Good information. I like when a learned man talks with clarity . Here we have 2 of them ! Thanks
@ZulfiqarAli-rf6fp
20 сағат бұрын
This is ur one of the best videos which is not time wastage with good information. Thx
@markmussington4131
2 күн бұрын
Great show and Jessie seems to be a great resource
@philippickles693
2 күн бұрын
I've only let my mortgage go to full term only once. Breaking and blending is one way to go.. Scotia had me on a 50/50 ratio and it was interesting to see how the variable would change when the BOC would increase rates.. overall the variable paid more principle off.. this was in the early to mid 2000s
@rustyscrapper
17 сағат бұрын
This is not how it was explained to me at the bank. I was told the penalty to break the mortgage is equal to the spread un your rate and the current rate, and you save nothing to break it early. They bake it into the new mortgage and you get a lower rate with a big penalty added on and basically the same payment. HOWEVER!!! If you SELL your house the penalty is only 3 months interest. So to get out of the high mortgage without a penalty you have to sell the house and end the mortgage. Buy another house with a new mortgage and lower rate. Then you get a lower payment. This incentive to trade up your house will set the market on fire, the incentive will be better house lower price and everyone will be flipping into a different house to get out of their ass mortgages.
@infosofi
Күн бұрын
Great episode Tom, one of the best shows/guests you had, thanks for all the valuable info Jesse!
@alexhakimi7642
2 күн бұрын
Fed cut 0.50 today, hopefully Bank of Canada will follow on OCT
@jay1645
2 күн бұрын
Has to .. to 0 in 12 months or so
@rustyscrapper
17 сағат бұрын
Canada already cut 3 times but will likely keep going 25 at a time. The fed seems to want to be dramatic about it and go 50 at once.
@jay1645
16 сағат бұрын
Can. has to go to 0 or else ..
@ThePhandey
2 күн бұрын
Great info! Keep up the good work!!
@ZulfiqarAli-rf6fp
20 сағат бұрын
U brought very good point 50/50 split which 90% people don’t know
@ahmedelalfy3107
2 күн бұрын
Excellent topic
@DVinCanada
10 сағат бұрын
A reasonable financial advise should be don’t over spend money you don’t have. Mortgages are enough debts to handle. Keep getting refinance, or line of credit, or credit card debts is a downward spiral to hell.
@typicalc
Күн бұрын
Our bank only does 5 yr variable closed. So now its time to look at other options.
@ad03dh
16 сағат бұрын
Fix it to sleep then if it does down a lot break and re fix it . Variable is not good bc what goes down will go up.
@rustyscrapper
17 сағат бұрын
I will re lock my mortgages if i think interest rates have bottomed and might go back up. Then its worth paying a penalty to lock low. If i think rates are still dropping i will wait and eat the higher payment and run out the clock until renewal 3 months early with no penalty and a super low rate. Unless the CPI starts going back up again. Then lock it.
@SbnAmd
2 күн бұрын
Very informative! Thank you for the content!
@David-gu1rn
Күн бұрын
Just about to close on our first house this October, and my broker told me I could break my 5 year fixed 4.29% rate when the interest rate decreases next year. Their penalty for breaking the fixed rate is 3months interest or IRD whichever is higher (not calculated using IPD). Do you think this is a good deal?
@chanface
23 сағат бұрын
Its sooo hard to find a good mortgage broker in my experience. They are a dime a dozen and its difficult to weed out the bad ones.
@Laughingtulfo
19 сағат бұрын
What's the prediction on the rate on end of 2026?
@ChasingBogeys
16 сағат бұрын
I think it’s going to stabilize around 3.75, maybe 3.5.
@bestofpkl0853
2 күн бұрын
My renewal is coming in two months, can I take variable at renewal date and convert it into fixed in next 8-10 months? Can I move from variable to fixed in less than one year?
@TomStorey
2 күн бұрын
Yes, you can convert out of a variable closed at any time to a fixed rate without paying a penalty the difference is some lenders will offer different terms versus others. Please confirm specifics with your broker/lender.
@argeldelacruz9545
2 күн бұрын
Do you need to re qualify if you switch lenders for a better deal?
@TomStorey
2 күн бұрын
On November 21, 2023, the federal government announced a new Canadian Mortgage Charter. It said that homeowners with insured mortgages (less then 20% down) aren’t stress tested when they renew their mortgage with a different lender. So you’re not stress tested, but you do still have to qualify (without the stress test) The best way to think of the charter is as a list of "rules and expectations" banks are expected to follow. However, with an uninsured mortgage, you would have to requalify and be stress tested when changing lenders. Hope this helps.
@joed8896
2 күн бұрын
Thanks Nice insight
@adamnarbeaux5898
2 күн бұрын
Not true.
@stephenn88
2 күн бұрын
Tom did you go fixed or variable
@TomStorey
2 күн бұрын
Have one of each.
@TheNewMediaoftheDawn
2 күн бұрын
Fixed or variable, the house (bank) always wins,,,😂
@jay1645
2 күн бұрын
Carney has appeared lol
@Chris-se3nc
2 күн бұрын
Wait
@Relaxlifeisshort2
2 күн бұрын
This is why you should never have listened to Steve your sidekick and lock in a t 5 years. Anyway usually i get his thinking but that he was way off
@TomStorey
2 күн бұрын
I went 3 year fixed. Happy with that decision for my primary residence.
@Relaxlifeisshort2
2 күн бұрын
@@TomStorey correction right 3 years meant to say I was going to do the same but then thought nah. I am in logistics and i will go with my stats better then the feds stats and saw this coming.
@TomStorey
2 күн бұрын
@@Relaxlifeisshort2 If I did it again now, I would probably go variable. But not regretting my decision.
@Relaxlifeisshort2
2 күн бұрын
@@TomStorey still ok not a bad choice.
@elvisnketi7271
Күн бұрын
I am at 6.7 % at the moment. With two years to complete the term. What are my options
Пікірлер: 42