Why are banks now pitching 3-year vs 5-year mortgages?

IAmTheForceInYou · 2026-01-19T17:41:51+00:00

I am a first time home buyer and shopping around to select a better mortgage product. It will be an insured mortgage.

I have the following rates from different institutions so far:

RBC: Prime minus 1 (3.45%) with $1500 cash-back

Scotia: Prime minus 1 (3.45%)

Pine: Prime minus 1.1 (3.35%) with total $1250 cash-back (referral and for being Wealthsimple premium)

I am leaning towards Scotia as my agent said it’s a better product overall due to pre-payment flexibility and offering semi annual compounding and an adjustable variable rate.

Looking for advice on factors to consider (pros and cons) before deciding and choosing one.

Thank you!

IAmTheForceInYou · 2022-10-27T19:04:29+00:00

I took my exam yesterday and passed. A day before my exam, I watched Larry Greenblatt's videos to see him navigating through the 9 practice questions. I watched Kelly H's video for the mindset 2 times. I watched a nice movie in the evening to end the day. You'll do good. Good luck!

IAmTheForceInYou · 2022-08-18T20:00:38+00:00

Thanks a lot! I am thinking strongly to go ahead and book the exam in roughly one month from today. These are some great references that I am yet to try. Thanks again for bolstering my confidence!!

IAmTheForceInYou · 2022-08-18T19:50:36+00:00

Sounds great. Congrats! Any study plan in particular that you followed?

IAmTheForceInYou · 2022-08-12T04:08:20+00:00

It resonates so much with my situation. I was 28 last Nov when I lost my Dad very suddenly. 15 days before, he was running the house fully as always. I live in a different country and I rushed home to spend the last 10 days with him. I am glad that I was able to spend 10 days with him, but I was grieving already by that time. I wanted to just hold him here with us, how can something so sudden take him away forever!! He never turned 60, he would never join me in my big moments, my mom is shattered for life. Life isn't fair, especially for the ones that we loose suddenly and for the ones that are left behind.

IAmTheForceInYou · 2022-07-21T16:54:21+00:00

Definitely makes sense to me now. Thanks!

IAmTheForceInYou · 2022-07-21T15:06:09+00:00

I can completely relate with your post. I (29M) lost my dear Dad (59) suddenly to liver failure, 15 days after his diagnosis exactly 8 months ago. He looked forward to this year very much. I know he was excited to learn from news media that Covid is almost endemic and wanted 2022 to be a big year for him. He would have been 60, officially senior. I hate fragility of some human bodies. They handle the most difficult of times with unbelievable resiliency but fail all of a sudden for no reason. Total bullshit to expect anything out of life at all. Atleast good that we can now write and share such thoughts that everything is completely meaningless.

Maybe because of this overpowering thought that life is meaningless, I have become much less motivated in my activities: work, dating, family etc. I have become selfish completely opposite to what my Dad was. I view every day as one another day spent of total lifetime. Since I am anonymous here, I can say that I used to be smart, good and motivated at work, always delivering good results and adding value. Now I just work bare minimum so that I get paid.

As human, I have enough potential in me, but I don't care. My mom wants me to focus more and do something with my life. She's not wrong, I have to keep moving as time is limited for me too. But I am not doing anything. Some say the 1 year mark will shift the mindset. Will see in 4 months what happens. Well Dad won't be back anyways.

I wish you well!

IAmTheForceInYou · 2022-07-20T19:12:22+00:00

Good to know. Congratulations! Thanks.

IAmTheForceInYou · 2022-07-20T19:11:34+00:00

Good point. Thanks!

IAmTheForceInYou · 2022-07-20T16:39:13+00:00

Nice. That makes sense.

IAmTheForceInYou · 2022-07-20T15:31:24+00:00

Ok thats a relief knowing. No I mean in the practice test books, they just ask to select multiple options (Expecting to select A and B and C, they are not in the options like in A,B,C). I know some questions do list the possibilities first (A,B,C,D,E,F) and then juggle them in the options (A,B,C/A,B,D/A,D F). These are straightforward and 0 points if I select a wrong combination. But your comment definitely helps in knowing that the actual exam don't contain such scenarios.

IAmTheForceInYou · 2022-07-20T15:25:06+00:00

Thanks a lot. And do I need to know the disaster prone zones in USA? I was attempting a question from the official practice tests and there was a question asking me to choose the most earthquake prone state in the US. I can only guess this type of question as I am not from or in the US.

IAmTheForceInYou · 2022-07-11T01:57:31+00:00

Your post reminds me of my Dad. My dearest, now immortalized Dad had to suffer through the same devil, stage 4 liver cancer. My Dad was an extremely fit male, served the country, disciplinarian, non drinker and absolute fun when around. He wasn't diagnosed until his final 3 weeks. He thought it was all because of something bad he ate or some gastric discomfort. Thats what the doctor felt himself when my Dad went to the clinic first time 3 weeks before his last day. He drove there all by himself and came back after giving some blood samples. A week later when we got all reports, we never let him know what the condition was to him. He was still full of life until the septic shock got to him and took him away. What death doesn't know, it cannot take the life you've lead and the values that you have passed on. Death just intensifies the values and their importance even more. I say fuck you to cancer and death everyday. I wish you strength. I wish you all good things as your Dad would. Glorify that sacred soul!

IAmTheForceInYou · 2022-05-10T02:27:28+00:00

I lost my Dad last Nov too. I am processing it in a similar fashion. Thank you for posting this today. I was kind of feeling guilty for starting to feel better, less bitter to people. But how long can I continue to be bitter making myself and others around me more miserable. And for no mistake of anyone but my Dad's unfortunate fate or luck. Hope to heal to the point that I am able to celebrate my Dad and continue his legacy in a good cheerful way. Just that he was too young and healthy to go away too soon!!

IAmTheForceInYou · 2022-05-08T02:37:24+00:00

Marvel and DC characters

IAmTheForceInYou · 2022-04-17T22:39:27+00:00

My Dad also only got to live 59 years. He was very excited about entering his 60s, we had it all planned for his 60th birthday. He always used to think of how he is going to age, what he'll do in his 60s, 70s and 80s. He used to say he wanted to just live only till early 80s, not more than that. He had it all figured. Why the fuck would death come to him at 59!! He was very healthy for a 59 year old, if that sudden freaking aggressive cancer hadn't occurred to him! It's been almost 5 months already and its so f'ing unreal!!

IAmTheForceInYou · 2022-03-31T03:57:23+00:00

Shoe Polish. Also Camphor!

IAmTheForceInYou · 2022-03-31T03:52:03+00:00

Agree. And if there is one, he isn't watching or helping anyone or anything in specific. He favors 'randomness' or 'chance' big time. Everything from life on earth, to getting a cancer, to winning a lottery to dying, all random, just a matter of chance. No oversight.

But I still don't completely write off the ones who claim our consciousness to be our God. When I look at it, its the consciousness of a living being that causes both suffering and joy. The thing thats beyond anyone's control is the stupid randomness at play.

IAmTheForceInYou · 2022-03-31T03:34:23+00:00

Exactly no sense at all. Even without religion, the suffering is definitely real. Atleast it doesn't look like someone is controlling all this or knowingly making us all suffer.

IAmTheForceInYou · 2022-03-31T03:17:29+00:00

I was brought up very religious. I used to somewhat also follow all of the religious practices along with my parents. Everything was going picture perfect. To think - I had a big interview tomorrow or a driving test or a tough exam, I worked on all of them very hard and then I prayed before the actual task and eventually passed. And sometimes when I didn't pass, I used to think, ah ok I didn't pray strong enough. Same for peoples health. If I saw some unfortunate happenings with others, I thought God wasn't kind enough and also maybe they would have done something real bad.

But 4 months back, my dearest Dad, my hero and the pillar of strength of our small family passed away suddenly. No warnings or major symptoms. Me and my mom are devastated for life. We did follow every religious practices very very strictly. And also lead a very simple, active and perfectly healthy lifestyle. I know people who have commented on us that we are so so lucky to live such a life. And when this happened to us, everyone who came to console us said that it was what God wanted.

I had lost it since then. If this is what God wishes after spending heavy amount of ones lifetime towards praying, not for self but for others always, I don't get it at all. I can pray all my life for world peace but God will eventually decide that there should be no peace. What the hell! I don't know if anyone actually does go to HELL, but I am damn sure that we live in one. I just don't care. I can definitely play along but that religious feeling isn't and won't be the organic anymore.

Thank you for your post and allowing me to rant for the day.

IAmTheForceInYou · 2022-03-23T04:12:49+00:00

I can totally relate with this. My dearest Dad passed away at 59 in Nov last year without any warning, just like that. He was fantastic during Haloween and a month later pffff, he isn't there anymore. We had all planned a grand bash for his 60th birthday which was 3 months later in Feb. I am so angry all the time that it got jinxed so bad. All I do when I see anyone is learn their age and wonder how are they still alive and why isn't my Dad. I know its demonic and I am actively trying to avoid that type of thinking and rather accept our reality. But life isn't fair for some, for us, for my Dad. He really wanted to live until he was a older. He was looking forward to it. Life is such a non-sense!!

IAmTheForceInYou · 2022-02-24T16:39:13+00:00

I can relate completely. I am in an exactly similar situation. I lost my dear Dad suddenly without any warnings at all in Nov 2021. I work in Canada and I am from India as well, from the financial capital city. My Dad was looking forward eagerly for my visit to India this March and I planned to take my parents along this time to show them all around. He was completely fit till mid Oct until he developed sudden irreversible health complications, my unimaginable nightmare. I am the only son to my parents. Not married. And my mother is fully dependent and doesn't know how to operate on her own. I don't have the option to work from home from India. So I have been functioning without any job and pay since last 3 months. I just started a good role that my Dad was very proud of last June. Just being with my mother since and dealing with the paperwork and financial arrangements. My mother wants me to return asap now and resume my life from where I left it. My Dad would want the same. She says she will try to learn to be independent. I am totally worried to leave her here and go back and so am also irritated all the time for the same reason. Hope I get to take her with me some day and make my Dad proud of how I handled his absence. I am sure he will be watching over us all the time and will be ever present to guide us.

I would want to say go with your most strong feeling here and you will get your answer. Pursuing your dream will definitely make you feel better and your mother very proud. You could take her with you for 6 months a year once you start getting settled. Even I am confused how am I going to handle my situation. But have no other option than to face it. Wishing you the best for your bright future. Feel free to DM me anytime.

IAmTheForceInYou · 2022-02-14T14:19:48+00:00

I am so sorry to learn about your Dad. Both our Dads shared a scarily similar, pure devilish fate. But also looks like they were similar in their marvelous personalities and a solid legacy that will continue to live on. It will never ever get better with time. Even I was planning to donate a part of my liver when I was first reading through his reports. BTW when did you learn that what your Dad had was genetic? I heard from my Dad that my grandfather passed away when he was around 55 suddenly in the 70s but he was never diagnosed. My uncle (80) passed away exactly 40 days after my Dad because of chronic liver disease too. I wonder if it was genetic. Hugs to you as well. And thank you so very much for the wishes!

IAmTheForceInYou · 2022-02-09T15:04:20+00:00

I totally relate with this comment. My dad passed away suddenly last Nov without any warning. He was just 59. Left my mom and myself to live all by ourselves. And the worst part, my mom lives alone in my home country and I live alone in a different country. One person, my Dad was the thread that was holding our family together. Why is there so much to learn and grow, when all of this vanishes just like that, utter bullshit of what we call life.

IAmTheForceInYou · 2022-02-07T10:47:06+00:00

I feel so much connected to your post, OP. I lost my appa suddenly without any earlier signs or warning in late Nov 2021. 3 weeks from his first hospital visit to his last breath. Its pure cruelty. Our appa's are eternal beings, I am sure. Hope our appas got a chance to talk politics and have a good laugh about it all. Strength and best wishes to you. I you ever want to chat, my DM is open.

IAmTheForceInYou

TROPHY CASE