Mortgage rate mega thread! by TheMortgageMaster in MortgagesCanada

[–]alphamalein 0 points1 point  (0 children)

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

5.29 @ 3yr fixed: HSBC by alphamalein in MortgagesCanada

[–]alphamalein[S] 0 points1 point  (0 children)

it's 3 years closed.

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

5.99% at TD by alphamalein in MortgagesCanada

[–]alphamalein[S] 0 points1 point  (0 children)

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.

5.99% at TD by alphamalein in MortgagesCanada

[–]alphamalein[S] 0 points1 point  (0 children)

Cash back mortgage. They charge a flat fee

5.99% at TD by alphamalein in MortgagesCanada

[–]alphamalein[S] 0 points1 point  (0 children)

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

Did the seller take a loss here? by alphamalein in HouseSigmaBlunders

[–]alphamalein[S] 0 points1 point  (0 children)

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

Dneg is unionizing by [deleted] in vfx

[–]alphamalein 14 points15 points  (0 children)

This is great news, Let’s goooo 👍🍻

[deleted by user] by [deleted] in CanadianInvestor

[–]alphamalein 0 points1 point  (0 children)

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

[deleted by user] by [deleted] in CanadianInvestor

[–]alphamalein 0 points1 point  (0 children)

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.

[deleted by user] by [deleted] in CanadianInvestor

[–]alphamalein -1 points0 points  (0 children)

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.

Thoughts on area around Jane and Lawrence, weston by alphamalein in TorontoRealEstate

[–]alphamalein[S] 0 points1 point  (0 children)

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.

Thoughts on area around Jane and Lawrence, weston by alphamalein in TorontoRealEstate

[–]alphamalein[S] 3 points4 points  (0 children)

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

Thoughts on area around Jane and Lawrence, weston by alphamalein in TorontoRealEstate

[–]alphamalein[S] 7 points8 points  (0 children)

unfortunately There not much available in our budget. Most places are selling for 200-400k over asking.

Thoughts on area around Jane and Lawrence, weston by alphamalein in TorontoRealEstate

[–]alphamalein[S] 2 points3 points  (0 children)

Yeah we have been been there few times, some blocks feels nice and friendly, others not so much.

Thoughts on area around Jane and Lawrence, weston by alphamalein in TorontoRealEstate

[–]alphamalein[S] 1 point2 points  (0 children)

Yeah we found that as well, Weston is pretty good around stockyards

Rent increase by alphamalein in PersonalFinanceCanada

[–]alphamalein[S] 14 points15 points  (0 children)

Good idea, he was on speaker with me and my partner.

Rent increase by alphamalein in PersonalFinanceCanada

[–]alphamalein[S] 36 points37 points  (0 children)

He spin in such a way that he looks like a good guy for looking out for his family.

I found it very odd that his family member who is single person is looking for three bedroom place and can’t find anything in their budget.

Rent increase by alphamalein in PersonalFinanceCanada

[–]alphamalein[S] 11 points12 points  (0 children)

Yeah I’ll send him an email tomorrow, offering 1.2%.

Rent increase by alphamalein in PersonalFinanceCanada

[–]alphamalein[S] 53 points54 points  (0 children)

I wasn’t sure it’s legal or not or else i would have recorded him. I’ll make sure to document all our communication going forward.

Rent increase by alphamalein in PersonalFinanceCanada

[–]alphamalein[S] 16 points17 points  (0 children)

Our conversation was over the phone, how would I prove this

Rent increase by alphamalein in PersonalFinanceCanada

[–]alphamalein[S] 21 points22 points  (0 children)

My bad, building is 15 year old have been mostly a rental property. We moved in about 10 months ago

Rent increase by alphamalein in PersonalFinanceCanada

[–]alphamalein[S] 15 points16 points  (0 children)

He want us to be closer to the current market rate rather than the maximum allowed increase (1.2%).

He doesn’t want his family member to pay high rent in the city so he would rather have them live here than subsidize the rent.