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Thread: Mortgage Renewal - WWBD?

  1. #81
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    Quote Originally Posted by Buster View Post
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    Variable wins about 19 out of 20 times
    So you’re telling me there’s a chance?

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    Quote Originally Posted by Kloubek View Post
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    So, we did in fact go variable, and I credit about half of that decision to you guys.

    The other half came from doing a fair amount of research which included a multitude of factors - but finally culminated in my belief that the graph in my original post isn't likely to play out as they indicated. As mentioned, it's either a scare tactic to get people to lock in or it's seemingly a prediction based on the belief covid immediately disappears. Either way, I'm comfortable in our decision.
    Graph already hasnt played out:
    https://www.msn.com/en-ca/money/tops...cid=entnewsntp

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    Quote Originally Posted by Kloubek View Post
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    So, we did in fact go variable, and I credit about half of that decision to you guys.

    The other half came from doing a fair amount of research which included a multitude of factors - but finally culminated in my belief that the graph in my original post isn't likely to play out as they indicated. As mentioned, it's either a scare tactic to get people to lock in or it's seemingly a prediction based on the belief covid immediately disappears. Either way, I'm comfortable in our decision.
    When it comes to banks, much more interesting to pay attention to what they do, rather than what they say.

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    So clearly BoC is going to keep increasing prime.

    Looks like I can still lock in -1.5% on 5 year variable, vs 2.7-3% fixed.

    Seems like a no brainer? BoC usually raises rates at most .25% per quarter, so just to get to 3% on the mortgage would take almost 2 years.

    Keeping the marth simple, prime would have to go to 5+% prior to the end of the 5 years to make fixed make sense.

    My main concern is that the liberals are a bunch of retards and inflation spirals out of control leading to 10% interest rates

  5. #85
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    Yes, always lock in your mortgage. Smart people love giving you money.

    Pro strats.

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    Quote Originally Posted by zechs View Post
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    My main concern is that the liberals are a bunch of retards and inflation spirals out of control leading to 10% interest rates
    This is why I renewed on a 5 year fixed at 2.78%. I dont need to stress about inflation or rising interest rates when it comes to my mortgage payment. Sure it will likely cost a bit more than variable, but my piece of mind is worth it.
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    Quote Originally Posted by cycosis View Post
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    This is why I renewed on a 5 year fixed at 2.78%. I dont need to stress about inflation or rising interest rates when it comes to my mortgage payment. Sure it will likely cost a bit more than variable, but my piece of mind is worth it.
    I wish my renewal had come up a month earlier when you could still get these rates, and I probably would have locked in at that

    Is what it is, but still managed a Prime-1.5% on variable. Sucks considering prime is going up 0.5% in April, but what can a guy do?

  8. #88
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    What are the best 5yr fixed rates currently being offered at the big banks?
    Tap, Rack, BANG!

  9. #89
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    Ratehub is showing fixed between 3.59 to 3.84 from the banks. Although honestly the banks are the worst for fixed mortgages. Just generally terrible to deal with.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  10. #90
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    Shit. Is that their "rate" rate, or the their rate rate. I.e. posted rate or actual best rate.
    Tap, Rack, BANG!

  11. #91
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    You tell me bro. That's what is on ratehub. I still think variable is better for most people.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

  12. #92
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    If you aren't getting at least a 1% discount on a big banks posted rate, you have some seriously shite credit.

    Edit: but it is a trap, because if you want out of your mortgage early, they use the discount against you when calculating the penalty.
    Last edited by Tik-Tok; 03-29-2022 at 09:57 AM.
    Quote Originally Posted by DonJuan View Post
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    Came back to ogle 2Legit2Quit wife's buns...
    Quote Originally Posted by Kloubek View Post
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    They're certainly big, but I don't know if they are the BEST I've tasted.

  13. #93
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    ok so CIBC is showing 5 year fixed at 3.72 for high ratio. So looks like its their "rate" rate. I will post back after negotiations.
    Tap, Rack, BANG!

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    I'm on 3 year variable. Just got a letter saying I went from 1.49 to 1.69 from now on, til who knows when the next rate hike will be. I've only been in this house since June, I wonder if I should start looking into fixed....

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    If your current variable is 1.69, and the fixed is 3 percent or higher, then I don't think switching to fixed makes any sense at all. Especially considering the other drawbacks of fixed.
    Quote Originally Posted by killramos View Post
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    You realize you are talking to the guy who made his own furniture out of salad bowls right?

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    You should not
    Originally posted by Thales of Miletus

    If you think I have been trying to present myself as intellectually superior, then you truly are a dimwit.
    Originally posted by Toma
    fact.
    Quote Originally Posted by Yolobimmer View Post
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    guessing who I might be, psychologizing me with your non existent degree.

  17. #97
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    Not quite mortgage renewal, but is there any truth to land titles fraud happening after a mortgage is paid off? I’ve heard from several people over the years to always keep an active LOC or other debt against the property as titles can easily be changed if a bank (any 3rd party finance company I guess) isn’t involved.

  18. #98
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    Probably more common in the USA as title insurance is a must have down there.

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    It's a few months old, but I'm curious to everyone else's perspective on this now that we've seen interest rates rise, and I've heard some grumblings from unverified sources that some believe it might go up to 6-8% interest over the next year.

    I feel this is fear mongering, but it's just a matter of time before it really does. Whether that occurs during this time of economic upheaval or not remains to be seen.

    One thing is for certain: My stocks are fucking tanking. Time to invest in stable commodities I think....

  20. #100
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    Oh it's going up. At least another 1% from current rates.

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