The fixed rate or variable rate dilemma
Рет қаралды 9,563
Ай бұрынA small sigh of relief for homeowners as the Bank of Canada triggers a much-anticipated rate cut, but mortgage holders are not out of the woods just yet.
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@dirtlump Ай бұрын
There is no rate 'dilemma' .... that is absolutely ridiculous. And the BoC can't cut any '3' more times this year without resurgent inflation devoid of a lockstep US Fed cut now widely expected to hold into the US Election cycle. WAIT until valuations capitulate as the now non-viable MILLION Negam Mortgages fail renewals increasing supply !
@jumbome7420 Ай бұрын
None of that is true. Liking your own comment haha sad
@dirtlump Ай бұрын
@@jumbome7420 Here are the numbers.... you may wish to google/verify for yourself ? Both BMO & TD reported very similar percenatges in their latest earnings reports just last week . * 40% of their former variable rate now 'triggered' Negatively Amortization Mortgage Portfolios are ABOVE 25 years to 35 years * with a further 16% between now 35 years to 40 years * and 5% now above 40+ years Upon renewals here through Q4/2026.... ALL of these will need to either come up with 'Lump Sum" payments to be brought back within 25 year amortizations.... 'renewals' now bound to occurr at rates far higher than initiation regardless of BoC rate cuts or, be refinanced wherein any new Higher Mortgage amount will require a property 'appraisal' bound to be lower compromising not just 'qualifying' income relative to Insurance in Loan to Value(ie: CMHC/Genworth etc) Don't believe me.... GO READ TD or BMO's earnings reports for yourself !
@apprenticephil649 Ай бұрын
@@jumbome7420what parts not true? That further rate cuts will cause inflation resurgence or that speculators on fixed payment variable rate mortgages won’t have to sell on renewal. Please explain😂😂
@jumbome7420 Ай бұрын
@@apprenticephil649 both aren’t true. Everyone knows rate cuts do not cause inflation
@masahirogo3330 Ай бұрын
Mine is 5 yrs fixed. 4.25%. If it dropped back to 2%, I would break the contract, pay the fine. Anything else it’s just noise
@parkerbohnn Ай бұрын
When the dollar hits 50 cents everyone will sell their house and leave Canada. Good work Bank of Canada.
@apprenticephil649 Ай бұрын
Certainly won’t be a point in working considering our tax rates
@masahirogo3330 Ай бұрын
Lol. Omg. Just pick the one with the lowest interest rate you can afford. No need to overthink. There is no way interest rates will tank again. If it does, renegotiate your mortgage
@MuslimBroski Ай бұрын
The mortgage system is like a hamster wheel. You choose your wheel and keep running till you die. Hence the name 'mort'gage.
@mr8966 Ай бұрын
Lol
@gamerstv2444 Ай бұрын
Variable would sensible now.
@jumbome7420 Ай бұрын
Nope it’s not. As variable is still higher than fixed
@gamerstv2444 Ай бұрын
@@jumbome7420 It should be with rates at the peak.variable would be the choice to go if it's less than 1.5% higher
@JessT-vg7ib Ай бұрын
hahahaha sucks to be a home owner
@jumbome7420 Ай бұрын
Says no one
@apprenticephil649 Ай бұрын
The bank owns the homes of you have a mortgage. It sucks to be a bank slave
@jumbome7420 Ай бұрын
@@apprenticephil649 no o r is a bank slave.
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