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  1. M

    Everyone Still Choosing Variable?

    Yeah, it also seems like the banks keep lowering the spreads too. Scotia was offering prime - 0.85 a month ago. now prime - .7
  2. M

    Everyone Still Choosing Variable?

    I'm about to refinance but because I'd like to sell in the next year or so, I'll likely go variable for the easy cancellation policies, but with rates rising quick, I'm tempted for the first time to lock in. Wondering everyone's thoughts? Variable still beats fixed even if they bump up .5...
  3. M

    Nesto and True North Advice?

    Both Nesto and TrueNorth are 3 months penalty as well. Bit crazy that they are almost a full percentage point less than Scotia
  4. M

    Nesto and True North Advice?

    True. They told me sometimes the lender pays them, but maybe that's just to get me to move ahead with the application haha.
  5. M

    Nesto and True North Advice?

    Hey all, I've been with Scotiabank for 14 years and they are currently only offering me a 5-yr variable at prime - 0.7 (currently 2%) on my renewal. Nesto just talked to me and they are offering prime - 1.35 for the same term. Simple transfer to them. True North also offers much better...
  6. M

    Advice for Parents with LOC

    Ahh lucky you :) Well, if you let me know in advance, happy to do lunch
  7. M

    Advice for Parents with LOC

    I'll talk to them about the LOC + mortgage. I take it the variable is the way to go? As of today, it's prime - 0.85 whereas their LOC is prime even. So, right away, savings. Can you really invest $180K and get a relatively safe return of $1,500/month? I buy e-index funds through TFSA and...
  8. M

    Advice for Parents with LOC

    Yes, this is great. Not sure why I didn't think of that. At the very least, it seems they'd be better with a variable mortgage as the rate is lower, as risky as a mortgage really, and the sales penalty if they sell is only 3 months interest, which in this case, would maybe be $1K. I'm almost...
  9. M

    Advice for Parents with LOC

    Even if this is over their heads, still happy to treat you to lunch though. You're in Canmore?
  10. M

    Advice for Parents with LOC

    haha Just saw this actually. Still trying to wrap my head around it. I have a feeling they'd be nervous to invest. Ironically, the worst thing they did with their LOC was buy about 40% of Suncor back in the day before it dropped 50%. I know ETFs are different. I do the e-index funds at TD, but...
  11. M

    Advice for Parents with LOC

    Just to save the $600 monthly interest. More as rates go up. They are mid 70's. I mean, they should be doing that and paying it off slowly but knowing them, it won't happen unless they sell the house.
  12. M

    Advice for Parents with LOC

    I think that's their issue. There never was a "plan" so I'm just trying to help them salvage what's left. They have no RRSP or TFSA anymore. They just have a pension to live off of. Their issue is they didn't spend/invest that LOC wisely and all they're doing now is paying $600/mo in interest...
  13. M

    The Real Estate Outlook - 2022 and Beyond

    Highly doubt the 20% increase. The last time we had bidding wars was 07, and the crash happened in 2008. Canada is obviously extremely behind in building, not to mention zoning issues, and the pressure is on to fix that. With more land than anywhere else in the world, there's no reason to some...
  14. M

    Advice for Parents with LOC

    Hey everyone, I'm just looking for some advice for my parents. They have a paid-off home in Calgary. However, they very stupidly racked up a LOC over the last 10 years to the tune of $150,000. Their interest rate is 2.45% (prime) and they've only been paying the interest, which has amounted to...
  15. M

    Condo Insurance Recommendations

    Hi all, Since the rental market is very tough right now, we're gonna move into our condo. So, we'll need some content insurance. A while back I as only paying about $10 per month but the one company I contacted is quoting more around $30 per month, which seems a lot for just general contents...
  16. M

    Mortgage Deferral

    Are there any issues with collecting rent and deferring the mortgage? Would this then be seen as normal income, since there's no expenses?
  17. M

    Question about Mortgage Deferral (Scotia Specific)

    Oh I think I get it now. The $1,992 is the added cost (the penalty so to speak) over the course of the mortgage life.
  18. M

    Question about Mortgage Deferral (Scotia Specific)

    Hey everyone, Can anyone explain mortgage deferral to me? From what I understand, you can not pay the mortgage for 6 months. Only the interest will be added to your mortgage total, raising your payments afterwards. However, Scotia has given an example at...
  19. M

    What New Risks to Be Aware of when Renting out an Apartment Now

    Hey everyone I have my tenants moving out end of April. It's seeming unlikely anyone will be moving in as we're getting almost zero response to our ads or the first time ever. However, if we do get applicants, what new risks should I and all of us be aware of? For example: Is there a risk...
  20. M

    Mortgage Deferral

    Also, does it hurt credit?
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