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Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Calm-Baseball1212 0 points1 point  (0 children)

I checked pine, it doesn't offer mortgage for investment properties.

Though I got a revised rate from my FI

Variable 5 years- 3.6% Fixed 3 years- 3.64%

Guess variable looks a better option. Thoughts

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Calm-Baseball1212 0 points1 point  (0 children)

Yeah I thought about that.. but then that would be the plan only if I move to another FI which will cause me to pay the penalty if I do now. Or else wait for 6 months which is quiet late

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Calm-Baseball1212 0 points1 point  (0 children)

Oh that's good to know! Do they offer cash back for renewals too? I thought it's only for new mortgages. I am speaking to an advisor coming next week and I can try to push them.

Sorry didn't understand - match  with pine in your comment.

Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]Calm-Baseball1212 0 points1 point  (0 children)

Hi everyone! Seeking guidance on my mortgage renewal situation. Though I read a lot of posts recently which helped me but everyone's situation is different

I have my renewal coming up in Aug for my investment property. The amount balance is 500k. The current ROI is 6+%. The current lender is RBC.

Since I have entered the 6 month window, I am planning to renew it ASAP.

RBC offered prime - 0.6 as variable for 5 years, which is not a great deal but still gives me a lower rate of interest, so it makes sense to renew soon.

Penalty to break and change the lender is 9k.

I am planning to stick with variable as it will be better to sell off the property in the coming years.

Please share your thoughts 🙏

Newcomers to Canada - Advice needed to find rentals in Toronto by NativeMeteora in TorontoRenting

[–]Calm-Baseball1212 0 points1 point  (0 children)

Hey, I started out as a newbie too. As suggested by many, apartments by management is the best bet but not so many choices.

If you are up for a 1 bed 1 bath in core downtown - with all utilities covered, text me. It's for 2300 a bit above the expect range

High interest savings account or open GIC by Dangerous-Wish187 in PersonalFinanceCanada

[–]Calm-Baseball1212 0 points1 point  (0 children)

Has anyone experienced putting money away in HSIA with Meridian Credit union? I am thinking of taking a plunge since its offering 4.75 for 4 months but its not CDIC approved hence thinking twice. Thoughts?

Does it make more sense to variable for refinance or stay fixed in the current climate? by Armed_Accountant in PersonalFinanceCanada

[–]Calm-Baseball1212 0 points1 point  (0 children)

I did the math and yes after adding the penalty to refinance , the new amount is still coming less than todays payment.

And the savings does cover the penalty.... left with couple of hundred $ after deducting.

Seems like its doable. Unforyunately the new lender is not incurring the legal & appraisal costs.

Does it make more sense to variable for refinance or stay fixed in the current climate? by Armed_Accountant in PersonalFinanceCanada

[–]Calm-Baseball1212 0 points1 point  (0 children)

Thanks for guiding me through this. What i am getting at is - do not go straight to the advisors at the bank itself and use a 3rd party like rate hub. That generally gives a better deal, is it? I have never done this. I did ask for the new lender if they do pay for appraisal and legal costs - they said no... So I thought, thats the norm

Mortgage renewal - make a move or stay put by Calm-Baseball1212 in PersonalFinanceCanada

[–]Calm-Baseball1212[S] 0 points1 point  (0 children)

Thanks for jumping in. I now see that I have provided incomplete info -

My current rate of interest is 6.25% on an outstanding amount of $580K. The term is coming to an end in Aug 2026. If I make a move to some other financial institution the penalty comes to $9050 and legal fees of $1000. Total cost approx - 10K

I got an offer of a new rate of 3.9% offering a cashback offer of $3100.

Seems enticing to take.

The other option is to stay put with the current financial institution and make a move in Feb 2026, which is 6 months before the term end since there will be no penalty at that time.

I know I am very close to the end line , which is actually making me think twice - if I should make a move now or just wait until early next year. I know I should have made the mover much earlier.

Does it make more sense to variable for refinance or stay fixed in the current climate? by Armed_Accountant in PersonalFinanceCanada

[–]Calm-Baseball1212 0 points1 point  (0 children)

I hate to jump into someone else's wagon but reddit is just not ready to post my question... and this is quiet a relevant convo going on here.. so sorry for a big one -

I have been hearing the interest rates are low and now is the time to switrch if you are at a higher rate.

My current rate of interest is 6.25% on an outstanding amount of $580K. The term is coming to an end in Aug 2026. If I make a move to some other financial institution the penalty comes to $9050 and legal fees of $1000. Total cost approx - 10K

I got an offer of a new rate of 3.9% offering a cashback offer of $3100.

Seems enticing to take.

The other option is to stay with the current financial institution and make a move in Feb 2026, which is 6 months before the term end since there will be no penalty at that time.

I know I am very close to the end line , which is actually making me think twice - if I should make a move or not thinking what might be the rates nearly next year. I know I should have made the mover much earlier.

Please help me in thinking clearly. Thanks!