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Thread: Variable mortgage regret?

  1. #281
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    Ouch.

    Yeah I can’t see the bank of canada taking their foot off the gas unless;

    1) prime becomes higher then core inflation 5-6% today
    2) the government meddles
    3) recession, and a disastrous one at that

    Going to be a bad couple of years unfortunately.
    "The most merciful thing in the world, I think, is the inability of the human mind to correlate all its contents... some day the piecing together of dissociated knowledge will open up such terrifying vistas of reality, and of our frightful position therein, that we shall either go mad from the revelation or flee from the light into the peace and safety of a new Dark Age."

    -H.P. Lovecraft

  2. #282
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    I pick #4: All of the above.

  3. #283
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    Well I'm back to see what everyone's opinions are now. I'm expecting my payments to be around the 2k/month range, up from last June at about 1300.

    There was a stress test for a reason and here it is, pretty much right on point of what the stress test number was at last year.

    I can afford this, I just don't want to lol thinking more about it, it sucks to have to be on a variable right now, but it will suck more if low interest rates 4 years ago was something you were banking on when you renew this year.

    I feel like I have something to look forward to in a few years when interest rates drop again and not have to be locked in at a stupid price......hopefully lol

  4. #284
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    They might go up they might go down
    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.

  5. #285
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    Quote Originally Posted by killramos View Post
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    They might go up they might go down
    Lol yes.

  6. #286
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    They will go up before they go down. Likely .25% in January and another .25% in March.

  7. #287
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    Quote Originally Posted by 03ozwhip View Post
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    I feel like I have something to look forward to in a few years when interest rates drop again and not have to be locked in at a stupid price......hopefully lol
    If you still got 3-4 year left in your term, you may want to get ready to pay down principle a bit to keep payment from increasing for remainder of the term.

    We will soon find out how long this high interest environment to be around by end of Q1.

    The problem that I see lack of productivity is still a huge issue. We are still losing IT talents that we have to pay more to recover meanwhile oldest Gen Xer are starting to retire doesn't help. And nobody wants to work still and job numbers are still quite "good", so I don't see low interest environment to come back unless a major crash comes thru.

  8. #288
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    When I last renewed, variable was a full 1.0% cheaper than fixed. Right now, it seems the discount is much smaller.
    I personally would prefer fixed if they were the same rate.

    Different motivations and risk profile for each person. I don't think there's a simple one-size-fits-all answer for this question.

    One very nice thing about variable is the ease of doing extra payments or ending early. For some people this could be very valuable.

  9. #289
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    Quote Originally Posted by ExtraSlow View Post
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    When I last renewed, variable was a full 1.0% cheaper than fixed. Right now, it seems the discount is much smaller.
    I personally would prefer fixed if they were the same rate.

    Different motivations and risk profile for each person. I don't think there's a simple one-size-fits-all answer for this question.

    One very nice thing about variable is the ease of doing extra payments or ending early. For some people this could be very valuable.
    You could do lump sum payments on a fixed. There's just a cap.
    Doing It For the 'Gram

    I ain't worried 'bout it right now..

  10. #290
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    Some of them have very low caps. Some do not. I've had every type of mortgage over the years.

  11. #291
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    Quote Originally Posted by ExtraSlow View Post
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    When I last renewed, variable was a full 1.0% cheaper than fixed. Right now, it seems the discount is much smaller.
    I personally would prefer fixed if they were the same rate.

    Different motivations and risk profile for each person. I don't think there's a simple one-size-fits-all answer for this question.

    One very nice thing about variable is the ease of doing extra payments or ending early. For some people this could be very valuable.
    The best mortgage strategy is simple:. Wait to see where rates go, and then travel back in time to either keep variable or go fixed.

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    Quote Originally Posted by Xtrema View Post
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    If you still got 3-4 year left in your term, you may want to get ready to pay down principle a bit to keep payment from increasing for remainder of the term.

    We will soon find out how long this high interest environment to be around by end of Q1.

    The problem that I see lack of productivity is still a huge issue. We are still losing IT talents that we have to pay more to recover meanwhile oldest Gen Xer are starting to retire doesn't help. And nobody wants to work still and job numbers are still quite "good", so I don't see low interest environment to come back unless a major crash comes thru.
    Yep. That was something I was thinking about doing for sure. I have to look into what the rules are with my mortgage about much I can do and how often

  13. #293
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    Quote Originally Posted by Buster View Post
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    The best mortgage strategy is simple:. Wait to see where rates go, and then travel back in time to either keep variable or go fixed.
    I wonder if this would be considered hindsight or foresight?

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    Quote Originally Posted by Buster View Post
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    The best mortgage strategy is simple:. Wait to see where rates go, and then travel back in time to either keep variable or go fixed.
    Amazing. I think I'll do.it.

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    Quote Originally Posted by tirebob View Post
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    I wonder if this would be considered hindsight or foresight?
    I mean. You can hold a rate for 120 days, so you kindof can benefit from hindsight in this case.
    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.

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  17. #297
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    Quote Originally Posted by tirebob View Post
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    I wonder if this would be considered hindsight or foresight?
    insight
    ---

  18. #298
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    Quote Originally Posted by Buster View Post
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    The best mortgage strategy is simple:. Wait to see where rates go, and then travel back in time to either keep variable or go fixed.
    This man gets it.

  19. #299
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    https://www.bankofcanada.ca/2022/12/...se-2022-12-07/

    Another .5%

    Beating continues the until everyone goes back to work.

  20. #300
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    Quote Originally Posted by Xtrema View Post
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    https://www.bankofcanada.ca/2022/12/...se-2022-12-07/

    Another .5%

    Beating continues the until everyone goes back to work.
    Aren't we supposed to stop working so we stop spending? Im confused now

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