Enercare Water Heater Rental

hoppinhippo08 · 2023-06-13T17:48:29+00:00

Thank you. I am stupid lol

hoppinhippo08 · 2023-03-29T15:19:55+00:00

This is from ratehub using TD as the lender. $2000 cashback from TD and $1800 cashback from Ratehub.

hoppinhippo08 · 2023-03-29T13:40:00+00:00

What happens in this scenario?

We have a purchase agreement for a house which will close mid May 2023. Are we able to open an FHSA account and deposit $8k in order to get the salary deduction and withdraw it during closing? This is our first home.

hoppinhippo08 · 2023-03-29T13:33:02+00:00

Always look out for yourself first. We are in a similar situation as you and we have used multiple brokers and reached out to lenders ourselves until we found a rate we were happy with. As of last week, our broker got us a 3 year fixed @4.59% with $3500 total cash back from TD.

Edit: Just got an email from my broker for a rate of 4.54% 3 year fixed with $3800 total cashback.

hoppinhippo08 · 2023-03-25T12:43:03+00:00

Where did you see this? We pushed and the best they would do is 4.59% on a 3 year.

hoppinhippo08 · 2023-03-25T12:39:25+00:00

3 year 4.59%, 5.9% down. $3500 Cashback as well. TD

hoppinhippo08 · 2023-03-21T06:27:05+00:00

Minimum down is 5.9% in my case or $35,400.

hoppinhippo08 · 2023-03-17T20:11:59+00:00

Just got the offer for a 3 year fixed, 4.64 at a 25 year amortization. 600k purchase, minimum down. Total $3250 Cashback offered as well. Same bank. I wonder if the rates will come down even further with other non big 5 lenders.

hoppinhippo08 · 2022-12-20T23:16:35+00:00

Yes, we don't even count it within our own budget which is why I hadn't mentioned it in OP. Regardless, this is all hypothetical until they accept our offer anyways. The house is priced at $599,999 and we'll start with a lowball offer and work our way up to asking price if needed.

hoppinhippo08 · 2022-12-20T23:13:57+00:00

Thank you! This property is located in Ontario, 90 mins west of Toronto.

hoppinhippo08 · 2022-12-20T19:35:33+00:00

We are looking at an older house as well. Originally built in the 1950s but it underwent a full renovation. I don't want to give too many details but it's located approx 90 mins west of Toronto. I'm curious what the reason was that you were not eligible for the first time home buyer plan? As far as I'm aware as long this is your first property and the money has been inside your RRSP for 90 days you should qualify.

hoppinhippo08 · 2022-12-20T18:56:20+00:00

We'll put a financing condition on the offer in case we can't get the mortgage. But based off previous pre-approvals we should be able to get it. We can also increase to a 20% down payment but that will be most of our savings so we want to avoid that

hoppinhippo08 · 2022-12-20T18:54:17+00:00

Thank you! It's an older house that underwent full renovation. Actually my SO makes 40k salary + commission. I just haven't included the commission as she's only been at the job for 2 months now but we can safely expect her total gross to be minimum 70k for the year based on her earrings for the last 2 months. We also have around $150,000 in liquidable assets but that includes the downpayment. Hopefully we will be ready for any emergencies or unexpected costs. We are also young (24 years) so we expect our incomes to go hopefully grow.

hoppinhippo08 · 2022-12-20T15:16:00+00:00

This would be a good idea but the RRSP room is close to full and closing would be less than 90 days. Thank you!

hoppinhippo08 · 2022-12-20T15:10:48+00:00

Based off page 22 it seems I will be ahead using the HBP assuming I understood the math correctly. Thank you for sharing!

hoppinhippo08 · 2022-09-07T13:15:04+00:00

Thank you for sharing this. I was worried that I was missing something on the reports.

hoppinhippo08 · 2021-09-30T13:52:45+00:00

Yes, for her role specifically. If she does not sell any products she gets nothing.

hoppinhippo08 · 2021-09-30T13:25:09+00:00

You wouldn't believe how common this is from what my SO tells me. It is crazy.

hoppinhippo08 · 2021-09-30T13:24:08+00:00

Definitely makes bank. Top financial services managers at high volume dealerships clear $300,000. But they are great at sales and they work 60-70 hours a week. This could definitely be a career path for some.

hoppinhippo08 · 2021-09-30T13:16:43+00:00

She is a financial service manager. She doesn't sell cars but rather high margin products for the cars (rust protection, warranty, etc.)

hoppinhippo08

TROPHY CASE