Here Come 30 Year Mortgages

[snoflake]

What bank and whats the interest rate. TD has a 3 year fixed for 5.6ish and your payment would be around $1650 on $240,000 on a 20 year.

I missread your post. Didnt realize you want to pay it off in 10 more years

 

[ABMax24]

You can use RRSP's as a down payment, although you have 15 years to re-deposit that amount into your RRSP or pay tax on that amount. I used mine when we bought our house.

There's some kind of first time homebuyers savings account now, but I'm not sure on the particulars.

 

[Caper11]

I’ll never go more than my 25, got 14 years left….. unless things turn around and go back to normal in which case I’ll move to an acreage and start over at 25 lol. But I don’t see that happening for a long time


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Same, I was thinking of moving to WCT to be closer to work with less travel, but I can’t bring myself to get into a new mortgage when I am at 1.6%. I will stay put, but I would love to be on a acerage.

 

[Caper11]

Buddy has a good deal on Wagyu rib eyes too. End cuts. Its no A5 but they are alr8ght.

View attachment 282134

I need some of those!

 

[rknight111]

Same, I was thinking of moving to WCT to be closer to work with less travel, but I can’t bring myself to get into a new mortgage when I am at 1.6%. I will stay put, but I would love to be on a acerage.

Hopefully you have a long term on that 1.6% and don't have to renew for a bit.

 

[snoflake]

I don't think we will see anything below 5% till next year.

 

[Cyle]

Same, I was thinking of moving to WCT to be closer to work with less travel, but I can’t bring myself to get into a new mortgage when I am at 1.6%. I will stay put, but I would love to be on a acerage.

Most mortgages are portable to a new property, I am currently doing that to keep my last 3 years of 2.09%, RBC allows 120 days between closing dates.

 

[Caper11]

Most mortgages are portable to a new property, I am currently doing that to keep my last 3 years of 2.09%, RBC allows 120 days between closing dates.

Yep you bet, I currently like the look of my balance owing at the moment. The real estate market is not doing so hot, especially with all of the recent homes put up forsale around in the area lately.

 

[ABMax24]

Kind of related

 

[Outdoors]

I work with countless people that make $300,000 a year that live paycheck to paycheck.......if they just suffered or saved for 3 years they could've bought a really decent house with cash.

 

[mclean]

I work with countless people that make $300,000 a year that live paycheck to paycheck.......if they just suffered or saved for 3 years they could've bought a really decent house with cash.

As do I. And had to consolidate. They have the newest truck and sports car and camper trailer and acreage. In their mid to late 50s. Doesn't make sense to me. I'd like to be done work by then

 

[lilduke]

Is that before or after tax ? Probably paying half that to the government

 

[snopro]

Some people are spenders and some are savers. I prefer the perfect mix of both so an early retirement is an option.

 

[Teth-Air]

I don't think we will see anything below 5% till next year.

My son just got promised 4.99% for a 3 year from a mortgage broker.

 

[Trashy]

Some people are spenders and some are savers. I prefer the perfect mix of both so an early retirement is an option.

I’m in the middle of that. I’m not great at spending and I’m not great at saving, but if I want something car truck house whatever I need to finance it. Because I don’t have the discipline to save $80,000.

 

[plio7]

I’m in the middle of that. I’m not great at spending and I’m not great at saving, but if I want something car truck house whatever I need to finance it. Because I don’t have the discipline to save $80,000.

same here. we do ok but unfortunately saving is not mine or the GF's strong point

 

[snoflake]

My son just got promised 4.99% for a 3 year from a mortgage broker.

That's encouraging.

 

[Bnorth]

My son just got promised 4.99% for a 3 year from a mortgage broker.

That seems about right for a 5 year through a broker right now

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Bond yields may push rates higher later this week though so tell him to get that rate locked today.

 

[plio7]

3 and 5 year fixed you can still get right in around that 5%. I have heard of a few people who were renewing getting right in around there.

 

[ABMax24]

Here we go again, now let's allow first time home buyers to take a 30 year mortgage on a $1.5 million dollar home. That oughta make housing more affordable.

Ottawa to expand 30-year amortizations, raise insured mortgage cap - National | Globalnews.ca

Finance Minister Chrystia Freeland announced proposals Monday to expand the availability of 30-year amortizations and to raise the price cap for insured mortgages.

globalnews.ca