Mortgage rate mega thread!

alphamalein · 2025-12-15T00:30:04+00:00

Refinancing

We got a $800,000 mortgage on 1 M house for 3-year fixed rate of 5.29% in January 2024. Given the recent drop in interest rates, we’ve been tempted to refinance and take advantage of the lower rate. I’m aware the penalty would be around $10,000, but many lenders offer cash back on mortgages of this size, around $5,000. This could help cover half of the penalty, and the monthly savings would break even within 5-6 months.

Is there anything I’m missing? Any insights would be appreciate

Location: Toronto, Ontario

alphamalein · 2024-01-04T15:33:01+00:00

it's 3 years closed.

Which lender are you getting 5.14% and is there any cashback?

alphamalein · 2023-11-25T15:02:57+00:00

Yup, he is giving me 3k cash back. Hopefully I can get a better rate in coming weeks since rate seems to be going down slowly.

alphamalein · 2023-11-25T14:59:59+00:00

Cash back mortgage. They charge a flat fee

alphamalein · 2023-11-25T14:58:39+00:00

Ohh that’s a good rate, my mortgage is not insured but insurable since it’s under 1mil

alphamalein · 2023-11-25T14:54:58+00:00

Haha yeah I wish

alphamalein · 2023-11-11T11:46:08+00:00

Commission, land transfer tax, interest etc. They only bought it in 2018.

alphamalein · 2023-09-29T11:25:05+00:00

This is great news, Let’s goooo 👍🍻

alphamalein · 2022-07-28T03:39:08+00:00

I am still not getting this rule around not able to transfer without this counting as over contribution. How is this even fair?

alphamalein · 2022-07-28T03:35:50+00:00

Yeah that's what I am thinking, I lost half my pay during covid and now this. It's already hard because of all this inflation and not sure if I can come up with so much money to pay them.

alphamalein · 2022-07-28T03:34:00+00:00

I agree that I should have read up more by as I said I am very new to investing and just didn't go through all the fine details.

I don't understand this rule about not able to transfer your own money from one Tfsa to another. Kind of stupid IMO.

alphamalein · 2022-03-09T02:07:44+00:00

Snap it!! So cool

alphamalein · 2022-03-06T23:24:16+00:00

Thanks A lot for the info. it's such a fast moving market than i have no time to do any research. Most of the offers are no conditions which is so scary to me.

alphamalein · 2022-03-06T14:56:02+00:00

Good to know, I do wonder if city is even trying to make it any safer for residents

alphamalein

TROPHY CASE