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07-11-2023, 03:19 PM
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#26826 | | I contribute to threads in the offtopic forum
Join Date: Mar 2011 Location: Vancouver
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Originally Posted by yameen  Hi everyone! I've been gone for awhile. I'm so out of the loop when it comes to mortgage rates now even though I know we've been getting constant rate hikes!
My mortgage is up for renewal next month and I'm wondering what rates everyone has been getting lately and if there's any tips to get a better rate for the next renewal.
I also hear there's a rate hike tomorrow?? My current rate is 3.05% 5 yr fixed. I'm assuming it's around 4.5-5% now?
Thanks in advance! | My brother just converted to a 4 year fixed at 5.29% with Scotia. 3 year was 5.64%, 5 year was also 5.29%. This rate basically assumes a rate increase is coming.
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07-11-2023, 03:22 PM
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#26827 | | in the butt
Join Date: Aug 2016
Posts: 2,817
Thanked 3,535 Times in 1,289 Posts
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| Quote:
Originally Posted by yameen My mortgage is up for renewal next month and I'm wondering what rates everyone has been getting lately and if there's any tips to get a better rate for the next renewal.
| Get at least 3 quotes, then whoever you actually want to go with, show them the cheapest rate, and get them to bend over for you by matching it.
With that said, I renewed from variable to fixed, and the cheapest option was RBC, only because I have a "loyalty" discount. 5.5% 4yr / small condo loan
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07-11-2023, 07:31 PM
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#26828 | | Rs has made me the woman i am today!
Join Date: Apr 2014 Location: Van
Posts: 4,429
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In this market no one is bending over for you, it's you bending over. Do you even qualify to move your mortgage.
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07-11-2023, 07:42 PM
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#26829 | | Rs has made me the woman i am today!
Join Date: Apr 2013 Location: revscene
Posts: 4,164
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I signed for a 5.29%, 5 year fixed with Scotia (680K loan) I actually had an offer come in today at 5.39%, 5 year fixed, Blue Shore Financial (710K loan). However, I already accepted Scotia.
My mortgage broker told me that there's a 4-5 week day on refinances right now, across most banks.
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07-11-2023, 08:54 PM
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#26830 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,360
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I only have $110,000 left on my mortgage and I’m on floating variable… you guys think I should just pay it off? I have the cash around and I’m thinking it’s probably better to do that than trying to make a higher % on investments?
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07-11-2023, 09:30 PM
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#26831 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,424
Thanked 2,907 Times in 770 Posts
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Originally Posted by Lamboda I care about a 5% GIC despite being primarily being a stock investor and to bring home that point, I believe equities when done in a prudent way is more lucrative than real estate.
Why? Reasons are below:
1) Because it affects the stock market. GICs are one type of investment instrument. When people make an investment they think about risk and return. A lot of people are actually risk intolerant. By having a GIC guaranteeing 5% return (sure it's long term less lucrative than equities) it's supremely attractive when it hasn't been for a long time.
What this means is that the more attractive it becomes for many people, rather than investing in equities or real estate, they invest in a GIC. This in turn directly reduces the amount of liquidity/monies in the stock market.
Not to mention age, lifestyle, etc.
2) I believe the 1-year GIC is an extremely smart decision right now for anybody. The reason is simply that there is a 100% chance there is going to be a recession/systemic calamity and a resultant stock market crash. Put money into a 1-year GIC/savings account now and wait until 1-2 years and take it out/buy when equity prices are depressed. This is what I've been telling my parents to do.
Hold liquid cash (returns don't have to be great now) -> buy Canadian bank stocks when they're paying 7-9% dividend yield (prices low) -> ride until it recovers whilst getting paid 7-9% dividend which would be even and or above current mortgage rates.
This is the safest strategy with a moderate reward that I've strategized for my parents.
That crash is coming within the next 1-3 years. | I agree with your Reason One, as the risk free rate goes up, more people will simply buy GIC's/Bonds/Etc. that means less people will invest in equities. Which is why increasing interest rates put downward pressure on equities markets.
In regards to your Reason Two, the fact that everyone and their uncle is calling for a recession next year tells me it's not happening. Time will tell.
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07-11-2023, 09:37 PM
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#26832 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,424
Thanked 2,907 Times in 770 Posts
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| Quote:
Originally Posted by 68style I only have $110,000 left on my mortgage and I’m on floating variable… you guys think I should just pay it off? I have the cash around and I’m thinking it’s probably better to do that than trying to make a higher % on investments? | If you have good cash flow coming in (job security) and you have a rainy day fund, I think you should consider paying down your mortgage (maybe not all of it).
Unless you have a really high risk tolerance, I don't see why someone would try to get a higher yield somewhere else.
If you're worried about not having enough cash if the right investment comes around, just get a HELOC at that time.
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07-12-2023, 06:44 AM
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#26833 | | I contribute to threads in the offtopic forum
Join Date: Mar 2011 Location: Vancouver
Posts: 2,870
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As expected another .25% increase in rates this morning taking us to 5% - I'd be at 5.95% if I hadn't locked in (that would be brutal).
How are folks still on variable doing? Riding it out? Feeling like Hide the Pain Harold?
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Last edited by supafamous; 07-12-2023 at 08:01 AM.
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07-12-2023, 06:57 AM
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#26834 | | Rs has made me the woman i am today!
Join Date: Mar 2006 Location: Vancouver
Posts: 4,013
Thanked 2,881 Times in 1,317 Posts
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| Quote:
Originally Posted by supafamous As expected another .25% increase in rates this morning taking us to 5% - I'd be at 5.95% if I hadn't locked in (that would be brutal).
How are folks still on variable doing? Riding it out? Feeling like Harold?  | I locked it in on the last hike. Couldn't stomach it anymore. So many different takes on where things are going I am not sure anymore.
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07-12-2023, 07:23 AM
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#26835 | | Willing to sell body for a few minutes on RS
Join Date: Apr 2011 Location: North vancouver
Posts: 12,439
Thanked 31,910 Times in 7,396 Posts
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I'm of the mindset they will dial it back when people start losing their homes, but the more I see it, the more I see that they truly don't care if poor people lose everything as long as they hit their arbitrary target so they can call it a "success"
I'm thankful my mortgage payment was very small so I could up the payments with little stress, but it's made the upgrade to a larger place nearly impossible for me. Seeing lots of people my age saying fuck it and either leaving here, or getting serious about their plans to leave the city, or country altogether. All people who are very good at what they do and in the low 6 figure salary ranges, so not people who are just loafing around here by any means.
I'm still hoping they have to drop it at some point, but I hope they do it before the house of cards crumbles.
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98 technoviolet M3/2/5 Quote:
Originally Posted by boostfever Westopher is correct. | Quote:
Originally Posted by fsy82 seems like you got a dick up your ass well..get that checked | Quote:
Originally Posted by punkwax Well.. I’d hate to be the first to say it, but Westopher is correct. | | 
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07-12-2023, 07:34 AM
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#26836 | | It's like going crazy when you're already nuts
Join Date: Aug 2005
Posts: 5,890
Thanked 3,023 Times in 787 Posts
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18 months left on my fixed sub 2 rate. Looking forward to 8%
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07-12-2023, 08:31 AM
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#26837 | | I STILL don't get it
Join Date: Aug 2015 Location: Main & Hastings
Posts: 454
Thanked 487 Times in 156 Posts
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Originally Posted by supafamous How are folks still on variable doing? Riding it out? Feeling like Hide the Pain Harold? | Definitely hiding the pain. Bought the place Nov 2021 at variable rate P-0.90% with a 30 year amortization. The original financial advisor took on a different role and a noob inherited the books.. She messed something up when I requested to adjust the payment date which resulted in the remaining amortization to be 19 years... Our monthly payment went up 67% so... just riding it out until the mortgage term ends in May 2024.
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07-12-2023, 08:37 AM
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#26838 | | OMGWTFBBQ is a common word I say everyday
Join Date: Jul 2006 Location: Vancouver
Posts: 5,242
Thanked 2,915 Times in 1,236 Posts
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Same. Just going to ride it out, the time to lock in has passed... sigh.
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Originally Posted by PeanutButter Damn, not only is yours veiny AF, yours is thick AF too. Yours is twice as thick as mine.. That looks like a 2" or maybe even 3"? | | |
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07-12-2023, 08:42 AM
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#26839 | | Orgasm Donor & Alatar owned my ass twice!
Join Date: Aug 2007 Location: Paradise, BC
Posts: 6,847
Thanked 6,539 Times in 2,640 Posts
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| Quote:
Originally Posted by ssjGoku69 Definitely hiding the pain. Bought the place Nov 2021 at variable rate P-0.90% with a 30 year amortization. The original financial advisor took on a different role and a noob inherited the books.. She messed something up when I requested to adjust the payment date which resulted in the remaining amortization to be 19 years... Our monthly payment went up 67% so... just riding it out until the mortgage term ends in May 2024. | Holy shxt how can something like that even happen? And if it was the noob messing it up, I'd for sure keep taking it up to higher level manager until the matter gets resolved. 67% hike in payments is no joke.
As for me, I think this latest round of rate hike takes me up to 6.2% now. Gonna need to do some checking around to see what kind of rates I can get, and lock in for how long. I am also thinking of slashing down the rainy day fund and home repairs fund a bit to pay down the mortgage a touch.
Based on what BoC has said today, I don't anticipate rates will start dropping until late next year (Q3/Q4 2024). Need to think of something to keep things afloat.
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07-12-2023, 08:55 AM
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#26840 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 8,736
Thanked 10,152 Times in 3,636 Posts
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You'd figure in this market that sellers would be more receptive and you'd get a better deal. Me and the wife offered on this property https://www.rew.ca/properties/506598...rt-richmond-bc
and gave them a very generous 2.9 CASH. Their shitty assessment is only 2.68 but nope they still dont want to play ball. They've been listed for almost 2 months and had zero offers so far.
Well whatever, we bought something else now and im just savoring the prospect of this idiot crawling back so i can tell them to fuck off.
Yes hobz's mcmansion has an accepted offer. YAY!
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07-12-2023, 08:59 AM
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#26841 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,360
Thanked 16,873 Times in 5,633 Posts
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Nice!! When they come crawling back, tell Karen Zhao to pick up her signs, she leaves that shit everywhere, there's been one by my place for so long her fake whitened skin turned even whiter in the sun and then some people kicked it over and threw it next to a trash bin after like 1.5 years lol
Probably going to sit there forever too.
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07-12-2023, 09:06 AM
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#26842 | | Rs has made me the woman i am today!
Join Date: Mar 2006 Location: Vancouver
Posts: 4,013
Thanked 2,881 Times in 1,317 Posts
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| Quote:
Originally Posted by roastpuff Same. Just going to ride it out, the time to lock in has passed... sigh. | That's what I thought when the rates were hiked 3%. Oh how wrong I was. Quote:
Originally Posted by Traum Holy shxt how can something like that even happen? And if it was the noob messing it up, I'd for sure keep taking it up to higher level manager until the matter gets resolved. 67% hike in payments is no joke.
As for me, I think this latest round of rate hike takes me up to 6.2% now. Gonna need to do some checking around to see what kind of rates I can get, and lock in for how long. I am also thinking of slashing down the rainy day fund and home repairs fund a bit to pay down the mortgage a touch.
Based on what BoC has said today, I don't anticipate rates will start dropping until late next year (Q3/Q4 2024). Need to think of something to keep things afloat. | You are probably doing ok since you've paid down a significant amount already over the last 3 years? The best term to take right now is probably 3 years. 2 years rate would be extremely high, but with 3 you'll be left in limbo in the last year as you gamble on how quickly they drop rates. You can see that past 3 the rates dropoff, but not enough to take the risk of going to 4 or even 5 years. Quote:
Originally Posted by Badhobz You'd figure in this market that sellers would be more receptive and you'd get a better deal. Me and the wife offered on this property https://www.rew.ca/properties/506598...rt-richmond-bc
and gave them a very generous 2.9 CASH. Their shitty assessment is only 2.68 but nope they still dont want to play ball. They've been listed for almost 2 months and had zero offers so far.
Well whatever, we bought something else now and im just savoring the prospect of this idiot crawling back so i can tell them to fuck off.
Yes hobz's mcmansion has an accepted offer. YAY! | You under bid by 300k no shit 
What's the one that you got accepted on?
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07-12-2023, 09:12 AM
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#26843 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 8,736
Thanked 10,152 Times in 3,636 Posts
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^ I ain’t telling you fuckers where I live ! You might come kidnap spy balloon (take my wife plz ??!!!?)
It’s not that I under bid by 300k. It’s more like this idiot over value his property by 300k. It’s east Richmond, it’s mcnair catchment (worst secondary school in Richmond and likely even the GVRD area since it’s ranked 244 out of 289) and the neighbours are all kinda crummy. Finishing are meh for that price range and appliances are garbage. No miele or subzero. No wolf range. Very very generic shit.
The only reason we offered on it was because it’s that damn L shape I like and 3 car garage so I can put up a 2 post lift.
But for this fucker to reject a cash offer at 2.9
He’s out to god damn lunch. A lot of deals have fallen out due to inability to obtaining financing (according to my realtor).
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07-12-2023, 09:13 AM
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#26844 | | My homepage has been set to RS
Join Date: Jun 2013 Location: Burnaby
Posts: 2,424
Thanked 2,907 Times in 770 Posts
Failed 407 Times in 108 Posts
| Quote:
Originally Posted by Badhobz You'd figure in this market that sellers would be more receptive and you'd get a better deal. Me and the wife offered on this property https://www.rew.ca/properties/506598...rt-richmond-bc
and gave them a very generous 2.9 CASH. Their shitty assessment is only 2.68 but nope they still dont want to play ball. They've been listed for almost 2 months and had zero offers so far.
Well whatever, we bought something else now and im just savoring the prospect of this idiot crawling back so i can tell them to fuck off.
Yes hobz's mcmansion has an accepted offer. YAY! | That driveway... That's like my ultimate dream to have a driveway like that. My buddy always said if your garage is facing perpendicular to your house, you've made it... lol
That back yard is pretty lack luster though. Builders never seem to prioritize a covered outdoor space, they would rather give you more interior square footage. I would think with a house that size, why not throw 200-300 sq/ft to a covered patio?
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07-12-2023, 09:26 AM
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#26845 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 8,736
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true. the backyard is a joke... even driving into the property, its not too nice as there are quite a few hobo homes with trash in front of it. The area just isnt that nice compared to west richmond. 
Some duplexs a few houses before it 
If her cunty rich friends ever come visit, we better blindfold them before driving them into the house as its kinda embarrassing to pay 3mil (after property transfer tax, etc) and still live in a dump like this
being the cheap china fuck that i am, i was salivating at the prospect of rental income at 2k a month in that legal suite.
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07-12-2023, 09:30 AM
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#26846 | | To me, there is the Internet and there is RS
Join Date: Apr 2007 Location: Okanagan
Posts: 16,573
Thanked 9,257 Times in 4,029 Posts
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Hell even an uncovered patio. You have to walk on the grass to go around the A/C unit lol. Hobz' doggie and the spy balloon deserve better than that.
__________________ 1991 Toyota Celica GTFour RC // 2007 Toyota Rav4 V6 // 2000 Jeep Grand Cherokee
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Originally Posted by maksimizer half those dudes are hotter than ,my GF. | Quote:
Originally Posted by RevYouUp reading this thread is like waiting for goku to charge up a spirit bomb in dragon ball z | Quote:
Originally Posted by Good_KarMa OH thank god. I thought u had sex with my wife. :cry: | | |
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07-12-2023, 09:35 AM
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#26847 | | Performance Moderator
Join Date: Jun 2001 Location: Richmond
Posts: 16,360
Thanked 16,873 Times in 5,633 Posts
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You get SO MUCH better a property in Ladner/Tsawwassen for that money... ocean views etc on Beach Dr...
But you already know that... just saying  | |
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07-12-2023, 09:41 AM
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#26848 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
Posts: 10,523
Thanked 4,945 Times in 1,818 Posts
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Man, as a child of the 80's in Richmond I always found the propopagation of the courtyarded McMansions which took over the bungalows such eyesores.
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07-12-2023, 10:11 AM
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#26849 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Oct 2016 Location: Ricemond
Posts: 8,736
Thanked 10,152 Times in 3,636 Posts
Failed 469 Times in 234 Posts
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Originally Posted by 68style You get SO MUCH better a property in Ladner/Tsawwassen for that money... ocean views etc on Beach Dr...
But you already know that... just saying | Ugh I tried very very hard to move there. Beach groove and pebble hill in taaaswssaaaseeen was the ideal locations but that tunnel and the highway might fuck up the wife. She’s not a very good driver so it’s unnecessary stress for her to commute from delta to Richmond and back. Quote:
Originally Posted by Great68 Man, as a child of the 80's in Richmond I always found the propopagation of the courtyarded McMansions which took over the bungalows such eyesores. | It’s very much catered towards Chinese aesthetics. We like that courtyard gated shit. The sense of security and the big homes. Garden and green space aren’t a huge priority as I’ve seen Chinese fucks even pave over their lawns just so they don’t have to mow grass.
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07-12-2023, 10:13 AM
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#26850 | | RS has made me the bitter person i am today!
Join Date: Nov 2010 Location: /
Posts: 4,803
Thanked 2,509 Times in 959 Posts
Failed 253 Times in 72 Posts
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Originally Posted by Badhobz
Yes hobz's mcmansion has an accepted offer. YAY!
| Congrats! Party at the mcmansion!
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