Variable mortgage regret?

[Buster]

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He's also shaped like a pie.

you are what you eat.

[msommers]

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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)

We got quotes from 6 brokers and 2 banks (stayed with the bank where I had original mortgage with). We got the whole gamut from not even qualifying to 150K over what we budgetted for, to bizarre conditions to fulfill and at one point being told paying less than 20% was "a good option because the rate is less" lulz

At the time, rates were essentially identical as we put 20% down and (as we were told) only three lenders deal with conservative mortgages: Scotia, ATB and...I want to say TD?

Fun fact we also learned from selling and buying: brokers make money off the total mortgage sold. We found this out as I was inquiring about porting from one broker and she told us straight up there's no point. Except the point was they'd get 1/3 less of their commission!

[Twin_Cam_Turbo]

Fiancé regrets it, I paid cash for my portion so it doesn’t really affect me.

[88CRX]

I've always been on a fixed mortgage... gonna #yolo my renewal next spring and go variable.

[sabad66]

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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.

I assume that’s a typo. You mean almost everyone said to go variable?

[vengie]

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Fiancé regrets it, I paid cash for my portion so it doesn’t really affect me.

Quote for potential future lulz.

[DonJuan]

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Fiancé regrets it, I paid cash for my portion so it doesn’t really affect me.

*gets married* OUR mortgage

[max_boost]

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Quote for potential future lulz.

Hahahaha he’s a young Padawan lol

And yes I hear busty and Killy are sweethearts irl

[flipstah]

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you are what you eat.

Do you provide samples?

<3

[Twin_Cam_Turbo]

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Quote for potential future lulz.

We had a contract drawn up by a lawyer when we bought regarding this so not really so worried. She also pays more towards most things and I cover the car costs fully, since she make significantly more money.

[vengie]

You can tell yourself whatever you want to help you sleep at night.

May the odds be ever in your favor.

[roopi]

So she got you to sign a prenup basically. Hope you get spousal support later.

[ercchry]

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at one point being told paying less than 20% was "a good option because the rate is less" lulz

…it can actually workout in your favour depending on the delta between the rates as 20% down is the worst and you need at least 35% equity to match insured rates… the sweet spot is somewhere around 15% down most of the time as that insured status will follow you to another lender as long as you don’t refinance

[DonJuan]

Signs agreement; goes out and buys 2 Toyotas and a reliable BMW diesel. Well played.

[Twin_Cam_Turbo]

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Signs agreement; goes out and buys 2 Toyotas and a reliable BMW diesel. Well played.

One Toyota is sold and leaving Sunday, BMW hopefully soon too.

[max_boost]

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We had a contract drawn up by a lawyer when we bought regarding this so not really so worried. She also pays more towards most things and I cover the car costs fully, since she make significantly more money.

I need to find one who makes significantly more money than me. That be nice.

[suntan]

He’s living the dream.

[bjstare]

I have a buddy who married a girl who made more than him. She turned out to be a bitch (or so I hear), and she chose to leave him. He's currently in the process of taking her to the cleaners.

[suntan]

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I have a buddy who married a girl who made more than him. She turned out to be a bitch (or so I hear), and she chose to leave him. He's currently in the process of taking her to the cleaners.

I came.

[Kloubek]

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How long ago was that?

As luck would have it, it was literally immediately before interest rates started their climb. I think it was around February? May have been early March?

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I assume that’s a typo. You mean almost everyone said to go variable?

Sorry... yes. Will change my OP.