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02-11-2022, 12:00 PM
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#20701 | | Rs has made me the woman i am today!
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| Quote:
Originally Posted by donk.  On topic of interest rates:
A few pages back people renewing around 1.2 for variable.
Being offered with 1.4 over the phone with TD for variable thru a mortgage broker.
Used RBC in the past, their mortgage brokers are your friend until you sign the papers and then they ghost, so looking to jump ship.
Now that I've said this, rbc will call me, I bet they will offer me a low variable rate and il have a hard time saying no to | TD rates depend on how much you borrow and if you have other financial obligations. You get a better rate >1m and if you clear your other loans you can get a better rate as well.
Clearing out the loan on the X3 made our rate go from 1.2 -> 1.1.
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02-11-2022, 12:28 PM
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#20702 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
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| Quote:
Originally Posted by donk. On topic of interest rates:
A few pages back people renewing around 1.2 for variable.
Being offered with 1.4 over the phone with TD for variable thru a mortgage broker.
Used RBC in the past, their mortgage brokers are your friend until you sign the papers and then they ghost, so looking to jump ship.
Now that I've said this, rbc will call me, I bet they will offer me a low variable rate and il have a hard time saying no to | My last experience with my broker was that he had higher rates than what I could get by going directly to the bank - that's not normally the case but I think rates are so low that brokers are having a hard time getting great rates from the banks particularly with variable mortgages.
I ended up skipping my broker for my most recent house purchase as getting 1.2 direct from TD was pretty awesome and I didn't see any way he could beat that (he was .3% higher than what I got direct from TD when I renewed 2 years ago)
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02-11-2022, 01:52 PM
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#20703 | | RS has made me the bitter person i am today!
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Brokers don't get paid by getting you the cheapest rate,  just like how freedom doesn't cure Corona
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02-11-2022, 02:40 PM
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#20704 | | I *heart* Revscene.net very Muchie
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Brokers get paid most by term IE (5 yr) Whatever the bank pays them gets tacked onto the borrowers mortgage, so in turn you the borrower is paying for the Mortgage Broker commission. One is better off just getting an interest rate match straight from the bank. Also not all banks will work with independant Mortgage Brokers
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02-11-2022, 04:38 PM
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#20705 | | Rs has made me the woman i am today!
Join Date: Sep 2006 Location: Vancouver
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| Quote:
Originally Posted by donk. On topic of interest rates:
A few pages back people renewing around 1.2 for variable.
Being offered with 1.4 over the phone with TD for variable thru a mortgage broker.
Used RBC in the past, their mortgage brokers are your friend until you sign the papers and then they ghost, so looking to jump ship.
Now that I've said this, rbc will call me, I bet they will offer me a low variable rate and il have a hard time saying no to | The banks will try to get your business, even if it's offering 0.01% lower than the competitor. I ended up with TD @ 1.20; however, HSBC offered 1.19 and CIBC 1.18 after a few rounds of back and forth. There were other clauses with HSBC & CIBC that I didn't like, so I didn't go with them in the end.
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02-11-2022, 05:07 PM
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#20706 | | My homepage has been set to RS
Join Date: Mar 2004 Location: East Van
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Looks like I have to get going on talking to the different banks.
What are the clauses you guys looked for when looking at variable rates?
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02-11-2022, 05:44 PM
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#20707 | | Rs has made me the woman i am today!
Join Date: Sep 2006 Location: Vancouver
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| Quote:
Originally Posted by Liquid_o2 Looks like I have to get going on talking to the different banks.
What are the clauses you guys looked for when looking at variable rates? | Can't remember the fine details now (old age problems lol). I believe mines was like the penalty terms for breaking the mortgage, and also the ability to say if you wanted to convert to a fixed mortgage part way in (the terms involved there).
Also TD gave me $1200 cash back immediately when the mortgage went into effect.
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02-11-2022, 06:27 PM
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#20708 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
Posts: 11,573
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| Quote:
Originally Posted by donk. On topic of interest rates:
A few pages back people renewing around 1.2 for variable.
Being offered with 1.4 over the phone with TD for variable thru a mortgage broker.
Used RBC in the past, their mortgage brokers are your friend until you sign the papers and then they ghost, so looking to jump ship.
Now that I've said this, rbc will call me, I bet they will offer me a low variable rate and il have a hard time saying no to | I've had good and bad experience with RBC brokers. The one I used that few times has been good the first one I used was terrible.
I won't switch because my brother in law works for RBC and takes care of me when I have any issues. He runs a team of Brokers for RBC, I also know some other people pretty well I met through him who will tell me the real deal on what's available.
I think it's good to shop around though, I used to be loyal to Scotia until they screwed me, then I moved everything, mortgage, savings, retirement, sons RESP, wifes savings and retirement. Lol, I'll never step foot in another Scotiabank again.
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The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa | |
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02-11-2022, 07:50 PM
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#20709 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
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| Quote:
Originally Posted by Liquid_o2 Looks like I have to get going on talking to the different banks.
What are the clauses you guys looked for when looking at variable rates? | Penalty clause - assume 3 months interest penalty.
15% annual lump sum ability
I don't know the terminology but if rates go up you should know if the payment goes up or amortisation goes up - I like the latter for stability.
A lot of new mortgage products package the HELOC right into the mortgage - as you pay it down you automatically get more HELOC. Costs nothing more but make sure you know the interest rate for that part.
I don't care about the convert to fixed option cause by the time you want to convert you're already screwed so just buckle up and ride it out.
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Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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02-11-2022, 10:51 PM
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#20710 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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Trigger rate, but probably each place will have their own name
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02-11-2022, 11:45 PM
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#20711 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
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| Quote:
Originally Posted by supafamous Penalty clause - assume 3 months interest penalty.
15% annual lump sum ability
I don't know the terminology but if rates go up you should know if the payment goes up or amortisation goes up - I like the latter for stability.
A lot of new mortgage products package the HELOC right into the mortgage - as you pay it down you automatically get more HELOC. Costs nothing more but make sure you know the interest rate for that part.
I don't care about the convert to fixed option cause by the time you want to convert you're already screwed so just buckle up and ride it out. | If rate changes, it goes to amortization first. Once bank rates hit the predetermined "trigger rate" based on ones contract then it will affect the monthly mortgage payment.
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02-12-2022, 07:24 PM
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#20712 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
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Does anyone know if you buy a somewhat older 1 bdroom 1 bath unit, older units tend to be a tad bigger, say 750 sqft. Can you refresh and remodel it and make it into a 2nd bedroom? Or, maybe a 1+ ... call the 2nd enclosed space a 'den'?
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02-12-2022, 07:54 PM
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#20713 | | ninja edits your posts without your knowledge
Join Date: Jan 2004 Location: Vancouver
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| Quote:
Originally Posted by whitev70r Does anyone know if you buy a somewhat older 1 bdroom 1 bath unit, older units tend to be a tad bigger, say 750 sqft. Can you refresh and remodel it and make it into a 2nd bedroom? Or, maybe a 1+ ... call the 2nd enclosed space a 'den'? | Will likely require strata approval as this changes the structure of the unit.
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02-12-2022, 07:56 PM
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#20714 | | I *heart* Revscene.net very Muchie
Join Date: Jun 2002 Location: Vancouver
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| Quote:
Originally Posted by CRS Will likely require strata approval as this changes the structure of the unit. | This
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02-12-2022, 09:02 PM
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#20715 | | RS has made me the bitter person i am today!
Join Date: May 2005 Location: 604
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| Quote:
Originally Posted by whitev70r Does anyone know if you buy a somewhat older 1 bdroom 1 bath unit, older units tend to be a tad bigger, say 750 sqft. Can you refresh and remodel it and make it into a 2nd bedroom? Or, maybe a 1+ ... call the 2nd enclosed space a 'den'? | besides strata approval, you'll also need to apply for a building permit with the City as legally you are now increasing the total number of habitable area in your unit. Are you trying to add an internal bedroom? If yes, most municipalities do not support it.
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02-12-2022, 09:07 PM
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#20716 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
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^ Just looking at some options. Thinking of investing in an older building with big ass 1 bedroom units and how to make it into 2 bedrooms or 1+ Den with the intent of renting out to 2 people. You can still get in to some with like $500K ... unlike new builds > $650K
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02-12-2022, 10:58 PM
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#20717 | | in the butt
Join Date: Aug 2016
Posts: 2,848
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Your LOCO
__________________ Quote:
Originally Posted by Mr.Money
i hate people who sound like they smoke meth then pretend like they matter.
Originally Posted by ilovebacon
Does anyone have a pair of 25 pounds one-inch hole for sale at a reasonable price?
Originally Posted by mikemhg
Clothes come off and my car is permeated with the smell of fillet-o-fish and canned tuna.
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02-13-2022, 07:38 AM
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#20718 | | Rs has made me the man i am today!
Join Date: Mar 2011 Location: Vancouver
Posts: 3,002
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| Quote:
Originally Posted by whitev70r ^ Just looking at some options. Thinking of investing in an older building with big ass 1 bedroom units and how to make it into 2 bedrooms or 1+ Den with the intent of renting out to 2 people. You can still get in to some with like $500K ... unlike new builds > $650K | Who needs a real second bedroom when people live like this anyways: 
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Current: 2019 Acura RDX
Gone: 2007 Acura TSX, 2008 Mazda 3 GT, 2003 Mazda Miata LS, 2008 Mazda Miata GT PRHT, 2003 Mazda Protege 5
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02-13-2022, 09:10 AM
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#20719 | | I answer every Emotion with an emoticon
Join Date: Nov 2002 Location: 604
Posts: 7,957
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Just a bit of visual barrier would be nice, hey?
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02-13-2022, 11:11 AM
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#20720 | | RS has made me the bitter person i am today!
Join Date: Apr 2003 Location: Vancouver
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I actually know someone who converted his 1bedroom apartment to a 3 bedroom. Part of the living room is a bedroom now like supafamous posted but there is a wall up. And the original bedroom was huge so he put up a wall and door in that too. Im sure its not legit
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02-13-2022, 11:52 AM
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#20721 | | RS has made me the bitter person i am today!
Join Date: Apr 2014 Location: Van
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Can't you just put up a glass divider. Those don't need to be structural  | |
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02-13-2022, 04:44 PM
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#20722 | | I answer every Emotion with an emoticon
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^ Yah, I've seen those, sliding opaque glass doors to divide a section of the unit but you kinda want to get away with the best option that you can ... drywall and a sliding door at least.
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02-13-2022, 06:01 PM
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#20723 | | I contribute to threads in the offtopic forum
Join Date: Oct 2008 Location: Van604
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| Quote:
Originally Posted by whitev70r ^ Just looking at some options. Thinking of investing in an older building with big ass 1 bedroom units and how to make it into 2 bedrooms or 1+ Den with the intent of renting out to 2 people. You can still get in to some with like $500K ... unlike new builds > $650K | legally... don't bother, you will never get past the strata, let alone the City...
but my brother in law does drywalling...and let's say, it happens way more often than you think. Most people just put in a drywall with a door... so yup....
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02-13-2022, 06:34 PM
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#20724 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
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| Quote:
Originally Posted by dark0821 legally... don't bother, you will never get past the strata, let alone the City...
but my brother in law does drywalling...and let's say, it happens way more often than you think. Most people just put in a drywall with a door... so yup.... | This, about the same amount of people pull permits for work inside their home as pay income taxes on rental income, it's not a lot.
__________________
The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I donīt care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. Thatīs how winning is done. Now, if you know what you worth, go out and get what you worth. - Rocky Balboa | |
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02-13-2022, 09:08 PM
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#20725 | | Rs has made me the man i am today!
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| https://www.facebook.com/marketplace...8917007452205/ Quote:
Originally Posted by supafamous Who needs a real second bedroom when people live like this anyways: | | |
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