Negative interest rates ?

[firstdoo]

I don't think it could go back that way again, it would decimate the new generation.

Same as a strike, we have 20 year old operators with 100,000$ Mercedes, that live at moms still... They will never sign a strike order, probably couldn't rough it a month.

This will be way off topic but...... If a (your) union has anything to do with oil and gas or the economy in Alberta, the government will not allow union members to lawfully strike via court intervention/injunction. Although I would be certain that an employer will be allowed to lock out their workers (legally) with no government intervention (search for the Saskatchewan Co-op refinery lockout).

*disclaimer: I am a card carrying UCP member, but have also been a private sector unionized employee for 16 years and I always fee stuck between a rock and a hard place when it comes to politics.

 

[NoBrakes!]

This will be way off topic but...... If a (your) union has anything to do with oil and gas or the economy in Alberta, the government will not allow union members to lawfully strike via court intervention/injunction. Although I would be certain that an employer will be allowed to lock out their workers (legally) with no government intervention (search for the Saskatchewan Co-op refinery lockout).

*disclaimer: I am a card carrying UCP member, but have also been a private sector unionized employee for 16 years and I always fee stuck between a rock and a hard place when it comes to politics.

The Co-op boys are in my union.... and you're correct, with all of the money we spend on "contingency training" a lockout is much more likely. I got a letter last election, from my UNION telling me to vote NDP... this whole thing is FAWKED.

 

[Bogger]

I'm going through my renewal right now, got the email this morning that they have opened up my early renewal window.

The initial offers through my online banking were;

5 year variable @ 1.95%
5 year fixed @ 2.09%
10 year fixed @ 3.04%

I think I might be able to get the 5 year fixed down to 1.99% but there are offers out there from other lenders as low as 1.75% for 5 year fixed but changing institutions is a PITA.

I would be happy to go to 2.39% on a 10 year because that would finish off the mortgage but the banks don't like 10 yr terms at these low rates.

We pay weekly accelerated so the sooner I can trade in my current 2.69% for a lower rate the better.

 

[Bnorth]

Ian if you find someone offering a 10yr in that 2.4 range please let us know as that is what I would like to do as well. It might look a bit silly now but in 5 years it will have been a great idea.

 

[tex78]

Ian if you find someone offering a 10yr in that 2.4 range please let us know as that is what I would like to do as well. It might look a bit silly now but in 5 years it will have been a great idea.

Me also, as think we're stayin put for now

 

[Frosty19]

Mine comes up Halloween. Going to be interesting to see what my broker finds. Never gone through this process so hopefully learn a little as I go

 

[j335]

Mine comes up Halloween. Going to be interesting to see what my broker finds. Never gone through this process so hopefully learn a little as I go

Be sure to check yourself as a lot of banks don’t deal with brokers so can sometimes find better deals on your own. Last time our broker couldn’t touch what a bank offered us, straight up said to go with that bank instead.

 

[pfi572]

Be sure to check yourself as a lot of banks don’t deal with brokers so can sometimes find better deals on your own. Last time our broker couldn’t touch what a bank offered us, straight up said to go with that bank instead.

Wow , things have changed over the years as before banks were always higher .
Great rates offered this day and age but prices are also reflecting the cheaper rates .
Always someone in between stealing us blind . Lol

 

[Bogger]

Banks really don't like the 10yr, not willing to move much at all. Tangerine (ING) is offering 10yr @ 2.59 but thats as good as it gets for that term and RBC won't touch it.

I'm waiting to hear back this week, if I can get 1.99% from my bank on a 5 year fixed I'm going to sign on the dotted line, if they can't beat the 2.09% I will look at moving my mortgage. Lowest rate available is 1.79% from IntlliMortgage but there are very specific lending terms. HSBC seems to have the best conventional offer @ 1.96% with 20%/20% paydown and double-up options, my current mortgage is 10%/10% with the double-up option.

I can't see me taking full advantage of the 20%/20% I've only used the increase payment option on the 10%/10% but the double-up is a nice option to have to pay down principal faster.

I'm actually quite excited that by increasing my payments just a little my amortization is down to 10 years, I figured I'd still be 15 years at the conclusion of this current term so I'll take 10 all day long.

 

[Bnorth]

We've done the opposite, working on filling up TFSA's and RRSP's with spare cash. Will get more serious about paying down mortgage once interest rates start rising. Currently on track to be mortgage free by 50 but aiming for 45.

 

[Bogger]

We've done the opposite, working on filling up TFSA's and RRSP's with spare cash. Will get more serious about paying down mortgage once interest rates start rising. Currently on track to be mortgage free by 50 but aiming for 45.

10 years will have us mortgage free by 55, could have been by now but when we bought the place at the lake it increased our mortgage amount significantly. We're pretty responsible with the RRSP & TFSA contributions but once the mortgage is gone those will both accelerate very quickly and hopefully by then interest rates start to rise again. Low interest rates are great for borrowing, not so good for investing.

 

[Bogger]

Signing my 5 year fixed @ 1.99% today. Happy I didn't have to threaten to shop around and move institutions etc.... Now hopefully we are not back up to 5% five yours from now.

 

[Frosty19]

Got confirmation of my renewal today.
5 years fixed at 1.84% and no switching things around also just continue as I have been

 

[Bogger]

Got confirmation of my renewal today.
5 years fixed at 1.84% and no switching things around also just continue as I have been

Does that give you pay-down options like payment increase, double-up and lump sum payment options?

I looked at the 1.84% offered by one of the private mortgage companies and the pay-down options were pretty strict. I was quite happy with my 1.99% but now I'm pizzed…..lol

 

[TylerG]

Does that give you pay-down options like payment increase, double-up and lump sum payment options?

I looked at the 1.84% offered by one of the private mortgage companies and the pay-down options were pretty strict. I was quite happy with my 1.99% but now I'm pizzed…..lol

I've got 1.84% for the new place with up to 20% of the original purchase price as an annual "pay down" option.

 

[Bogger]

I've got 1.84% for the new place with up to 20% of the original purchase price as an annual "pay down" option.

So I left $600/yr on the table.... Fawk, that's a lot of beer.

 

[hevy_chevy67]

I need to stop reading through this thread. Renewed in April at 2.44%, which is nothing to moan about but then I see sub 2% now lol.

 

[TylerG]

So I left $600/yr on the table.... Fawk, that's a lot of beer.

the rate has dropped once already since we submitted all the paperwork to finalize the "deal" and my broker suspects we may see one more before we sign everything at the lawyers.

 

[Frosty19]

I have the same options of up to a 20% paydown option with either lump sum or per payment.
Also not terrible terms if I end up selling before the 5 yeara are complete.

 

[j335]

Are you guys seeing any banks offering to cover some of the break out fees from your current mortgage?