Recession just around the corner?

[pistoncontracting]

Can't speak for how it helped out farmers, but according to recent numbers is sure helped a lot of Albertans amass considerable personal debt.

Just as wages go up, so does cost of goods. It stands to reason debt would climb as well.

 

[DRD]

Just as wages go up, so does cost of goods. It stands to reason debt would climb as well.

I think historically low interest rates had a fair bit to do with it as well.

 

[TylerG]

I think historically low interest rates had a fair bit to do with it as well.

bank of canada just dropped the interest rate another 0.75% this morning.

 

[deaner]

bank of canada just dropped the interest rate another 0.75% this morning.

No they dropped it 25bps to .75%. With the way oil is dropping probably a smart move.

 

[TylerG]

No they dropped it 25bps to .75%. With the way oil is dropping probably a smart move.

my bad..... my reading eyes aren't working today.

 

[Bogger]

I've already sent a note to my banker asking about re-mortgage options as I only have 11 months left and you can lock in a rate for 90 or sometimes even 120 days.... Everyone said the overnight rate will never drop below 1%....including my economics professor at the U. Not sure how long it will stay down this is likely a good time to lock in

No they dropped it 25bps to .75%. With the way oil is dropping probably a smart move.

 

[deaner]

I've already sent a note to my banker asking about re-mortgage options as I only have 11 months left and you can lock in a rate for 90 or sometimes even 120 days.... Everyone said the overnight rate will never drop below 1%....including my economics professor at the U. Not sure how long it will stay down this is likely a good time to lock in

Yeah its nuts right now. Im a mortage broker and my lowest 5 year right now is around 2.8%. That is incredible to be able to lock in at that low of rate.

 

[team dirt]

Yeah its nuts right now. Im a mortage broker and my lowest 5 year right now is around 2.8%. That is incredible to be able to lock in at that low of rate.

I'm on a variable fixed 5year at 2.75%. That being said this is starting to look like the slowest year I have ever been up against.

 

[X-Treme]

I'm on a variable fixed 5year at 2.75%. That being said this is starting to look like the slowest year I have ever been up against.

What's a variable fixed? Isn't it one or the other?

 

[Bogger]

I'm at 2.93 fixed right now... hoping RBC will drop that to 2.8 for the renewal

Yeah its nuts right now. Im a mortage broker and my lowest 5 year right now is around 2.8%. That is incredible to be able to lock in at that low of rate.

 

[X-Treme]

I'm at 2.93 fixed right now... hoping RBC will drop that to 2.8 for the renewal

If you want the name of an incredible mortgage broker, let me know. She's done a couple for me now, and is SO good at her job. Got me 2.89 2 years ago. And did the entire mortgage via text message and fax. Oh..... and she's SUPER good looking too.

 

[pfi572]

I thought Deaner was a guy ??
Lol

 

[Bogger]

I've got a really good relationship with my account manager so hopefully she can get me what I want, I didn't even have to fight for the 2.93% 2 years ago. If not I may look into brokers.

 

[LennyR]

I've got a really good relationship with my account manager so hopefully she can get me what I want, I didn't even have to fight for the 2.93% 2 years ago. If not I may look into brokers.

If you got 2.93 from your bAnk , 2.5 was available thru a broker. Banks are predators.

 

[deaner]

What's a variable fixed? Isn't it one or the other?

No, the most common mortgages are 5 year fixed or variable. On a fixed you are locked into the rate and term. On a variable, you are still committing to a 5 year term but the rate will fluctuate in relation to the prime rate. For example my best 5 year fixed is 2.79 so you pay that rate for the full five years. My best 5 year variable is Prime - .7%, so you would pay that rate for the duration of your term, but you are still locked in for that term. If you pay out your mortgage before the end of the 5 year term you would still pay a penalty. On variables its just 3 months interest though so its not a big deal.

And yes I am a man.

 

[X-Treme]

Yes. I understand the difference between a fixed and a variable. But, he said he was in a fixed variable.

 

[team dirt]

What's a variable fixed? Isn't it one or the other?

I think it's what atb calls a fixed term variable that I can lock in anytime. I am in for 5 years no matter what

 

[X-Treme]

I think it's what atb calls a fixed term variable that I can lock in anytime.

THAT makes more sense. Thank you.

 

[Bogger]

Your probably right... but much like my sled dealer, my relationship with my account manager is important

If you got 2.93 from your bAnk , 2.5 was available thru a broker. Banks are predators.

 

[Puba]

Your probably right... but much like my sled dealer, my relationship with my account manager is important

Yeah they both wake you up in the morning and tell you to go to work so you make the payments!!! No need for an alarm clock.