WHAT DID YOU DO TO YOUR HOME TODAY?

[Stephen W.]

Originally Posted by new2subaru

That makes sense. Our mortgages don't work like that in Canada. I think the maximum length to lock in is 5 years.

Yep, five years is the max!

[new2subaru]

Originally Posted by Stephen W.

Yep, five years is the max!

As long as the rate is decent we lock in.

[OkieSnuffBox]

Originally Posted by new2subaru

That makes sense. Our mortgages don't work like that in Canada. I think the maximum length to lock in is 5 years.

Interesting. ARM's have fallen by the wayside here after the 2008 debacle, you can still get them, but they aren't pushed like they used to be.

And when you close on your mortgage, that's your rate unless you refinance. Same for almost all loans here vs a line of credit.

[Dadhawk]

Originally Posted by Stephen W.

Yep, five years is the max!

Wait, so Canada doesn't have fixed rate mortgages as an option? That's news to me, not that I'm a Canadian mortgage expert.

[Sapphireho]

Originally Posted by Dadhawk

Wait, so Canada doesn't have fixed rate mortgages as an option? That's news to me, not that I'm a Canadian mortgage expert.

Yes, but they are very sorry.

[new2subaru]

Originally Posted by Dadhawk

Wait, so Canada doesn't have fixed rate mortgages as an option? That's news to me, not that I'm a Canadian mortgage expert.

Fixed rate for a maximum of 5 years then you have to renew under a new rate.

[Stephen W.]

Originally Posted by Dadhawk

Wait, so Canada doesn't have fixed rate mortgages as an option? That's news to me, not that I'm a Canadian mortgage expert.

No, Canada offers both flexible and fixed rate mortgages. It's just that the maximum term for either is 5 years. You can amortize it over as long as 35 years, (I think) but you have to renegotiate the contract every so many years like 1, 3 or 5 which is the maximum.

Worst rates we ever got locked into was when we bought the out-laws house in the early 80’s. The father-in-law sold us the house at a mere $10 grand over market because we were in a bind and he was a huge piece of SHIT! We got screwed over by our independent broker at the last minute so we had to settle for three years fixed at 18.75% for the first mortgage from our bank. Then the father-in-law held the second three years fixed at 22%.

[Sapphireho]

Originally Posted by Stephen W.

No, Canada offers both flexible and fixed rate mortgages. It's just that the maximum term for either is 5 years. You can amortize it over as long as 35 years, (I think) but you have to renegotiate the contract every so many years like 1, 3 or 5 which is the maximum.

Worst rates we ever got locked into was when we bought the out-laws house in the early 80’s. The father-in-law sold us the house at a mere $10 grand over market because we were in a bind and he was a huge piece of SHIT! We got screwed over by our independent broker at the last minute so we had to settle for three years fixed at 18.75% for the first mortgage from our bank. Then the father-in-law held the second three years fixed at 22%.

So let me get this straight. In Canada, you get a fixed rate loan for term of loan (let's say 30 years) and they can change rate every 5 years still? So every home loan in Canada is variable every 5 years? That sounds crazy.

Sure glad my house is paid off!

[Stephen W.]

Originally Posted by Sapphireho

So let me get this straight. In Canada, you get a fixed rate loan for term of loan (let's say 30 years) and they can change rate every 5 years still? So every home loan in Canada is variable every 5 years? That sounds crazy.

Sure glad my house is paid off!

Many, many years ago mortgages were fixed for the length of the term. When I first starting working at a Texaco station at 15 I remember the owner saying how scared he was when he and his wife bought their first house. He’d tell me how he laid awake at night at the thought of paying 2% for 25 years. This was around 1969 and he went on to tell me how the bank was then trying hard for him to switch to the new type mortgage that had a much shorter term. He laughed them off every time with: Why the f@ck would I switch to a higher rate for a much shorter term? I mean would you? You’d be f@cking crazy to, right? As far as I know they stayed in that house their entire married life and he probably is telling this story to his pals in the afterlife and still laughing his butt off.

This one reason why the banking sector is so strong in Canada. They make profits hand over fist posting record profits quarter after quarter. There hasn't been a bank failure in Canada in over 70+ years.

[smackrel]

Originally Posted by new2subaru

As long as the rate is decent we lock in.

Born to lock in, forced to clock in

[Stephen W.]

Originally Posted by smackrel

Born to lock in, forced to clock in

Like one of the seven dwarfs I would sing:

I owe, I owe
So off to work I go

[Sapphireho]

I'm contracting now to have the walls my garage removed so it will be one giant 3 car garage. So excited.

[humfrz]

Originally Posted by Sapphireho

I'm contracting now to have the walls my garage removed so it will be one giant 3 car garage. So excited.

Oh, I hope they are not supporting walls - or you will have a 3 car parking pad -

[new2subaru]

Originally Posted by Sapphireho

I'm contracting now to have the walls my garage removed so it will be one giant 3 car garage. So excited.

Pics?