The 5-year SCAM⛔️: How should you choose your interest rate…

Рет қаралды 13,342

Күн бұрын

I help First time home buyers & investors make smart realestate decisions based on numbers and not emotion. Want to book a call 👇 (It's free 🥳)
www.growwithnav.com/book-a-call
00:00 - Intro
00:52 - Topics covered
01:28 - Fixed vs. Variable meaning
02:47 - Penalties
06:03 - Cheapest interest rate mortgage
10:28 - Who should choose variable mortgage?
13:10 - Fixed rate calculations
20:09 - The conclusion
I am a licensed mortgage agent M21004312 working with Dominion lending centres, Valko Financial FSRA13047. I work with over 60 lenders including the top banks to provide an array of mortgage products that are suited to your needs. I can help you with your housing needs across all provinces in Canada (except Quebec).
I help First time home buyers & investors make smart realestate decisions based on numbers and not emotion. Want to book a call 👇 (It's free 🥳)
www.growwithnav.com/book-a-call
Get up to $3,000 in cash to trade stocks or crypto commission-free! Use this code 91NX5W or the link below to sign up 🙌 my.wealthsimple.com/app/publi...
MORE ABOUT ME 👇
My mission is to provide you with actionable content that enables you to build your wealthand live up to your potential. I came to Canada with my wife (Simran), during the pandemic in 2020, started with very little money, no job - to today, where I recently quit my job after building my side hustle to a cool 6-figures in revenue. I have met so many amazing people and mentors along the way, and I want to bring everything that I have learnt and continue to learn to you via this channel.
Subscribe if you are interested in:
#Realestate
#StockMarket
#Stocks
#crypto
#business
#moneymanagement
DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion.

Пікірлер: 83

@fourplay8374 6 ай бұрын

This is the most thorough, extensive and real breakdown with examples any channel has. You're amazing, keep up the good work!

@kuldeepkulkarni6901 9 ай бұрын

Super helpful and nicely explained! :) ❤

@pr8794 5 ай бұрын

Excellent explanation backed by numbers! You are amazing Nav! Keep such great ones coming!

@Rollinginthedee 10 ай бұрын

Love your videos Navjot! Thank you for making them so informative. Very helpful!

@mukulkulkarni4257 10 ай бұрын

You're the best!! You really have a great skill of explaining mortgages by putting down numbers. My favorite so far !!! Loved it 🤩

@growwithnav 10 ай бұрын

Thank you 😊

@jackbuddoo5016 9 ай бұрын

Great stuff! Love your content.

@VigneshDhandapani 10 ай бұрын

Love it!!!

@mitesh_prajapati 10 ай бұрын

Your video came at the perfect moment, providing clear explanations for all the questions i had. It greatly aided my understanding. Thank you!

@growwithnav 10 ай бұрын

🙌👏

@rps27 10 ай бұрын

Amazing video. Very nice explanation. Thanks

@miterbeli 10 ай бұрын

Bro! You are the best! Never will I go anywhere for my mortgages other than you…

@growwithnav 10 ай бұрын

Thank you 😊

@mahadevanramakrishnan90 10 ай бұрын

Very timely video! Thanks Navjot :)

@growwithnav 10 ай бұрын

🙌

@avadhpatel111 10 ай бұрын

Each word matters! It's literally like that beautiful lecture my engineering professor gave and I enjoyed it to the most!

@growwithnav 10 ай бұрын

Thank you 😊

@aman6feb1990 10 ай бұрын

Amazing video, coincidentally we just booked a call with you today just before this video came out.

@growwithnav 10 ай бұрын

Talk soon 🙌

@vangavolukanna 10 ай бұрын

Excellent explanation 👌

@beanasset5171 10 ай бұрын

Done 4 mortgages and refinances in 3 years, my mortgage agent never mentioned these. You're the best. Thank you for this eye opener

@growwithnav 10 ай бұрын

Thank you 😊

@jarnailjolly1856 10 ай бұрын

Very helpful 👏🏻

@growwithnav 10 ай бұрын

🙌

@jatin6578 10 ай бұрын

Your're just amazing, thanks for this informative video :)

@growwithnav 10 ай бұрын

Thank you 😊

@harshanathani 10 ай бұрын

Interest rates can go up down or stay sideways. The blanket assumption in all your scenarios is interest rate will go down by 2% in 2 years. Most likely case is interest rates will stay the same in which case breaking a fixed will have same penalty as breaking a variable.

@ashishagarwal3729 10 ай бұрын

Very well articulated. As always great content. Thanks Navjot

@growwithnav 10 ай бұрын

🙌👏

@bhagwandass309 4 ай бұрын

Thank you great knowledge lots too learn👍

@growwithnav 4 ай бұрын

Thank you 😊

@ashishsukhija5480 10 ай бұрын

As always amazing content

@growwithnav 10 ай бұрын

Thanks 😊

@jasdeepkaur2268 10 ай бұрын

Very useful video. Thanks nav

@growwithnav 10 ай бұрын

🙌🙌🙌

@manindersingh6371 10 ай бұрын

Learnt alot. Thank you.. Maninder this side. Hope you remembered.

@growwithnav 10 ай бұрын

100% I do 🙌

@karanmohindroo14 10 ай бұрын

Really helpful video😃

@growwithnav 10 ай бұрын

🙌🙌

@TheDuclaw 10 ай бұрын

I can’t wait to go back on this video in 5 years. People thinking interest rates will go down will be in a massive shock.

@SS-sv4gg 10 ай бұрын

We got a fixed rate of 4.3% for 5 years and decided to go with it. Since the all time average is 4% we don't think we will be at a great loss in 5 years. Not unless the rates come down to 2-3% in 4 years

@praveenthomas9294 10 ай бұрын

May I ask, when did you apply for your pre-approval?

@growwithnav 10 ай бұрын

I agree… around 4% maybe a good spot

@aman0591 10 ай бұрын

When did you got pre approval?

@SS-sv4gg 10 ай бұрын

We got our mortgage approval in feb 2023.

@praveenthomas9294 10 ай бұрын

@@SS-sv4gg Wow. You're lucky to have secured a good rate so early. We secured ours in June at 5.19%. It was followed by 3 interest rate hikes. So, had to settle for the same pre-approval rate for our approval. We couldn't secure a better rate, even after plenty of shopping around.

@jaydesai709 Ай бұрын

Thank you Nav. Your videos have been amazing and helping us a lot in understanding our first house purchase. I am getting pre approval for FN for 4.87 at 5 years fixed. I am getting approval for 3 years fix as well but it's relatively higher (yet to know the rates but probably it will be around 5.2-3%) catch is though I might need to put more down if I go with 3 years fixed . What are your thoughts?

@juandavidhernandez1333 10 ай бұрын

What is your opinion to invest in a property for short-term rental like AirbnB in BC for example? Is it the right time or it would be better to let the interests go down? Thanks and great content on you video.

@tarunnavlani 10 ай бұрын

The penalty on a variable mortgage is calculated based on either your existing contracted rate or prime rate at the time of breaking the mortgage (prime lenders are notorious in this..they will calculate based on the prime rate and not the contracted rate) basically lender will try to recoup as much loss as possible.

@growwithnav 10 ай бұрын

Which is why credit unions and monolines are better with variable .

@nileshpatel8822 10 ай бұрын

Make a video on Monthly payments vs bi weekly payments

@growwithnav 10 ай бұрын

Soon

@thev-desivlogger3121 10 ай бұрын

What do You think on new FHSA tool is it worth it as per the housing market In Canada

@swapnilparmar3476 10 ай бұрын

What is close Mortgages? Can you make a video on close Mortgage

@mayurrane5603 10 ай бұрын

Your mission to retire your clients with 5 million dollars is an interesting pov. Keep up the good work Navjot. I don't think there will be many people in the market with such a vision.

@amritkaur3377 10 ай бұрын

Hi…thanks for sharing such an important information. I’m very new to real estate, planning to start or have a house in my means. What will be the best way to reach out to you for your assistance. Thanks you 🙏

@growwithnav 10 ай бұрын

Thanks you. You can book the call from the link in the description.

@prisat.vishnu Ай бұрын

Very informative video. Thank you. What I dont understand though about the penalties of Variable mortgage is when the interest rate goes down, then because it is a variable mortgage, the actualy interest amount would also go down. So why would anyone break a variable mortgage when interest is going down? Thoughts?

@growwithnav Ай бұрын

Upgrade the home, downsize, leave canada, better interest rate - lots of different reasons.

@nikhilsing9408 5 ай бұрын

Thank you for such informative video, ❤which is better option, 3 year fixed or variable at current situation where interest rates are high? What’s your advice for first time home buyers in this market?

@growwithnav 4 ай бұрын

It’s very much dependent on your situation. Don’t want to give blanket advise that might go wrong for you.

@diegobotia1794 7 ай бұрын

Great video, what about now, December 2023, have to close on a new built, variable at 7.15% or 6.5 Fixed for 3 years ? Or 1 year fixed at 7.25% - worst timing but had no choice 2.5M mortgage 😢

@growwithnav 7 ай бұрын

Hmmm… it’s tough one for sure. Depends on your income as well. But if you are cutting it close, then 3 year fixed with a monoline might be a better option (lower penalties with monolines if you break early). On a separate note, 6.5 sounds high if you are closing now if going with A lending

@Rk-yz1ko 10 ай бұрын

My Variable mortgage rate was - 6.69%, in July I got the offer to convert it to 5.74% fixed for remaining term of 4 years. I took it, bit the start date of contract is Sept 1, 2023. Now, after watching your video I’m confused about my step to get it fixed. Now questions is - Can I still cancel it before start dat of Sept 1, 2023? - Is getting fixed to 5.74% is a good option till 2027? Please advise

@saifrazvi9380 10 ай бұрын

Hey, had a question about penalty for breaking mortgage. In your example you’ve said they’ll calculate on 700K but that’s the original mortgage Amt 5:17 . Wouldn’t they calculate it on the current outstanding amount which would be less than 700K?

@growwithnav 10 ай бұрын

Depends on the lender… most banks peg it to the original mortgage amount.

@saifrazvi9380 10 ай бұрын

Oh wow, another way for the banks to make bank

@kkjain3336 10 ай бұрын

So Zero penalty if someone Took 5 Year Fixed @ 3 or 5 % earlier but now if breaks the mortgage In current market

@nabeel796 10 ай бұрын

At which point in the time of mortgage we will know about rip-off mortgages - at preapproval or at the mortgage application? If we want to book a meeting with you what is the best point of time we should be in contact with you right after pre-approval time or after we get the actual mortgage contract (before signing it)?

@growwithnav 10 ай бұрын

You can start working with us from day 1 😀 link to book a call in the description. You will know it’s a rip off if the interest rate is much lower that the standard.