Topic: The money thread

[HeliDriver]

^^ I don't really feel like going variable. Seems more likely that rates will keep going up rather than down, and the discount for going variable right now doesn't seem worth it to me. If variable was a solid 1% cheaper (which it was a while ago), I'd be tempted, but paying the extra 0.5% or so for the guarantee of a fixed rate seems reasonable.

true.   How much higher interest is supposed to go?   I got  two and a half years left on mine.

Well, that's the thing. Unless you've got a crystal ball, nobody knows. 

Personally, I just prefer not having to think about my mortgage for another 4 years. 5 years would be even better, but oh well.

[rrocket]

^^ I don't really feel like going variable. Seems more likely that rates will keep going up rather than down, and the discount for going variable right now doesn't seem worth it to me. If variable was a solid 1% cheaper (which it was a while ago), I'd be tempted, but paying the extra 0.5% or so for the guarantee of a fixed rate seems reasonable.

true.   How much higher interest is supposed to go?   I got  two and a half years left on mine.

Well, that's the thing. Unless you've got a crystal ball, nobody knows. 

Personally, I just prefer not having to think about my mortgage for another 4 years. 5 years would be even better, but oh well.

But you can lock it in at any time..

[HeliDriver]

^^ I don't really feel like going variable. Seems more likely that rates will keep going up rather than down, and the discount for going variable right now doesn't seem worth it to me. If variable was a solid 1% cheaper (which it was a while ago), I'd be tempted, but paying the extra 0.5% or so for the guarantee of a fixed rate seems reasonable.

true.   How much higher interest is supposed to go?   I got  two and a half years left on mine.

Well, that's the thing. Unless you've got a crystal ball, nobody knows. 

Personally, I just prefer not having to think about my mortgage for another 4 years. 5 years would be even better, but oh well.

But you can lock it in at any time..

But at what rate? They know they have you by the balls at that point, so it's not like you can negotiate for a better rate.

[rrocket]

^^ I don't really feel like going variable. Seems more likely that rates will keep going up rather than down, and the discount for going variable right now doesn't seem worth it to me. If variable was a solid 1% cheaper (which it was a while ago), I'd be tempted, but paying the extra 0.5% or so for the guarantee of a fixed rate seems reasonable.

true.   How much higher interest is supposed to go?   I got  two and a half years left on mine.

Well, that's the thing. Unless you've got a crystal ball, nobody knows. 

Personally, I just prefer not having to think about my mortgage for another 4 years. 5 years would be even better, but oh well.

But you can lock it in at any time..

But at what rate? They know they have you by the balls at that point, so it's not like you can negotiate for a better rate.

You lock it in at your current floating rate....they don't raise it on you.

Like if you originally were at say 2 percent and it's now at 3 percent you say lock it and that's that. I can go online and lock mine in...no need to pick up the phone.

[HeliDriver]

^^ I don't really feel like going variable. Seems more likely that rates will keep going up rather than down, and the discount for going variable right now doesn't seem worth it to me. If variable was a solid 1% cheaper (which it was a while ago), I'd be tempted, but paying the extra 0.5% or so for the guarantee of a fixed rate seems reasonable.

true.   How much higher interest is supposed to go?   I got  two and a half years left on mine.

Well, that's the thing. Unless you've got a crystal ball, nobody knows. 

Personally, I just prefer not having to think about my mortgage for another 4 years. 5 years would be even better, but oh well.

But you can lock it in at any time..

But at what rate? They know they have you by the balls at that point, so it's not like you can negotiate for a better rate.

You lock it in at your current floating rate....they don't raise it on you.

Like if you originally were at say 2 percent and it's now at 3 percent you say lock it and that's that. I can go online and lock mine in...no need to pick up the phone.

You sure about that? My understanding is that you only get to lock in at the current posted fixed rate.

It would be a complete no brainer if it works the way you suggest. Why would anyone go for a fixed rate, ever?

[rrocket]

^^ I don't really feel like going variable. Seems more likely that rates will keep going up rather than down, and the discount for going variable right now doesn't seem worth it to me. If variable was a solid 1% cheaper (which it was a while ago), I'd be tempted, but paying the extra 0.5% or so for the guarantee of a fixed rate seems reasonable.

true.   How much higher interest is supposed to go?   I got  two and a half years left on mine.

Well, that's the thing. Unless you've got a crystal ball, nobody knows. 

Personally, I just prefer not having to think about my mortgage for another 4 years. 5 years would be even better, but oh well.

But you can lock it in at any time..

But at what rate? They know they have you by the balls at that point, so it's not like you can negotiate for a better rate.

You lock it in at your current floating rate....they don't raise it on you.

Like if you originally were at say 2 percent and it's now at 3 percent you say lock it and that's that. I can go online and lock mine in...no need to pick up the phone.

You sure about that? My understanding is that you only get to lock in at the current posted fixed rate.

It would be a complete no brainer if it works the way you suggest. Why would anyone go for a fixed rate, ever?

 That's what is it for me.  I can lock in the rate at anytime but at the best fixed deal which will be higher.  It also has to be fixed for longer than the remainder of the term or longer(if the deal is available "X"amount of years).

Yes, that's correct. I reversed floating and fixed in my post..And it was generally poorly written.

My point was more that they can't raise it more than their posted, so you pay more but they don't raise it beyond that so it's not like they charge you whatever (by the balls) just for locking it in. Mine would go up .3 percent if I locked it in.

Sorry for the typo and sloppy post.

[dougjp]

Work one bank against the other, posted rates aren't the rates.

[johngenx]

I have a mortgage on my rental property, I should start paying attention to rates.  I think it's up in 2018 sometime.

[rrocket]

I'll never go you a bank again IMO. Mortgage broker had better rates and First National has been a breeze to work with during our mortgage.

[Barton]

^^ I don't really feel like going variable. Seems more likely that rates will keep going up rather than down, and the discount for going variable right now doesn't seem worth it to me. If variable was a solid 1% cheaper (which it was a while ago), I'd be tempted, but paying the extra 0.5% or so for the guarantee of a fixed rate seems reasonable.

true.   How much higher interest is supposed to go?   I got  two and a half years left on mine.

Well, that's the thing. Unless you've got a crystal ball, nobody knows. 

Personally, I just prefer not having to think about my mortgage for another 4 years. 5 years would be even better, but oh well.

But you can lock it in at any time..

But at what rate? They know they have you by the balls at that point, so it's not like you can negotiate for a better rate.

You lock it in at your current floating rate....they don't raise it on you.

Like if you originally were at say 2 percent and it's now at 3 percent you say lock it and that's that. I can go online and lock mine in...no need to pick up the phone.

You sure about that? My understanding is that you only get to lock in at the current posted fixed rate.

It would be a complete no brainer if it works the way you suggest. Why would anyone go for a fixed rate, ever?

 That's what is it for me.  I can lock in the rate at anytime but at the best fixed deal which will be higher.  It also has to be fixed for longer than the remainder of the term or longer(if the deal is available "X"amount of years).

Yes, that's correct. I reversed floating and fixed in my post..And it was generally poorly written.

My point was more that they can't raise it more than their posted, so you pay more but they don't raise it beyond that so it's not like they charge you whatever (by the balls) just for locking it in. Mine would go up .3 percent if I locked it in.

Sorry for the typo and sloppy post.

Which bank are you dealing with, Rocket?

^^ I don't really feel like going variable. Seems more likely that rates will keep going up rather than down, and the discount for going variable right now doesn't seem worth it to me. If variable was a solid 1% cheaper (which it was a while ago), I'd be tempted, but paying the extra 0.5% or so for the guarantee of a fixed rate seems reasonable.

Smart choice.  This past July, I did a 3-year fixed @ 2.34%.  Who knows what the rates will be come summer 2020, but I doubt it'll be as cheap as this.

[CanuckS2K]

My wife and I were chatting tonight about money stuff.  I made a comment to her that seemed to surprise her a little bit, even though she obviously knows me well.  I told her that I really don't care how much money that I may (or may not) make with the brewery, but I DO care how much I enjoy the bit that I make.  She didn't seem to understand at first thinking I didn't care about how much my business makes, but understood after I explained.  I have ZERO desire to save every penny that I earn.  Life is too short to not enjoy what you work hard for.  There's certainly a balance of course, but I will never be that guy that socks every cent away for a rainy day......just in case.   

[valuator]

I was able to do an early renewal on my mortgage with my credit union, 19 months out.  No fees or penalties.  They did a blended rate weighing 19 months of my current rate and 41 months of the rate I would get today on a new deal.  I thought that was pretty good, since I really don't expect rates to be as favourable in 19 months when my current term was to expire.

[dougjp]

I was able to do an early renewal on my mortgage with my credit union, 19 months out.  No fees or penalties.  They did a blended rate weighing 19 months of my current rate and 41 months of the rate I would get today on a new deal.  I thought that was pretty good, since I really don't expect rates to be as favourable in 19 months when my current term was to expire.

I have to say, that seems like an excellent move. There is nothing out there suggesting rates are going to drop in the US or Canada, and lots saying rates will go up more.

[valuator]

I can't think of any downsides.  My sister-in-law is up for a new mortgage term next month and is shopping rates.... my new rate is much higher than she thinks hers will be and that I must be an idiot 

[dougjp]

TSE climbs to a record high today;

http://www.cbc.ca/news/business/tsx-dollar-markets-1.4375150?cmp=rss

Hope we are all making money one way or the other, so that cars and/or car related things that make you smile can be bought. 

[Guy]

 

[Gurgie]

Canopy growth and aurora hitting high again

Yup, sold all my Aurora earlier this year & bought RTI instead & they're running up on Aurora's coattails!  

Sent from my SM-G930W8 using Tapatalk

[Solstice2006]

Currently at Scotiabank (for over 10 years).  Have a chequing account (joint) , savings account (joint), a Visa (joint) and two lines of credit (joint), and mine.  Also have a chequing account for business, a VISA, and line of credit for business.

Across the street from Scotiabank (which is 300m away), is First Ontario Credit Union.  Considering switching due to no monthly fees, and unlimited transactions.  I have unlimited transactions on my personal chequing account.  With the business account, it varies by number of transactions, 1-6 ($1.20 a transaction), 6-30 ($1.05)  .  Last month, I ended up paying $21 in service fees for making deposits, and debit transactions from my business account. 

At FirstOntario it's $0.75 a transaction, or $25 unlimited.  20 transactions is higher than normal for me, and that would be $15, so I am still saving.  Not sure whether to close my business account, or both accounts at Scotiabank, or what.  Going to have a meeting at Scotia this week.  My mortgage is not there, so thats not an issue.

I have no experience with credit unions, but I have read good feedback, any thoughts?

[Weels]

I have no experience with credit unions, but I have read good feedback, any thoughts?

My wife has been with Credit Union for years (Meridian).  All good.

[dougjp]

Currently at Scotiabank (for over 10 years).  Have a chequing account (joint) , savings account (joint), a Visa (joint) and two lines of credit (joint), and mine.  Also have a chequing account for business, a VISA, and line of credit for business.

Across the street from Scotiabank (which is 300m away), is First Ontario Credit Union.  Considering switching due to no monthly fees, and unlimited transactions.  I have unlimited transactions on my personal chequing account.  With the business account, it varies by number of transactions, 1-6 ($1.20 a transaction), 6-30 ($1.05)  .  Last month, I ended up paying $21 in service fees for making deposits, and debit transactions from my business account. 

At FirstOntario it's $0.75 a transaction, or $25 unlimited.  20 transactions is higher than normal for me, and that would be $15, so I am still saving.  Not sure whether to close my business account, or both accounts at Scotiabank, or what.  Going to have a meeting at Scotia this week.  My mortgage is not there, so thats not an issue.

I have no experience with credit unions, but I have read good feedback, any thoughts?

Might be too complex to give a good opinion, particularly as a business account is involved somewhat, and we don't know what business services you might use or need down the road that a credit union may not provide.

You mentioned having unlimited transactions on your chequing account, and moving that can be a nuisance (pre-authorized payments? or simply the 'routines' both of you are used to), there's not much point in changing that. If everything else was moved, would you still have unlimited transactions?

The savings account, there is no way I'd keep any money with an A bank because of the ridiculously low rates. Just two examples, BNS owns Tangerine, CIBC owns Simplii but there are many more (note three things when considering opening an account; do they offer joint accounts, do you insist on CIC insurance coverage or is Provincial insurance enough, and details of how transfers happen between your BNS chequing account and their savings account);

https://www.highinterestsavings.ca/chart/