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Thread: Variable mortgage regret?

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    Default Variable mortgage regret?

    Anyone else have this? I bought my house last June and decided to try out the variable, clearly at the worst time in fucking history.

    I went from paying about 10% in interest over principle to 50% in a year and at this point, im not even sure locking into a 5+ percent mortgage is a good idea at this point, but hearing rates might go so far that I won't be paying any principle off is alarming for sure.

    Anyone else have the regret of doing variable at this point ir did you panic and lock in like I should have done months ago lol

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    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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    My biggest regret is not buying that time machine when I had the opportunity.

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    Quote Originally Posted by Buster View Post
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    My biggest regret is not buying that time machine when I had the opportunity.
    What a derp move
    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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    felt pretty good for a while at 1.45.. but ya should have hopped to the 1.9% fixed when they were offering it..

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    Die with the most debt possible. YOLO

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    Quote Originally Posted by jutes View Post
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    Die with the most debt possible. YOLO
    Yes. 7.2 in debt if the bank would let me.
    Conversations like this can be intense.

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    Quote Originally Posted by Buster View Post
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    My biggest regret is not buying that time machine when I had the opportunity.
    ...if only you had a time machine to go back to that time.

    If some of you recall, I came on here asking the peeps if they felt we should go with a variable or fixed on our renewal. Almost 100% of everyone said variable, which turned out to be a poor choice. But honestly, who would have expected this much of a hike so soon? That hasn't happened in decades.
    Last edited by Kloubek; 08-26-2022 at 03:45 PM.

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    Quote Originally Posted by Kloubek View Post
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    ...if only you had a time machine to go back to that time.

    If some of you recall, I came on here asking the peeps if they felt we should go with a variable or fixed on our renewal. Almost 100% of everyone said fixed, which turned out to be a poor choice. But honestly, who would have expected this much of a hike so soon? That hasn't happened in decades.
    How long ago was that?

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    We signed a variable in July, and given the fixed-rates at the time it's nearing that point. That said I still believe over the 5-year term we'll be ahead, just this first year or so that will feel painful.

    All things considered, 4% interest relative to rates over the last 30 years is pretty darn good.
    Follow me on Instagram and Facebook!

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    Quote Originally Posted by 03ozwhip View Post
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    Anyone else have this? I bought my house last June and decided to try out the variable, clearly at the worst time in fucking history.

    I went from paying about 10% in interest over principle to 50% in a year and at this point, im not even sure locking into a 5+ percent mortgage is a good idea at this point, but hearing rates might go so far that I won't be paying any principle off is alarming for sure.

    Anyone else have the regret of doing variable at this point ir did you panic and lock in like I should have done months ago lol
    In all seriousness, regret is a tough thing to deal with. So stop it.

    People regret outcomes, which is a dangerous game to play. What you need to do is assess your decision making at the time. Did you make the best possible decision with the information that you had? If you fucked up the decision, then feel free to regret that. If you regret the outcomes, then you're just being a dope who doesn't understand that life is probabilistic and uncertain. People who are willing to embrace the probabilistic and use that as a context for their decision-making get ahead in life. People who demand certainty in life - let's call them "babies" - are eventually going to be at the mercy of those that understand that certainty is fundamentally an impossible goal and to chase it is a fool's errand which will only cost them money and opportunities. You must make predictions in life, we all do it all of the time. However, it is worth distinguishing between situations where predictions may have some utility for you, and situations which are inherently unknowable and thus inherently unpredictable.

    Did you make the wrong decision with your variable rate? No, you did not. Did you get the best possible outcome? No you did not. Both of these statements can be true.

    Assess your current situation, determine what you can now predict based on your current information. Don't be tricked into thinking you can now know a future unknowable because of your past painful experience and work the current situation as best you can. Or...lapse into being a little bitch like 99% of the population out there who is owned by people who are more evolved in their epistemology.

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    Quote Originally Posted by Kloubek View Post
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    ...if only you had a time machine to go back to that time.

    If some of you recall, I came on here asking the peeps if they felt we should go with a variable or fixed on our renewal. Almost 100% of everyone said fixed, which turned out to be a poor choice. But honestly, who would have expected this much of a hike so soon? That hasn't happened in decades.
    Um, me? Because I paid attention in my econ classes?

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    Quote Originally Posted by Buster View Post
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    In all seriousness, regret is a tough thing to deal with. So stop it.

    People regret outcomes, which is a dangerous game to play. What you need to do is assess your decision making at the time. Did you make the best possible decision with the information that you had? If you fucked up the decision, then feel free to regret that. If you regret the outcomes, then you're just being a dope who doesn't understand that life is probabilistic and uncertain. People who are willing to embrace the probabilistic and use that as a context for their decision-making get ahead in life. People who demand certainty in life - let's call them "babies" - are eventually going to be at the mercy of those that understand that certainty is fundamentally an impossible goal and to chase it is a fool's errand which will only cost them money and opportunities. You must make predictions in life, we all do it all of the time. However, it is worth distinguishing between situations where predictions may have some utility for you, and situations which are inherently unknowable and thus inherently unpredictable.

    Did you make the wrong decision with your variable rate? No, you did not. Did you get the best possible outcome? No you did not. Both of these statements can be true.

    Assess your current situation, determine what you can now predict based on your current information. Don't be tricked into thinking you can now know a future unknowable because of your past painful experience and work the current situation as best you can. Or...lapse into being a little bitch like 99% of the population out there who is owned by people who are more evolved in their epistemology.
    Reading that was like therapy lol thx bro
    Conversations like this can be intense.

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    Quote Originally Posted by killramos View Post
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    So about 0.013% of all mortgages in canada....well the sky is falling..

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    Quote Originally Posted by spike98 View Post
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    So about 0.013% of all mortgages in canada....well the sky is falling..
    I mean that’s just people who have an RBC mortgage. And just this year. But all in all it’s a good gut check.

    The stuff that will really turns stomaches is those people who will come off a 1-2% rate into a 4-5% rate when their term ends.
    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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    Quote Originally Posted by Buster View Post
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    In all seriousness, regret is a tough thing to deal with. So stop it.

    People regret outcomes, which is a dangerous game to play. What you need to do is assess your decision making at the time. Did you make the best possible decision with the information that you had? If you fucked up the decision, then feel free to regret that. If you regret the outcomes, then you're just being a dope who doesn't understand that life is probabilistic and uncertain. People who are willing to embrace the probabilistic and use that as a context for their decision-making get ahead in life. People who demand certainty in life - let's call them "babies" - are eventually going to be at the mercy of those that understand that certainty is fundamentally an impossible goal and to chase it is a fool's errand which will only cost them money and opportunities. You must make predictions in life, we all do it all of the time. However, it is worth distinguishing between situations where predictions may have some utility for you, and situations which are inherently unknowable and thus inherently unpredictable.

    Did you make the wrong decision with your variable rate? No, you did not. Did you get the best possible outcome? No you did not. Both of these statements can be true.

    Assess your current situation, determine what you can now predict based on your current information. Don't be tricked into thinking you can now know a future unknowable because of your past painful experience and work the current situation as best you can. Or...lapse into being a little bitch like 99% of the population out there who is owned by people who are more evolved in their epistemology.
    Really needed that today, solid post my man!

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    Buster is actually a real sweetie pie in real life.

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    Quote Originally Posted by JohnnyHockey13 View Post
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    Buster is actually a real sweetie pie in real life.
    That's one of the best posts I've seen in a while.

    My mtg is up for renewal this year and debating between the variable and fixed. Thinking about shopping around to other banks. (TD currently)

    As for you Columbus family man. Change your location.

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    Shopping around to different places including some not-a-bank options is very wise.

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    Quote Originally Posted by JohnnyHockey13 View Post
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    Buster is actually a real sweetie pie in real life.
    He's also shaped like a pie.

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