that The Bank of Canada is seriously looking at an
increase in interest rates and that anyone with an open mortgage should be
looking a changing to a fixed mortgage as soon as possible. They suggest
that you go for a 5 year fixed ammortized over 25 years. At least until the
market stabalizes.

If this makes sense to you then you should be talking to your bank managers
(loan managers or mortgage managers) and getting their input. But when the
Bank of Canada decides to raise interest it usually proves a problem for
many who think it might be only temporary.

I stayed with an open mortgage when it increased to 10% when I had been
paying 6.9% and in 6 months it had jumped to 22%. I got a little luck
because it then dropped to 19.75% by the time I had to renew. So I would
really watch this problem closely.

Regards,
Sandytheposter.