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.
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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.