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  1. #41
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    Quote Originally Posted by realazy View Post
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    Just went with variable at P-1.15% with MCAP value flex before the rate hike. After the July hike, it puts me at 2.55%. No regrets going with the product. I got the broker to buy down the maximum amount.

    *The MCAP value flex is a restricted product, I can't break the mortgage without selling, so I'm stuck with it for pretty much the full 5 yr term. On the plus side, It's one of the largest discounts from Prime ever offered, so I don't think there would be better options that will tempt me during the term.
    I got into this one 2 years ago. Rate is/was quite good. However not able to break it as after the hikes I wanted to get into a lower rate.

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    Quote Originally Posted by bigbadboss101 View Post
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    I got into this one 2 years ago. Rate is/was quite good. However not able to break it as after the hikes I wanted to get into a lower rate.
    You can switch to another mcap product

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    How's things looking out there for folks with renewals?

    I'm thinking about a 3.15% 2 yr fixed and gauging where the rates are trending then, since in next two years, it seems reasonable rates will go up at the very least 0.5. Variable at 3.11% 5 years didn't seem that great.
    Last edited by msommers; 08-03-2018 at 05:58 PM.
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    Quote Originally Posted by msommers View Post
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    How's things looking out there for folks with renewals?
    Just go with that 2yr!

    Also it’s hard to compare these things also... was the original mortgage insured, insurable... will it be a true switch.. or a refi

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    Probably going for a 1 year 2.91% variable for now and hoping to just pay the remaining balance at the end of that year.

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    We're currently applying for a 2.55% 5 year variable rate. I think prepayment options are same as our current lender and we likely won't have to break the contract unless something crazy happens in the next 5 years.

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    I am in the final stages of moving my mortgage over to a Manulife One account at 4.2% variable. Essentially it is just a HELOC so I pay a little more interest but have unlimited freedom to pay down whatever whenever. I've been meaning to get a HELOC for a while now anyway so this just allowed me to do it all at once.

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    Quote Originally Posted by s_havinga View Post
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    I am in the final stages of moving my mortgage over to a Manulife One account at 4.2% variable. Essentially it is just a HELOC so I pay a little more interest but have unlimited freedom to pay down whatever whenever. I've been meaning to get a HELOC for a while now anyway so this just allowed me to do it all at once.
    The whole thing?! You should have the option to lock a portion into a standard mortgage schedule at a lower rate

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    Quote Originally Posted by s_havinga View Post
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    I am in the final stages of moving my mortgage over to a Manulife One account at 4.2% variable. Essentially it is just a HELOC so I pay a little more interest but have unlimited freedom to pay down whatever whenever. I've been meaning to get a HELOC for a while now anyway so this just allowed me to do it all at once.
    You moved your entire mortgage to 4.2%?? I don't know how much you have owning but that seems like an insanely high premium just to get a HELOC. Couldn't you hold a portion back?

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    Quote Originally Posted by s_havinga View Post
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    I am in the final stages of moving my mortgage over to a Manulife One account at 4.2% variable. Essentially it is just a HELOC so I pay a little more interest but have unlimited freedom to pay down whatever whenever. I've been meaning to get a HELOC for a while now anyway so this just allowed me to do it all at once.
    That's crazy high... I guess the point of the Manulife one is that all your cash equivalent assets get lumped together so you're borrowing a lot less. Basically your paychecks apply fully to your mortgage and every time you pay for something you borrow it again at the same rate.

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    Holy shit, an entire mortgage at 4.2%. Even if you did velocity banking and kept a bunch of money in your line of credit to help offset simple interest, that's still pretty high but as mentioned it would depend on how much remaining your mortgage is. That said, you'd need to crunch the numbers more carefully but I would echo what people are saying about at least locking in a portion of your mortgage and going with a smaller revolving portion unless you somehow need that much access to the money.

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    I guess I should mention, my mortgage is pretty minimal >150K and I plan to pay it off over the next 2 years which made the M1 make sense. I will also be moving most of my savings into this account reducing the amount owing further- allowing me liquid access to it in case it is required. And yes, I could lock some or all of it in at a better rate- just didn't make sense for my situation right now. And I can do that at any time. the difference between 2.66% and 4.2% works out to $110/ month in my case. Moving my savings over will actually reduce my payment by about $110 though.

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    So you are putting your savings in for a return of 4.2% when you could earn almost double that in even a very risk adverse investment? Makes sense

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    Yep, show me this 8.4% return very risk adverse investment that still allows me to have complete liquid access to my savings and I am more then willing to look into it.

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    I would also like to see a very risk adverse 8% return
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    Quote Originally Posted by msommers View Post
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    I would also like to see a very risk adverse 8% return
    Most fixed income funds based on equity markets are pretty close (if you ignore the MER)

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    Quote Originally Posted by s_havinga View Post
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    Yep, show me this 8.4% return very risk adverse investment that still allows me to have complete liquid access to my savings and I am more then willing to look into it.
    Quote Originally Posted by msommers View Post
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    I would also like to see a very risk adverse 8% return
    https://canadiancouchpotato.com/model-portfolios/

    Most of the balanced funds i would consider low risk and offer around 7-8% annualized return. Even very very conservative models beat the interest rate of an M1 line of credit. How liquid do you REALLY need to be? Do you need to flea the country at a moments notice? Outside of real estate, most investments (outside of RRSPs or LIRAs) are easy to get out of and with little fees. This is also very basic investing too, if you are smarter 8-10% annualized is probably attainable.

    I don't consider myself a financial guru by any stretch, I just think i could do a lot better earning better money on a few hundred thousand than to willingly take a huge interest loan on a house for the purpose of being able to spend on it. AND THEN put my savings in it. In my mind is counter productive to stability in my mind.
    Last edited by spike98; 08-10-2018 at 02:50 PM.

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    What's the latest 5 year fixed being offered from the major banks? I have a renewal coming up. Initial renewal rate offered was 3.61% so it's time to shop around or go variable.

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    Quote Originally Posted by roopi View Post
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    What's the latest 5 year fixed being offered from the major banks? I have a renewal coming up. Initial renewal rate offered was 3.61% so it's time to shop around or go variable.
    I just renewed at 3.34 fixed 5 year, First National

    The variable was less obviously but with the possible changes coming in the future I didn't want to risk a spike
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    I just renewed two weeks ago at 3.39% fixed three year. Once again RBC fucked me around with something after signing papers so I am in the process of closing all my personal and business accounts outside of the mortgage to take them elsewhere. I do not recommend giving RBC your business.

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