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April 20, 2019
7:29 am
kalplatta
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April 20, 2019
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Hello,

Me and my wife both have a full time job close to $15/hr. We don’t have any debt and have excellent credit score more than 800. We own one townhouse in Scarborough area which has $323000 mortgage remaining and I am paying $1900/month for it (with mortgage payment, property tax and maintenance fees)

I bought another free hold townhouse in city of Pickering in 2016 from builder which has a closing in next month for which I am putting 20%down payment of $445000

Pickering property will be my rental property for which I will be expecting $1800/month rent without utilities

Any one can suggest ‘B’ lender for my upcoming closing which will be in end of May?

I heard about Motus Bank, What kind of lender Motus Bank is?

Is it ‘A’ lender or ‘B’ lender?

Before submitting my mortgage file to Motus Bank I would like to know about it because as far as my knowledge my number doesn’t work with ‘A’ lender

Any other suggestions about ‘B’ lender? Can anyone send me a list of ‘B’ lender please

Does Motus Bank work directly with client or through mortgage Agent or broker only?

Our last two year notice of assessment combine is $65000/yr

Thanks

April 21, 2019
4:10 am
Loonie
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October 21, 2013
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I commend your diligence and frugality but don't know anything about the current mortgage market unfortunately.
Motus is a brand new bank that just opened this month. It's owned by Meridian credit union, but it is definitely a bank. I don't know anything about A's and B's though.
Perhaps you should talk to a mortgage broker. They take their cut from the lender is all I know.
I have read that credit unions may be more flexible but have never tested this. I believe they are not subject to the new "stress tests". I read recently where one credit union manager prided himself on his ability to make personal judgements about people's creditworthiness and was less concerned about credit scores. This route would be easier if you already have a relationship with a credit union, but I would think they would be impressed with what you have accomplished so far.
It might help if you had a credit-worthy tenant lined up.

With all the smarts and determination you appear to have, why are you still working for such a low wage? You don't have to answer, but something to think about.

Maybe you could work up a sideline, "How to live well and own your own home in Toronto on $15/hr without killing yourself", or something like that.

April 21, 2019
8:16 am
semi-retired
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Bernie Sanders wrote a book & became a millionaire.

April 21, 2019
11:33 am
Norman1
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semi-retired said
Bernie Sanders wrote a book & became a millionaire.

Not that easy to do here in Canada. Here, the threshold for a best seller is 5,000 copies sold.

If one is lucky to sell each copy for $25, that will be only $25 x 5,000 = $125,000 that will be split between the bookseller, publisher, agent, and the writer.

August 31, 2019
8:11 am
Bud
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If a 5yr fixed mortgage is offered at 2.70% how will a quarter point drop or more by feds affect it for the next borrower. Assuming that rate is considered tops in marketplace if feds lower rates quarter point and borrower waits to lock in should he expect the 5yr to drop from 2.70 to 2.45 at the same non-bank lender?

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