I'm so happy!
I just renewed my mortgage at a rate of 5.41% for 5 years!
My bank callled me a few months ago to remind me that my mortgage term was coming to an end and that I could renew early and lock in a good rate. I told them that it sounded like a good idea.
Well a few weeks ago a got one of those automatic renewal letters from the bank with various options showing the current rates. My jaw dropped when I saw that the current rates are 7.24% for a 5 year and a whopping 9.15% for a 1 year!
The letter suggested that I come into the bank to work out a better rate. If I did nothing they would renew automatically for those higher rates.
Well, I wasn't going to let that happen so I went in today to sign up for the better rate.
Only 9 years and 6 months left til I am mortgage free! woo hoo!!
Then maybe, I will sell my Focus. :lol:
Good for you Jack.
If only I had stayed put in the townhouse, I was exactly 4 years away from being mortgage free in May of 07. But not to be.
I am glad I locked in a mortgage along time ago with the builder.
New move in date for me..........June 16th, 2008.
We got our mortage just before the increases, 4.5% for 5yrs. 3 years to go before renewal. and it's only a $128,000 mortage. makes me wonder how folks afford anything more.
I hear that... we're the same as Jeremy for rate and timeframe on about the same amount to mortgage. We don't renew till 2010.
Congrats on the renewal man! I had heard some scary things of late myself as far as rates.
I've got a pre-approval locked in till mid-September at 5.19% through ING.
As for the posted bank rates... only idiots pay the bank rates. It's too easy to go to a mortgage broker and get 1% off the bank rate. But, some people still don't get it.
You guys that are talking 4.5%, that was 2 months ago right? My approval was in June IIRC, and that was the best rate at the time. They jumped to 5.89% 2 weeks later.
4.9 with ING. That was a little over a year ago though.
4.8 with Scotia.
That was what?? 3 years ago now?
It was funny when I told my Dad what I locked in with. He almost fell off his chair. He then proceeded to tell me about the house and cottage he had locked in at 19% in the 60's :lol:
Mine was just about 2yrs ago, with TD.
Gawd, when I think back on it, I sure got hosed in '05 reopening mine to get the cash for the Focus (5.3% til 2010) but the upside is that by the time the renewal comes up my principal owing will be squat in comparision even if the rates head up (around $60K IIRC)
Hey, I'm old enough to remember my father bitching about the mortage rates in the '80's hitting 18% :ph34r:
NefCanuck
Mortgage free for over two yrs :) Man is it a great feeling ............ I took the coin I paid on the mortgage and roll it into investments. Life is good !!!!
dBlast,Jul 19 2007, 09:22 PM Wrote:I'm so happy!
I just renewed my mortgage at a rate of 5.41% for 5 years!
My bank callled me a few months ago to remind me that my mortgage term was coming to an end and that I could renew early and lock in a good rate. I told them that it sounded like a good idea.
Well a few weeks ago a got one of those automatic renewal letters from the bank with various options showing the current rates. My jaw dropped when I saw that the current rates are 7.24% for a 5 year and a whopping 9.15% for a 1 year!
The letter suggested that I come into the bank to work out a better rate. If I did nothing they would renew automatically for those higher rates.
Well, I wasn't going to let that happen so I went in today to sign up for the better rate.
Only 9 years and 6 months left til I am mortgage free! woo hoo!!
Then maybe, I will sell my Focus. :lol:
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If you dont mind me asking, which bank?
David
NoiSeeVT,Jul 20 2007, 07:34 PM Wrote:If you dont mind me asking, which bank?
David
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Scotiabank
Yup ... my current mortgage is 4.85% which was for a 5 year term and we'll be done with it before the term is up (the beauty of doubling-up and 15% every year).
But I can still remember like it was yesterday my very first home (just around the corner from you Daniel -- condo at 3100 Kirwin) and the mortgage when I bought in '76 was bad enough at 10% ... but the renewal in '81 was almost 19% and we were forced to sell.
Luckily we found a cash buyer so we didn't do too badly, but I knew dozens of people back then that were forced out of home-ownership because their payments more than doubled.
My parent's first mortgage in 1952 was just over 5% ... so everything considered I think we've all done pretty good the past 7 or 8 years.
NefCanuck,Jul 20 2007, 11:05 AM Wrote:Gawd, when I think back on it, I sure got hosed in '05 reopening mine to get the cash for the Focus (5.3% til 2010) but the upside is that by the time the renewal comes up my principal owing will be squat in comparision even if the rates head up (around $60K IIRC)
Hey, I'm old enough to remember my father bitching about the mortage rates in the '80's hitting 18% :ph34r:
NefCanuck
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Wow, small world (my office is less than a kilometre away from there)
The place has really suffered for being built before the government put solid rules in place regarding reserve fund studies and the like :ph34r:
Dunno what the parents first mortgage % was in '71 when my parents bought their place, I'll ask because I'm a curious sort ;)
NefCanuck
ZTWsquared,Jul 21 2007, 08:47 AM Wrote:Yup ... my current mortgage is 4.85% which was for a 5 year term and we'll be done with it before the term is up (the beauty of doubling-up and 15% every year).
But I can still remember like it was yesterday my very first home (just around the corner from you Daniel -- condo at 3100 Kirwin) and the mortgage when I bought in '76 was bad enough at 10% ... but the renewal in '81 was almost 19% and we were forced to sell.
Luckily we found a cash buyer so we didn't do too badly, but I knew dozens of people back then that were forced out of home-ownership because their payments more than doubled.
My parent's first mortgage in 1952 was just over 5% ... so everything considered I think we've all done pretty good the past 7 or 8 years.
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