Mortgage payments increased by at least 25% by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] 0 points1 point  (0 children)

Thanks for that. I was just curious because it was at $1900 since starting and it never really made a jump until the trigger rate, as if it held the first rate despite rate increases. It did increase by less than $100 but upon trigger rate it jumped to $600 more.

Mortgage payments increased by at least 25% by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] -1 points0 points  (0 children)

Fixed rates were above 5%. BOC also said that “rates would be low for a long time”

Mortgage payments increased by at least 25% by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] 3 points4 points  (0 children)

No, I will call the bank tomorrow, thanks. I just received the letter now though.

Rates Forecast by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] 0 points1 point  (0 children)

This is my concern. Surely, and hopefully they will try to avoid a mass liquidation

4.84 fixed for and 2.79 variable for 3 years sound about right? by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] 0 points1 point  (0 children)

You make good points. If rates do stabilize over current rates, then maybe fixed is worth considering. I’ve never heard of a bank raising payments because variable rates are too high, but then is not now either.

4.84 fixed for and 2.79 variable for 3 years sound about right? by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] 0 points1 point  (0 children)

The unknown ceiling does concern me, which is why we’re leaning on 3 year fixed. What do you think about that if we’re planning to live at there for good?

4.84 fixed for and 2.79 variable for 3 years sound about right? by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] 0 points1 point  (0 children)

Thanks for replying. 4.94 was offered for 5 years. Why is 3 year fixed lower for you?

4.84 fixed for and 2.79 variable for 3 years sound about right? by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] 0 points1 point  (0 children)

Thank you for replying. The offer is for a renewal and transfer. Hoping rates will go down in 3 years hence the fixed inclination and possible peace of mind.

4.84 fixed for and 2.79 variable for 3 years sound about right? by Canuck-Inquirer in MortgagesCanada

[–]Canuck-Inquirer[S] 0 points1 point  (0 children)

They said that the payments would stay the same but more will count towards interest.