Mortgage Renewal - WWBD?

[zechs]

When I renewed, fixed rates were at 3.34% vs prime -1.5%.

Prime needs to go to 4.84% (basically 5%) to just get to them being equal. 5% prime would fiscally demolish 90% of Canadians, unfortunately the Bank of Canada may indeed be as fucking stupid as Trudeau is.

ES has a very good point in that variable comes with 3 months interest penalty vs a holy buttfucking on fixed. In my case, buttfucking averted (sorry Toilet) because I am likely selling my condo next month.

[Buster]

Canadians have to pay the piper one way or the other.

There may be some deflationary pressures coming our way, however.

[Twin_Cam_Turbo]

Not mad we went variable.

[gwill]

private lenders are suspending mortgage applications. Saw an article saying many more are sure to follow.

[ExtraSlow]

There are beyond members who work in that space who I'm sure are more knowledge about the situation. Sounds like fake news to me.

[msommers]

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When I renewed, fixed rates were at 3.34% vs prime -1.5%.

Prime needs to go to 4.84% (basically 5%) to just get to them being equal. 5% prime would fiscally demolish 90% of Canadians, unfortunately the Bank of Canada may indeed be as fucking stupid as Trudeau is.

ES has a very good point in that variable comes with 3 months interest penalty vs a holy buttfucking on fixed. In my case, buttfucking averted (sorry Toilet) because I am likely selling my condo next month.

We're porting our mortgage but have to pay the penalty until we take possession and will get the penalty back. My old mortgage was fixed and because of where rates are, the more complex method would have actually gave us a $1,000 refund. So the "greater of" was the 3-month interest calculation.

Sounds quite common these days.

All that said, we went variable on the other part of the new mortgage.

[Misterman]

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lol. First person to ever accuse me of a false sense of positivity.

On the other hand, you rarely know what you are talking about, and this is no exception.

Yes rarely................... Let's just ignore the last 2 years so Buster can maintain some sense of being the Beyond Oracle.

[killramos]

Rotary must at least be your friend or something.

[Misterman]

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Rotary must at least be your friend or something.

Never heard of him/her. But I do believe 2 or more humans can share similar views supported by literally all the data. But then again, you guys were accusing me of being HiTemp last time despite us not aligning on much of anything.

[Buster]

Just more evidence for my theory that bond yields are hot.

[killramos]

Hawwwt

[suntan]

They're going to be hawt eventually.

[jutes]

Back in my day interest rates were 20% and we powered through on single incomes. You youngins just want new vehicles and phones and don’t know how to control your spending.

[msommers]

Don't forget avocado toast and Netflix subscriptions

[schurchill39]

We went variable at -1% on our house back in september of last year and if you can get past the constant fear inducing letters saying your payments are going up then you're good. My mortgage broker sent me a rate comparison spread sheet the other day and playing around with rate increases to ~5% over the next three years I'll still be ahead by about 10k in interest at the end of my term than if I went fixed. Emotionally its tough but logically variable was the best move for us.

[gwill]

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There are beyond members who work in that space who I'm sure are more knowledge about the situation. Sounds like fake news to me.

clearly their slow on the news. Probably too busy trying to track all the rate changes to care about some of the lenders they rarely use.

https://www.theglobeandmail.com/busi...ntil/#comments

[Misterman]

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Back in my day interest rates were 20% and we powered through on single incomes. You youngins just want new vehicles and phones and don’t know how to control your spending.

I recall those days as a kid. Always wondering why my parents were so broke and trying to save money, why their credit cards were on ice, etc. I knew my Dad made really great money for the time. And now here we are full circle 30 years later.

[suntan]

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clearly their slow on the news. Probably too busy trying to track all the rate changes to care about some of the lenders they rarely use.

https://www.theglobeandmail.com/busi...ntil/#comments

Pfft simply a speed bump.

[importracer]

Bumping this thread, rather then creating a new one.

What is the best way to approach an upcoming mortgage renewal, when the plan is to upgrade within the near future(1-2 years)? My two options are to either pay off my current mortgage and then take out a HELOC for a down payment on the new place or pay down my current mortgage less ~amount required for down payment on new place and then port existing mortgage to the new place.

Which is the better option? Yes, I will speak with a mortgage broker as well, however, curious as to how Beyond would approach it.

Thanks!

[ExtraSlow]

Variable mortgage is a great option for someone who maybe moving soon. Make sure to ask your broker about it.