I remember now.

Average_Joe : You posted the name of a broker you dealt with in the past.

Montyloree: LTV is Loan to Value. Basically the percentage of value of the property that the lender is willing to finance. Typically since the issues in the States for an NIQ you have been limited to 65% but the guy I spoke to claims he can do 80% which solves my down-payment problem

NIQ is No Income Qualified. Basically a mortgage given to someone without any or little proof that they have any income.

what's a niq and ltv?

What did i suggest?

Thanks to Average_Joe's suggestion I actually got a quote at 3.99% on a NIQ yesterday with 80% LTV.

It is amazing how cheap money is these days. Can't wait to see how this plays out when people go out and buy homes they can't afford and then they have to renew at 7-8% in a few years.

a

Glad to be back...hoping to make more contributions and discussions. Been busy with lots of goings on...which is good.
And again, more rate drops.

I've gotten emails from lenders that are doing 5 year mortgages as low as 3.79% on a 5 year quick close special.

Rates are great....remember if you don't ask for a better rate you won't get a better rate.

Victor

The rates are low now and in five years or ten years, the rates will be through the roof. If you can lock yourself in a ten year fixed mortgage, I would do it. Here is something interesting about Canadian household’s debt I read yesterday.

http://www.vancouversun.com/business/Household+debt+historically+high+levels+Bank+Canada/2325868/story.html

a

Variable rates are great as well....We have a lender who is doing a 3 year variable at Prime minus 0.25%....With prime being 2.25% thats giving you 2% on the mortgage