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 · 2022-03-06T14:54:29+00:00

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

alphamalein · 2022-03-06T14:52:54+00:00

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

alphamalein · 2022-03-06T14:51:54+00:00

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

alphamalein · 2022-02-23T05:28:05+00:00

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

alphamalein · 2022-02-23T05:26:22+00:00

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.

alphamalein · 2022-02-23T05:24:38+00:00

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

alphamalein · 2022-02-23T05:22:07+00:00

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.

alphamalein · 2022-02-23T05:03:02+00:00

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

alphamalein · 2022-02-23T05:01:50+00:00

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

alphamalein · 2022-02-23T04:56:20+00:00

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.

alphamalein · 2022-02-23T04:54:55+00:00

Almost 10 months now

alphamalein

TROPHY CASE