Tim's Mortgage News / Rates and FAQ's

[gwill]

This quote is hidden because you are ignoring this member. Show Quote

This is for my rental, so I can't forsee what I would do besides rent it out longer or sell it. I can't see how rates can get any lower than where they are today. Maybe prime could, but the discounts seem to be shrinking to maintain the rate...

I locked in one mortgage in december which I'm regretting right now. Rates are so much better now. My other rental that I renewed this may has a great variable rate.

I should have planned my december renewal a bit better. Left it to the last minute and by then it was easier just to renew then switch.

[dj_rice]

Just re-newed for another 2 years @ 2.36 with RBC. After 2 year term, I'll be mortgage freeeeeee whooooooooooooooooooooooooooooooo.

[Disoblige]

This quote is hidden because you are ignoring this member. Show Quote

Just re-newed for another 2 years @ 2.36 with RBC. After 2 year term, I'll be mortgage freeeeeee whooooooooooooooooooooooooooooooo.

Aren't rates like ~2.00% right now though?.. Could be beer money :P
Congrats on mortgage free soon.

[Buster]

This quote is hidden because you are ignoring this member. Show Quote

I locked in one mortgage in december which I'm regretting right now. Rates are so much better now. My other rental that I renewed this may has a great variable rate.

I should have planned my december renewal a bit better. Left it to the last minute and by then it was easier just to renew then switch.

I still don't understand why people lock in their mortgages.

Carry on.

[killramos]

This quote is hidden because you are ignoring this member. Show Quote

I still don't understand why people lock in their mortgages.

Carry on.

+1

[dj_rice]

This quote is hidden because you are ignoring this member. Show Quote

Aren't rates like ~2.00% right now though?.. Could be beer money :P
Congrats on mortgage free soon.

Honestly I was in a rush as it was up for renewal by July 8. Didn't have any time to wait in line/take time off to go to the branch to see someone in person either as just got recently hired back so too fresh to take time off. So I just logged into RBC and did their early renewal process thing online and that was the rate given, so just took it. It was lower than my last rate @ 3.24 so didnt have much choice to shop around since time constraints. Good enough, all the payments are going straight to principal now so can't wait!!! At first I thought I did it wrong, when it said remaining balance after term = $0

Soon I'll have more money for race car parts

[ExtraSlow]

Is this the place where I brag my current rate is 1.45%? Asking for @SKR .

[roopi]

This quote is hidden because you are ignoring this member. Show Quote

I still don't understand why people lock in their mortgages.

Carry on.

People lock in mortgages so they have a regular payment. It might not be the best case scenario right now since rates have been falling but some people need that in their life.

I don't understand why people have mortgages. Carry on.

[realazy]

Got ya beat with 1.30% @ExtraSlow

[dj_rice]

This quote is hidden because you are ignoring this member. Show Quote

Got ya beat with 1.30% @ExtraSlow

Damn!!!!! Didnt even know rates were that low...

[ExtraSlow]

This quote is hidden because you are ignoring this member. Show Quote

Got ya beat with 1.30% @ExtraSlow

Damn, leave some women for the rest of us.

[The_Rural_Juror]

Where do I get these low 1.3% rates?

[ExtraSlow]

First you will need a DeLorean, and then talk to Tim.

[The_Rural_Juror]

This quote is hidden because you are ignoring this member. Show Quote

First you will need a DeLorean

No thanks. I don't smoke.

[dirtsniffer]

Probably got a p-1.2 at some point. 2018?

I have p-1 on my house so 1.49 as well.

Im considering doing fixed on my townhouse right now. 1.75 currently on variable or 1.89 on fixed. I don't see how rates can drop any lower than today but hey, I'm wrong all the time. What do you guys think?

[Disoblige]

This quote is hidden because you are ignoring this member. Show Quote

Damn!!!!! Didnt even know rates were that low...

Just like insurance, brokers are your friend! You wont get it that low as mentioned above but pretty effortless to get the best rate when dealing with a good broker.

[Buster]

ya, @TimLacroix is fantastic.

[tonytiger55]

This quote is hidden because you are ignoring this member. Show Quote

No thanks. I don't smoke.

Not to derail the thread. But as soon as I saw this quote I could not resist. CLASSIC. I got this stuck in my head now.



But back on the thread. if you renewal is coming up. Defo talk to Tim. He has been great in providing impartial advice and taking time to take a second look. Not many people like that.

[dj_rice]

This quote is hidden because you are ignoring this member. Show Quote

Just like insurance, brokers are your friend! You wont get it that low as mentioned above but pretty effortless to get the best rate when dealing with a good broker.

Yeah seems so!!! For my next house, I'll def hit up our resident mortgage specialist.

[nzwasp]

I have a q regarding mortgages for low income people.

So my BIL is a part time employee making around 25k per year. No savings, lives month to month. He also has an existing car loan.

Anyway my MIL is giving him 175K to buy a house in Edmonton. Given this scenario - what would be the max he could borrow?

I tried plugging this into a calculator and it just spat out 180K as an answer - but im unsure thats accurate, not many how much can i afford allowed me to put in down payments.