Variable mortgage regret?

[sabad66]

Re reading the thread from January is interesting

https://forums.beyond.ca/threads/415...e-Renewal-WWBD

[zechs]

I went variable, and I'm happy with it. Can sell my place whenever I want with minimal penalty. Interest rate was locked at 2.54% fixed for 5 years, then went .99% variable, then went 1.39% variable and has rose to 3.49% or something like that.

People losing their shit over a 2% increase on their mortgage interest rate are ridiculous. Unless people live so staggeringly close to the edge of their finances that it's absurd, it should have no material effect on people. And if $500 a month does, you should be on fixed. Even then, as Buster/Suntan always say, the banks are smarter than us, fixed prices this in and they'll get their money anyways with the rates they offer.

$600k house, 1.5% to 3.5% is an extra $500 a month. That's an extra day of work. WGAF

[suntan]

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$600k house, 1.5% to 3.5% is an extra $500 a month. That's an extra day of work. WGAF

Damn 7.2 life$tyle.

[ExtraSlow]

Pointed out above, but there are benefits to variable beyond the rate, particularly when compared to fixed rate at a bank, which usually have horrendous penalties that can cost you way more than small differences in payment or rate.

[max_boost]

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I went variable, and I'm happy with it. Can sell my place whenever I want with minimal penalty. Interest rate was locked at 2.54% fixed for 5 years, then went .99% variable, then went 1.39% variable and has rose to 3.49% or something like that.

People losing their shit over a 2% increase on their mortgage interest rate are ridiculous. Unless people live so staggeringly close to the edge of their finances that it's absurd, it should have no material effect on people. And if $500 a month does, you should be on fixed. Even then, as Buster/Suntan always say, the banks are smarter than us, fixed prices this in and they'll get their money anyways with the rates they offer.

$600k house, 1.5% to 3.5% is an extra $500 a month. That's an extra day of work. WGAF

The interest rate
It’s just back to when I bought my first house 17 years ago lol I feel old

[Buster]

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If you really “knew” the market outcomes of the past year there were a lot smarter choices you could have made than just locking in your mortgage.

You made an out of the market guess based on innuendo and low brow theory, contrary to what leagues of people smarter than you forecast, and got lucky.

Do not conflate luck with intelligence or clairvoyance. It’s a bad look. Just typical confirmation bias we expect from you regarding everything you spew.

I rarely say this but...

Couldn't have said it better myself.

[Darkane]

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I rarely say this but...

Couldn't have said it better myself.

I like that he used Low Brow.

I used High Brow to describe a coworker of mine and how he gets my humour. A few people showed puzzled expressions.

Haha

[suntan]

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Re reading the thread from January is interesting

https://forums.beyond.ca/threads/415...e-Renewal-WWBD

I mean the rates still aren’t that bad in Canada. The USA seems to be a different story.

One thing I didn’t realize is how many people really are on the financial precipice.

[Buster]

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I mean the rates still aren’t that bad in Canada. The USA seems to be a different story.

One thing I didn’t realize is how many people really are on the financial precipice.

I'm going to enjoy the crash

[max_boost]

Thought the banks were being extra careful this go around to prevent catastrophe

[littledan]

I just renewed in April @ 3.34%. I'm very risk averse so don't mind paying marginally more during times of very low interest rate because the downside risk was just too unknown.

[Misterman]

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If you really “knew” the market outcomes of the past year there were a lot smarter choices you could have made than just locking in your mortgage.

You made an out of the market guess based on innuendo and low brow theory, contrary to what leagues of people smarter than you forecast, and got lucky.

Do not conflate luck with intelligence or clairvoyance. It’s a bad look. Just typical confirmation bias we expect from you regarding everything you spew.

I didn't "know" for absolute certain. And you're being clearly pedantic at this point to even claim that, or to say I should've YOLO'd all my shit.
I DID make smarter choices. I cleaned out the equity from my big ass mcmansion, and moved to a place with limited downside potential. Getting control of my investments, and moving everything to a Short S&P500 ETF.

People smarter than me? You don't say! Wonder where I got my "clairvoyance" from? I'm not trying to paint myself as some genius market reader, I simply paid attention to the smart people that were predicting all this mess and validated whether their data was correct or not. And likewise I also listened to the Fed and other supposed "experts" that were saying the opposite, and was able to confirm the things they were saying were flat out lies. The weird thing here is that you're trying to paint me as a lucky idiot for doing very basic due diligence and acting in accordance with simple fundamentals. While most of you went against experts and did zero DD at all. Ignorance to economic data is not the same as being unlucky. It's not like a few of us here weren't sharing the data we were being made aware of quite a long time ago. If nobody else wanted to even google a few things to see if what we were saying was accurate or not, that's a choice.

[Buster]

You're missing the point.

[Disoblige]

Let's all hold hands and kumbaya.
We all have a roof over our heads mmkay? *sips drink*

[suntan]

Beyond knife fight is the best bet.

[killramos]

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Let's all hold hands and kumbaya.
We all have a roof over our heads mmkay? *sips drink*

You clearly haven’t spent much time in the camping thread

[ExtraSlow]

Take the mushrooms camping, you'll feel the brotherly love and won't worry about past mortgage decisions.

[max_boost]

You’ll even rescue your father from the belly of the whale and transcend your life.

[ExtraSlow]

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You’ll even rescue your father from the belly of the whale and transcend your life.

I ran out before THAT happened.

[max_boost]

The og way. Get mortgage, house goes up, get heloc, use heloc to pay off original mortgage. I’ve been living the variable way of life since day one (minus a few years of debt free and then realized life is better when in debt)

*this is not financial advice*

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I ran out before THAT happened.

Bruh but you achieved the goal of visiting your ancestors and reaching enlightenment