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Mortgage Broker News | 13 Mar 2014, 09:28 AM Agree 0
Increasingly, brokers are having difficulty securing mortgages for rental properties but one lender has added a new tool to the broker’s belt.
  • John | 13 Mar 2014, 01:05 PM Agree 0
    For some strange reason the the owner of the rental property, has to live in the same province as the rental property.
  • Mortgage Guy | 13 Mar 2014, 01:23 PM Agree 0
    When Street Cap announce they have an exciting new rental program being launched, I was couldn't wait. I just reviewed the program and I am sorry to say Street Cap is not offering anything new that is exciting. 20% down with CMHC insurance, 25% down without. There is also a 4 door cap on rentals and a $100K proof in net worth. This is not EXCITING! This is no different than 10 other lenders offering similar product.
  • Ron Butler | 14 Mar 2014, 09:57 AM Agree 0
    More choice is always better, Street has no rate premium so we have access to a competitive rate if the deal is 75% or less LTV.
  • Mortgage Guy | 14 Mar 2014, 12:15 PM Agree 0
    The difference in rates between National Bank and Street cap is so close, add CMHC fees, the client is paying more interest and more down. As an agent pitching Street Cap, you can easily lose the deal to competition. Plus didn't we just write the mortgage re-licensing course that clearly states we should do what is best for the client? This clearly doesn't.
  • Ron Butler | 14 Mar 2014, 12:39 PM Agree 0
    @ Mortgage Guy....... I specifically said "if the deal is 75% LTV or less" in those cases there is no premium and we can buy the fixed rate down to a lower point at Street on the 5 - year Fixed, than the 5 - yr can be bought down at NBC; if the client wants other terms then NBC is often the best choice. In very specific situations the Street program can be an advantage to consumers that's why as brokers we need to welcome all new programs that give brokers more choices because more choice often gives more options to get better deals for clients. Please lay off the best interest of the client remarks, you are not impressing anyone.
  • Jeff Reisner | 14 Mar 2014, 02:35 PM Agree 0
    Hey Ron...you own this site or something?...I have seen you make somewhat rude comments to other brokers in the past. self appointment as Mortgage God doesn't impress anyone either!
  • Ron Butler | 14 Mar 2014, 02:45 PM Agree 0
    @ Jeff ........... God seems a bit extreme, Bishop? High Priest? Shaman?
  • Jeff Reisner | 14 Mar 2014, 04:15 PM Agree 0
    I was thinking more like Alter Boy!
  • Ron Butler | 14 Mar 2014, 04:27 PM Agree 0
    Jeff, I guess that would make you Father Fitzpatrick (soon to be switched to a new parish after the complaints), that clears up quite a bit about your worldview.
  • stephanie | 18 Mar 2014, 12:05 PM Agree 0
    RBC investment program allows 20% down, no high ratio premium, 5 door max; 25 year amortization; paying a high ratio premium doesn't sound that compelling to me as an investor;
  • Leo Bradshaw | 18 Mar 2014, 12:53 PM Agree 0
    Any investor needs to get a mortgage broker to shop around for the best rates. It only makes sense.
  • stephanie | 18 Mar 2014, 03:37 PM Agree 0
    not when you're paying a high ratio premium when you don't have to.
  • Pam Cranella | 24 Mar 2014, 03:03 PM Agree 0
    Hi Stephanie. Being an Investor like yourself, I attended an Investor Conference this weekend to get more answers. A fellow investor tells me she has been buying Rental Properties with 5% down. Apparently her broker gets these mortgages done with a Bank. I called my broker today to ask if this was possible. When I find out the answers I will post them here. I am sure everyone would be interested how that works. If that is the case I want more rentals.
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