#9074045 - 07/07/17 10:30 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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Not due until next year, but likely go variable.
I have a pretty good rate right now and will have to see what the market looks like at that time. It helps that my wife is a mortgage broker.
_________________________
1991 MR2 Turbo aka "The Myth"...does it really exist? 2006 Mazda3 Sport aka "Reality"...it really does exist...
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#9074057 - 07/07/17 10:38 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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just pay the damn thing off and ball out.
Do this.
Assuming you would put that money in the market otherwise, at the current peaks/records we are reaching paying it off is probably the best use of money now imo. At least all signs point that way.
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#9074064 - 07/07/17 10:41 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Risky Business]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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But that's my GT3 money
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#9074074 - 07/07/17 10:44 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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that bubble will pop too, I promise.
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#9074170 - 07/07/17 11:24 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Risky Business]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
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just pay the damn thing off and ball out. Do this. Assuming you would put that money in the market otherwise, at the current peaks/records we are reaching paying it off is probably the best use of money now imo. At least all signs point that way.
So you're saying with interest at 2.19% vs. 8% portfolio gain is better to pay off mortgage?
_________________________
'07 997.1 GT3 '08 E90 M3 '11 E90 d '02 Rota Grid - 195-55-16FR (RIP) '04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi) I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr
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#9074225 - 07/07/17 12:01 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Hatorade]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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That's assuming you can earn 8%.
_________________________
1991 MR2 Turbo aka "The Myth"...does it really exist? 2006 Mazda3 Sport aka "Reality"...it really does exist...
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#9074232 - 07/07/17 12:11 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Hatorade]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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just pay the damn thing off and ball out. Do this. Assuming you would put that money in the market otherwise, at the current peaks/records we are reaching paying it off is probably the best use of money now imo. At least all signs point that way. So you're saying with interest at 2.19% vs. 8% portfolio gain is better to pay off mortgage?
The equity market is overvalued and you could be taking a 25%+ haircut during the "next" recession, whenever that happens (probably sooner than later). So yes, as of today I'd feel much better paying off my mortgage at the low interest that it's at than to gamble with a looming recession.
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#9074339 - 07/07/17 12:59 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Risky Business]
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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
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just pay the damn thing off and ball out. Do this. Assuming you would put that money in the market otherwise, at the current peaks/records we are reaching paying it off is probably the best use of money now imo. At least all signs point that way. So you're saying with interest at 2.19% vs. 8% portfolio gain is better to pay off mortgage? The equity market is overvalued and you could be taking a 25%+ haircut during the "next" recession, whenever that happens (probably sooner than later). So yes, as of today I'd feel much better paying off my mortgage at the low interest that it's at than to gamble with a looming recession.
+1 to this (similar to what we've been doing the past 5+ yrs), just pay it down as much to the principle$ amt as you can...if you have some extra money lying around that is, which in this day and age is tricky. i usually toss some funds to my mortg before renewal time. rbc has the lump some once-per-year payment option as well, in addition to the double-up payment option, which i'm sure all banks do too. but damn it with such lil interest, it's so easy to get sucked into borrowing large amt's too!
re. recession, who the hell knows. damn central banking system /tin foil hat. but at the same time, it's up to ppl to manage their own money and risk.
for me personally, besides the usual rrsp/resp/mainstream crap/etc. i've been tossing cdn$ into bitcoin and playing markets there for the past two years and it's paid off handsomely. i think it's a good option to have in your back pocket should the current FIAT system go to shit /super tin foil hat. CDN government doesn't tax it (yet) either.
_________________________
"Ban low performance drivers, not high performance cars"
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#9074782 - 07/07/17 07:24 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Hatorade]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106840
Loc: Barrie, Ont,
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I've been taking a shit kicking the last few weeks. Today I think I'm up about $600
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-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#9077502 - 07/12/17 12:29 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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Do you guys trade so much that you track monthly movement? I look at big dips as buying opportunities.
The idea of a couch potato is to leave it alone. If you can earn 4% compound per year, you've done well.
_________________________
1991 MR2 Turbo aka "The Myth"...does it really exist? 2006 Mazda3 Sport aka "Reality"...it really does exist...
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#9077923 - 07/12/17 05:03 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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Just got my June statement. My couch potato investments are only up 4.1% this year. Maybe it's time to cash out...
Cashed out late March, early April. Chilling on the sidelines now, wow market timer oh no.
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#9078338 - 07/13/17 08:04 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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Greedy banks, they sure were quick to follow with a 25bps prime rate hike, despite not cutting the full 25 at the last two drops.
Last two BoC target rate drops of 25 bps each, the banks only dropped prime 15bps.
Nice little padded margin there.
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#9082219 - 07/18/17 08:14 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Risky Business]
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Just A Troll
Curved Street Thug Life
Post Master
Registered: 09/24/09
Posts: 2221
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Just got my June statement. My couch potato investments are only up 4.1% this year. Maybe it's time to cash out... Cashed out late March, early April. Chilling on the sidelines now, wow market timer oh no.
Same, but you beat me by 3 months. I cashed out in May.
I feel a bit nervous though. That much money just sitting there doing nothing. I feel I'm missing out. I feel like an old grandma that's stashed her life savings under a mattress. It's just sitting there depreciating. Ugh!
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I don't need to use this space to show off my car or my camera gear.
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#9082265 - 07/18/17 09:17 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Just A Troll]
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SuPeR-MaRiO
Post Master Sr
Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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#9082515 - 07/18/17 12:54 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: iamfob]
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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
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just locked in 2.19 for 2yr...but really contemplated going 3 to 5yr...but damn it don't wanna pay more lol. i've just been flipping cheap 2yr locked in rates for awhile and it seems work out good enough. figure why pay more now when no guarantee shit will go up in the future (it will but very slowly). so meh, will just pay the cheapest 2yr fixed in the future then too. If there is a trend of rate increase, the future fixed rate is going to be higher than now, no? Wile the 2 years fixed worked for you the last 5-7 years, it may not be in the 2.15% everytime you renew going forward.
i know. that's fine, as since the increases will be so minor 'every 2 yrs' going fwd (at least it has been until now). rates will prob go up a bit more than usual over say the next 10 yrs but meh, not gonna split hairs over calculating the difference.
not to mention i plan to try and pay off mine IN the next 10yrs so fuck dem bank s0n!
_________________________
"Ban low performance drivers, not high performance cars"
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#9124711 - 09/06/17 02:51 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Screamin Type ARGH!]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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just locked in 2.19 for 2yr...but really contemplated going 3 to 5yr...but damn it don't wanna pay more lol. i've just been flipping cheap 2yr locked in rates for awhile and it seems work out good enough. figure why pay more now when no guarantee shit will go up in the future (it will but very slowly). so meh, will just pay the cheapest 2yr fixed in the future then too. If there is a trend of rate increase, the future fixed rate is going to be higher than now, no? Wile the 2 years fixed worked for you the last 5-7 years, it may not be in the 2.15% everytime you renew going forward. i know. that's fine, as since the increases will be so minor 'every 2 yrs' going fwd (at least it has been until now). rates will prob go up a bit more than usual over say the next 10 yrs but meh, not gonna split hairs over calculating the difference. not to mention i plan to try and pay off mine IN the next 10yrs so fuck dem bank s0n!
What's the rush paying off your mortgage?
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#9124730 - 09/06/17 02:58 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: SuPeR-MaRiO]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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Let the firesale of homes begin
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#9124768 - 09/06/17 03:12 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Hatorade]
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Lost^
Lost^
Unregistered
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I'm rolling with 2.64% for 5 years
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#9125861 - 09/07/17 12:48 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: SuPeR-MaRiO]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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I'm getting 2yrs fixed in December and getting rid of this burden ASAP. How come only 2 years? Just curious as to the strategy.
I'll have it paid off in less than two years if I do nothing.
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#9126265 - 09/07/17 04:37 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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^ amaze!
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#9126886 - 09/08/17 08:31 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Cee_mon]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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Mine comes up in Dec with TD. Spoke w rep last week before the rate hike...decided to be a good husband and told the TD telephone rep I need to talk to the wife.....(rates went up a day later)
2 yr 2.64% 3 yr 2.99% 5 yr 3.06%
We aren't planning to move but 5 yrs seems like a long commitment. Thinking of going with 2 years and go from there.
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#9126904 - 09/08/17 08:46 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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iamfob
Post Master Supreme
Registered: 09/06/02
Posts: 24697
Loc: Out There
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I'm getting 2yrs fixed in December and getting rid of this burden ASAP. How come only 2 years? Just curious as to the strategy. I'll have it paid off in less than two years if I do nothing. Congrats man!
_________________________
FTMFW!!!
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#9126967 - 09/08/17 09:35 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: iamfob]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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It's not a big deal really. Still took longer than it should have, but heck, you gotta live a little too
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#9132887 - 09/15/17 11:14 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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Rates went up again. 2.79% for two years now.
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#9138229 - 09/22/17 07:06 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: SuPeR-MaRiO]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106840
Loc: Barrie, Ont,
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Still variable here.
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#9138293 - 09/22/17 08:58 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: SuPeR-MaRiO]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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Fixed and variable rates are just going to go up further, my thought was lock in now vs later when it's higher. I can already get the pre-recent-increase price.
I'd stay the course for now.
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#9138298 - 09/22/17 09:16 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Risky Business]
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SuPeR-MaRiO
Post Master Sr
Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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I should add that I have two segments to my mtg. One is the variable and the other is a fixed at 2.45%. Perhaps the latter would balance out if I were to lock in for 5 years.
I need to make a decision today if I want the 3.04% rate
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#9138300 - 09/22/17 09:19 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: SuPeR-MaRiO]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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If it makes you sleep better at night then lock in.
Just understand you are accepting to pay a premium out of fear that's not based on anything fundamental. For you to be on the losing end of this mortgage rates would have to go up by half a percent within 2 years (at a quarter you are breaking even).
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#9138388 - 09/22/17 10:35 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Risky Business]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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If it makes you sleep better at night then lock in.
Just understand you are accepting to pay a premium out of fear that's not based on anything fundamental. For you to be on the losing end of this mortgage rates would have to go up by half a percent within 2 years (at a quarter you are breaking even).
I have $6M in mortgages so the bank forces me to lock at 5 years.
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#9138514 - 09/22/17 11:56 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: SuPeR-MaRiO]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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In that case you should lock in
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#9138541 - 09/22/17 12:08 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Risky Business]
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SuPeR-MaRiO
Post Master Sr
Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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I'm not concerned about payments and such. Its more of locking in when I could've benefited from my existing lower rate. But I guess thats the concern whenever you decide between variable and fixed
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#9138551 - 09/22/17 12:14 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: SuPeR-MaRiO]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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Well if you are not concerned why lock in on rumors?
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#9154731 - 10/10/17 12:15 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: SuPeR-MaRiO]
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Balhar
Post Master Supreme
Registered: 06/16/02
Posts: 16824
Loc: Gee Tee Ay
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i have 2 segments on my house, one is up in feb and the other in june... i want to put them both on one segment so gonna wait. but rbc just called and offered me 4 year fix for 3.19. currently it's 2.19
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#9155236 - 10/10/17 09:04 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Balhar]
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SuPeR-MaRiO
Post Master Sr
Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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2.19% after a .50 point increase? I'm guessing you have prime minus 1.01%?
/notbadobama
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#9208290 - 12/13/17 12:21 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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Screamin Type ARGH!
High Value Poster
Post Master Supreme
Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
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Got my 1yr @ 2.79%. 12 months from now, bye-bye mortgage!
wow nice, congrats meng. you made it. we still slavin'
_________________________
"Ban low performance drivers, not high performance cars"
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#9208324 - 12/13/17 12:46 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Screamin Type ARGH!]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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Says the guy buying a Lambo
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#9232860 - 01/16/18 12:02 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: iamfob]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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What are the best var rates out there right now?
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#9232862 - 01/16/18 12:07 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: spd-dmn]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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#9232927 - 01/16/18 01:51 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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I like that prime minus 1.25% by butler
But I guess it depends how fast prime will actually ramp up in the next few years.
Tough call....
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#9232950 - 01/16/18 02:17 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Screamin Type ARGH!]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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Someone remind me, what's 0.5% of $0 balance?
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#9233114 - 01/16/18 07:13 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Screamin Type ARGH!]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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Spoke to my realtor friend and he says a lot of houses over $1M has been sitting on the market for a while and things have cooled.
There is a newly build 2 car garage home (no fence, no yard so pretty much BNIB) that looks decent and it has been on the market for a month plus.
Tossed around the idea of moving but with baby #1 due in April, we are cutting it too close....
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#9234588 - 01/18/18 06:43 PM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: furball]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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Wife is juuuuuuuuuuuust beginning to look at homes, and ... windowshopping and picking at err-little thang...
Likely look at something close to 407 for her, and GO for me ... Though 401/Leslie/DVP/York Mills is a window-shopping area, given her friend lives 'Hoggs Hollow' area (i.e. 401/Yonge) -- traffic there is a fucking cluster fuck, all the time.
Anything outside of Hamilton is good.
Why are you shopping for a house? Don't you already have a house in Markham...you would already be close to GO/407.
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#9465683 - 12/14/18 06:34 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
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Got my 1yr @ 2.79%. 12 months from now, bye-bye mortgage! Been listening to a lot of podcasts recently on retirement savings, early retirement, semi-retirement, as I try to figure out what my next 15-20 years may look like. Lots of calculators and spreadsheets about how much to save, and trying to figure out when I can exit the rat race. As predicted, yesterday was mortgage freedom day. A new adventure begins.
Congratulations! Im sure the bank must really hate you now.
_________________________
Who cares
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#9465786 - 12/14/18 08:21 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Senor Eduardo_82]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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Got my 1yr @ 2.79%. 12 months from now, bye-bye mortgage! Been listening to a lot of podcasts recently on retirement savings, early retirement, semi-retirement, as I try to figure out what my next 15-20 years may look like. Lots of calculators and spreadsheets about how much to save, and trying to figure out when I can exit the rat race. As predicted, yesterday was mortgage freedom day. A new adventure begins.
That's amazing man, huge accomplishment imo especially if you are still in your 30's. Hope to join the club soon.
As far as FIRE calcs, I think the 4% withdrawal rule would suit you well.
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#9465813 - 12/14/18 08:46 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Risky Business]
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Mr.Bozack
Sr Member
Registered: 03/24/06
Posts: 1186
Loc: Ontario
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Yeah man congrats - now you have true freedom! If you loose your job tomorrow you don't have to worry about those banks coming looking for their interest payments.
Keep saving like you were before and don't spend the "new" money and your savings should grow nicely.
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#9465881 - 12/14/18 09:57 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Big Tasty]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
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The future looks to be that we're selling the Makham home, and moving on towards Burlington/Oakville area next summer ... and the wife needs to pick up some training on cash flow, etc. Cuz if not, we're gonna be house-poor ...
As my mortgage comes up for renewal in Jan 2019, gotta figure out wtf to do, i.e. looks like we may either jump ship from CIBC, and/or get a larger mortgage for another home, etc... From the basic intel I got, in any case I'm looking at paying some kind of early termination fee, even if I did a 1-yr open etc...
Edited by furball (12/14/18 09:58 AM)
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#9465903 - 12/14/18 10:15 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: furball]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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The future looks to be that we're selling the Makham home, and moving on towards Burlington/Oakville area next summer ... and the wife needs to pick up some training on cash flow, etc. Cuz if not, we're gonna be house-poor ... As my mortgage comes up for renewal in Jan 2019, gotta figure out wtf to do, i.e. looks like we may either jump ship from CIBC, and/or get a larger mortgage for another home, etc... From the basic intel I got, in any case I'm looking at paying some kind of early termination fee, even if I did a 1-yr open etc...
Are you on the CIBC Home Power Plan?
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#9466056 - 12/14/18 11:51 AM
Re: RBC, CIBC, TD raised their fixed term mortgage rates
[Re: Big Tasty]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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Congratulations! Im sure the bank must really hate you now.
That's amazing man, huge accomplishment imo especially if you are still in your 30's. Hope to join the club soon.
As far as FIRE calcs, I think the 4% withdrawal rule would suit you well.
Yeah man congrats - now you have true freedom! If you loose your job tomorrow you don't have to worry about those banks coming looking for their interest payments.
Keep saving like you were before and don't spend the "new" money and your savings should grow nicely.
Congrats, great accomplishment!
Thanks all. It's a kinda surreal feeling I'm having today. I know I won't see any change in the numbers until after Jan 1, and even then it will take a long time for the bank and investment accounts to look significantly different. Right now it's all psychological, a lifted burden of such.
As for the FIRE stuff, the numbers and options are head-spinningly complicated. 4% withdrawal rate and 5% earnings are pretty safe numbers to use, although some are suggesting as low as 3.5% pull and assuming 6% and 7% earnings. Then trying to figure out LIFs and RIFs and annuities and Seg Funds and more, just adds so much complexity.
The government does have a really good, detailed, calculator available which has been kinda eye-opening to use.
https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html
One thing that's clear though is I need to start working on building a portfolio that generates more passive income, because I don't want to be digging into the locked in stuff until at least 60. No way I'm working until then if I can help it, so my money will have to come from passive sources if I can get out by 55, or maybe even 50? Who knows!
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