Mortgage Rates

[NoBrakes!]

Signed a 4 year fixed @6.3 on our rental condo to pay it off… I think it was close to that when we bought it in 2006? Rode it down to 1% and now right back up where we started in a short 20 years

 

[Frosty19]

Jacking up interest rates is a band aid fix IMO. Seems to be affecting people who already own homes more than anyone. Prices haven't gone done and renewals are hitting like Drew mentioned above.

I was reading an article saying that a target for the median house cost in a given location would be 2.6ish times the household income.
18% interest on something proportionality priced is better than 7% on something that is inflated on a bubble.
I have an couple years left on my current rate, but i don't know if rates will go up anymore at this point so if I was renewing atm I'd be looking at variable options I think.

 

[TylerG]

I'm locked in until this time in 2025, I'm really hoping we start to see the interest rates start to go the other way, alternatively, I'm just going to keep socking money away and lump sump the principal before renewal if I have to.

 

[turbo392]

I'm locked in until this time in 2025, I'm really hoping we start to see the interest rates start to go the other way, alternatively, I'm just going to keep socking money away and lump sump the principal before renewal if I have to.

You are better off making regular small payments now rather than waiting. Especially if your lump sum payment exceeds your max overpayment allowed. The max lump sum payment in our banking system should be made illegal, just like a car loan.

 

[TylerG]

You are better off making regular small payments now rather than waiting. Especially if your lump sum payment exceeds your max overpayment allowed. The max lump sum payment in our banking system should be made illegal, just like a car loan.

I'll probably do annuals at "bonus time" at work over the next couple of years, that's in March.

 

[turbo392]

When I still had a mortgage I made pretty small extra biweekly payments from day 1. 25 year mortgage was finished on year 17.

 

[MP Kid]

When I still had a mortgage I made pretty small extra biweekly payments from day 1. 25 year mortgage was finished on year 17.

Same here….
Paid mine off in 14yrs.
My investments over this time period sure didn’t outperform the rise in property values…
Sitting mortgage free right now sure feels good

 

[LUCKY 7]

When I had a mortgage all my overtime (which I did lots of) went to making extra payments. Certainly helped to pay it off

 

[rknight111]

It's an American example where you can get 30 yr amortizations and lock in a rate for the whole amortization period.

So if you lock in today then everything turns to crap and rates drop drastically. the only option is to leave your keys and walk away.

 

[BILTIT]

https://www.cbc.ca/news/business/mortgage-negative-amortization-1.6986214

 

[lilduke]

Ive heard they have 100 year mortgages in Europe. Imagine trying to buy a house in London or Paris.


Alberta is still pretty cheap. Lots of good buys...

 

[Bnorth]

So if you lock in today then everything turns to crap and rates drop drastically. the only option is to leave your keys and walk away.

No you can re-sign the mortgage rate at lower rates at any time if they drop. Mortgage interest is also deductible for income tax purposes. They have a fantastic system there.

 

[Bnorth]

Ive heard they have 100 year mortgages in Europe. Imagine trying to buy a house in London or Paris.


Alberta is still pretty cheap. Lots of good buys...

At least London or Paris are London or Paris not fawkin Surrey or Brampton

 

[lilduke]

At least London or Paris are London or Paris not fawkin Surrey or Brampton

I like surrey. Parts of it any ways. But not cheap. Im thinking london or paris are probably more. But i havent priced them out

 

[ABMax24]

I like surrey. Parts of it any ways. But not cheap. Im thinking london or paris are probably more. But i havent priced them out

Paris is pretty expensive. London is only a bit more than Toronto.

But the definition of a house over there is different than ours, generally a lot smaller.

 

[Sessionsdoo]

Just got my pre-approval at 5.84% 5year fixed.

 

[lilduke]

Just got my pre-approval at 5.84% 5year fixed.

Buying in kamloops?

 

[Sessionsdoo]

Buying in kamloops?

Nope moving to Willams Lake as moved up a position in company. Plan to try to get back to loops in 5 or 6 years when my old boss calls it quits

 

[lilduke]

Nope moving to Willams Lake as moved up a position in company. Plan to try to get back to loops in 5 or 6 years when my old boss calls it quits

My buddy Alec owns tim hortons there. If you see a big ginger lumber jack.lookin.guy.with 3 finger tell him lilduke says whats up!

 

[zal]

My buddy Alec owns tim hortons there. If you see a big ginger lumber jack.lookin.guy.with 3 finger tell him lilduke says whats up!

Make sure you wave with 3 fingers or less. Don’t want to make it awkward.