Negative interest rates ?

[ABMax24]

Never dealt with Scotia but i've found they offer the best rate upfront and won't budge unless you have better offer on a commitment letter from someone else. You could get them to hold the rate also if you think they might go down, but at the same time you're paying extra interest each month by not renewing early.

You're probably right, looking online I can't find an advertised rate less than what I'm already being offered. My mortgage is relatively small, so even if rates did drop to say 1.75% it would only save me another $35/month. Renewing today would save me a total of $600 in interest over the next 6 months, thinking this is my best bet.

 

[arff]

Anyone try a mortgage on bare land like 80 acres
Seems the money down and interest rates are high

 

[Cyle]

Anyone try a mortgage on bare land like 80 acres
Seems the money down and interest rates are high

Bare land is generally minimum 25% down, and if it's unserviced or really far out can jump to 50% plus. ATB does or did do bare land financing, it's been years but I think I was paying like 4.5% before.

 

[Cyle]

You're probably right, looking online I can't find an advertised rate less than what I'm already being offered. My mortgage is relatively small, so even if rates did drop to say 1.75% it would only save me another $35/month. Renewing today would save me a total of $600 in interest over the next 6 months, thinking this is my best bet.

Yea seems like a good plan. I waited last summer for rates to go down as I was at 2.59% and renewal was 1.99% variable and they never did and lost some savings, 6 months early is pretty good RBC and TD are both 4 months. Think I should be locking in for 5 years if I can still get it at 1.99% too.

 

[rider4life]

Anyone try a mortgage on bare land like 80 acres
Seems the money down and interest rates are high

It sure is, when I bought 80 of the family quarter a couple years ago, I needed a large chunk down, and because it's classed as a "commercial" property, it didn't qualify for a mortgage. Ended up with a decent rate on a 10yr loan.

 

[arff]

Bare land is generally minimum 25% down, and if it's unserviced or really far out can jump to 50% plus. ATB does or did do bare land financing, it's been years but I think I was paying like 4.5% before.

Thank You

 

[rider4life]

Servus in Leduc wanted 30% down, and I believe we got it down to 3.25% over the 10 years, the land is out by Thorsb/Telfordville, not sure how it would have changed being further out

 

[SHREK1]

I renewed in aug at atb 5 year at 1.64%

 

[S.W.A.T.]

The government won't allow drastic spike in interest rates, at the extreme maybe 1% per year. Too many people got into houses at 2% with big mortgages they won't be able to afford at 5%. If the government allows a huge swing it would create a housing crash and anyone that owes more than 50% on their mortgage would be house poor. However interest rates will have to go up because inflation is out of hand due to easy financing and low interest rates.

 

[JayT]

I just closed on 10 acres bare land and requirement through scotia was 35%. Went with a line of credit for the remainder at prime + .5%
Will pay it off shortly so not too worried about floating right now

 

[250mark1]

just did my renewal last month 1.40 % 5 year fixed

 

[team dirt]

I was 50% down on my land in the shuswaps. Had to get a loan through the credit union in Armstrong. Alberta banks wouldn’t help me in BC. Would have just borrowed against my mortgage here but penalty was to big to break mortgage to refinance back then.

 

[S.W.A.T.]

Try getting a mortgage on farm a farm property in bc, took us 4 months to just to switch lenders

 

[ABMax24]

Thanks everyone for the help, we renewed at 1.95% this morning on a 5 year fixed. Our advisor said rates have risen and continue to rise, they were renewing mortgages at 1.85% last month and rates went up on the 1st to 1.95%, if that trend continues renewing early was a smart move.

 

[NoBrakes!]

I signed last week for 1.4% variable for 5 years... Got it done before it was due in Jan, hopefully that was a smart move

 

[kanedog]

I just closed on 10 acres bare land and requirement through scotia was 35%. Went with a line of credit for the remainder at prime + .5%
Will pay it off shortly so not too worried about floating right now

It is exciting to start on bare land!!! It’s your blank canvass! Enjoy amd have fun my friend!!!

 

[kanedog]

Try getting a mortgage on farm a farm property in bc, took us 4 months to just to switch lenders

What lender is farm friendly in bc? Tia

 

[kanedog]

Anyone try a mortgage on bare land like 80 acres
Seems the money down and interest rates are high

So far 50% down for Bare land is the standard in bc. But keep looking, I don’t look around a lot.

 

[acesup800]

I signed last week for 1.4% variable for 5 years... Got it done before it was due in Jan, hopefully that was a smart move

Variable mortgages are almost always the better deal over 5 years. Rarely do you ever pay more in comparison to fixed rates.

 

[kanedog]

Variable mortgages are almost always the better deal over 5 years. Rarely do you ever pay more in comparison to fixed rates.

Thank you for that valuable information.