Do your homework. Look at all the bank mortgage rates of each bank. Print out the website rates and negotiate with your bank. If your bank tells you “Yes, we can meet to that rate” respond back “Wait, I’m not here for you to meet it…can you beat it?” If not, go to the competition. That is how you could save thousands of dollars on your mortgage. You can’t afford to not shop around. You worked hard for your money. Don’t blindly take the first rate the bank gives you.
@ that would make sense if only it were true. Commissions are paid to brokers yes. But do your shopping. Then go to a good broker. I bet the broker gets you the better rate. And you don't pay the broker. Win win. But do as you will.
How could they not talk about the fact that you are no longer stress tested on renewal if you switch lenders?! Effective as of Nov 21st 2024, I feel like this is a pretty big deal and will lead to more competition for your business amongst lenders...use this to leverage a better rate!
I shopped around, its such a hassle its not worth it. Smaller banks offer you a tiny bit better rate, usually your bank can come pretty close to matching. Then nobody wants to pay for all the lawyer fees, appraisal etc.. not worth it. And they make it seem like its so much better. Only advantage is maybe their payout penalties on fixed compared to banks, but if you're going with variable, might as well stick with a bank.
I mean, you can nab a 4.1% interest rate if you're close with your bank. Also variable is crashing right now. It will be a couple hundred dollars difference when people with 3% re-finance. Not that insane.
@risensathiyapalan6841 It is for those that lined up for INTEREST ONLY mortgages during covid. Do you remember those? LoL I should have stipulated that. Remember you live in Canada where the Golden goose housing market won't be allowed to fail. But in normal terms, I get it. Mortgage rates and monthly payments don't pan out relative to multiples of eachother. Even still, payments from 1.5% to 4.5% are going up at least a thousand bucks on average. That's on top of the extra thousand it costs monthly due to food and other cost increases. Enjoy
@peter_eva interest only mortgages aren't conventional mortgages, and when you get one, you're basically signing up for your payments to increase down the road when you start paying the principal. If you start factoring in food etc. You're no longer talking about mortgages doubling, you're talking about the cost of living doubling which is a completely different conversation
@risensathiyapalan6841 I get that cost of living increases are another conversation. But, like interest only mortgages, they are reality for potentially enough mortgage holders that we could see real pain. I'll believe it when I see it though. Government support programs and the bank of mom and dad usually come to the rescue
@@audio323 We couldn't afford our home unless we built it ourselves, with our own sweat and blood in our 60's. But you go on with your little narrative of why you have it so bad. That story has been producing lots of positive results for you so far, right?
Let your broker do the job..... sure you can shop around if you know how to negotiate and you have so much time. In most cases, brokers end up getting a better deal in the end - only if you are working with good brokers. Rates are not the only thing to consider when it comes to mortgages.The lowest rate does not mean it's the cheapest in the end.
boosting more FOMO IF you have a good relationship with your bank, rather than just emailing some random ? it is amazing what you can get..always could
60% of mortgages renewing in the next 2 years.. Isn't that normal, what's the average term duration of a mortgage, perhaps 4 years, which means 25% renew every year, so... STOP being such alarmists.
Inflation is gone means it's not going to climb at the intensity it once did. Just because Inflation is done doesn't mean your eggs are going from $10 to $4 dollars.
People don't fall for this trap owing a house is not what they say it too be , you will spend the rest of your life in debt to your employer , banks and government , be wise invest in Jesus and leave the rest .
Do your homework. Look at all the bank mortgage rates of each bank. Print out the website rates and negotiate with your bank. If your bank tells you “Yes, we can meet to that rate” respond back “Wait, I’m not here for you to meet it…can you beat it?” If not, go to the competition. That is how you could save thousands of dollars on your mortgage. You can’t afford to not shop around. You worked hard for your money. Don’t blindly take the first rate the bank gives you.
Best rates aren't on websites but otherwise I agree with everything stated here. My advice, get a broker. Preferably a good one ❤
@jeremyenwright But a broker has commission to take so you won't get the best/lowest rate.
@ that would make sense if only it were true. Commissions are paid to brokers yes. But do your shopping. Then go to a good broker. I bet the broker gets you the better rate. And you don't pay the broker. Win win. But do as you will.
How could they not talk about the fact that you are no longer stress tested on renewal if you switch lenders?! Effective as of Nov 21st 2024, I feel like this is a pretty big deal and will lead to more competition for your business amongst lenders...use this to leverage a better rate!
Wow I haven't heard of this
Rates went higher not lower in the last 8 week.I went with bmo in september and it was 4.39% , today it's 4.59%.
@@jeremielachance6125 you didn't use a broker. Am I right?
I shopped around, its such a hassle its not worth it. Smaller banks offer you a tiny bit better rate, usually your bank can come pretty close to matching. Then nobody wants to pay for all the lawyer fees, appraisal etc.. not worth it. And they make it seem like its so much better. Only advantage is maybe their payout penalties on fixed compared to banks, but if you're going with variable, might as well stick with a bank.
Watch for the squeeze to come on the banks… times are changing and that rate that looks so good now could be looking sky high in six months.
you for refinancing or buying a home?
@@chriswhynder8311 nope.
People with 2019 mortgages at rates under 3% are alreayd renewing and seeing a huge increase in payments. You see tons of homes on the market today
Real estate crash won't happen sorry lad
I mean, you can nab a 4.1% interest rate if you're close with your bank. Also variable is crashing right now. It will be a couple hundred dollars difference when people with 3% re-finance. Not that insane.
Don’t forget if you walk into RBC or any other bank you can always negotiate another .5-75% lower as well.
Doesnt matter how you cut it, payments for everyone renewing from 1.5% will triple. Enjoy.
That's not how mortgages work lol
@risensathiyapalan6841 It is for those that lined up for INTEREST ONLY mortgages during covid. Do you remember those? LoL I should have stipulated that. Remember you live in Canada where the Golden goose housing market won't be allowed to fail.
But in normal terms, I get it. Mortgage rates and monthly payments don't pan out relative to multiples of eachother. Even still, payments from 1.5% to 4.5% are going up at least a thousand bucks on average. That's on top of the extra thousand it costs monthly due to food and other cost increases. Enjoy
@peter_eva interest only mortgages aren't conventional mortgages, and when you get one, you're basically signing up for your payments to increase down the road when you start paying the principal. If you start factoring in food etc. You're no longer talking about mortgages doubling, you're talking about the cost of living doubling which is a completely different conversation
@risensathiyapalan6841 I get that cost of living increases are another conversation. But, like interest only mortgages, they are reality for potentially enough mortgage holders that we could see real pain. I'll believe it when I see it though. Government support programs and the bank of mom and dad usually come to the rescue
These homeless people think home owners are stupid. Lol that's why owners increased rent a lot last couple years. Good luck with that.
I remember paying 18.75%. So grateful we've been mortgage free for years. Helped that we built our own house with our own hands while in our 60's.
Ya I just closed on a property with a cash offer …didn’t have to deal with these pesky banks and middle men
And home values vs income has gone several fold ... so these 4-5 % are probably close to that 18% back then
@@audio323 We couldn't afford our home unless we built it ourselves, with our own sweat and blood in our 60's. But you go on with your little narrative of why you have it so bad. That story has been producing lots of positive results for you so far, right?
Too bad I spent most of my downpayment savings to pay for the increase in rent and grocery cost.
It sounds nice and all but remember, all those Banks listed probably play at the same golf course 🤧
Subject was "Mortgage War", and yet, you didnt even touch it. What a waste of time to watch this.
Get Variable now, then switch to 3-5 Fix rate next fall.
People with equity and account ingood standing, shouldbe able to refinance free of charge. Amortization should be extended to accommodate.
Absolute nonsense they are complicit
first national trying to get us to renew at 4.99% 5 year fixed, no thanks..
Let your broker do the job..... sure you can shop around if you know how to negotiate and you have so much time. In most cases, brokers end up getting a better deal in the end - only if you are working with good brokers. Rates are not the only thing to consider when it comes to mortgages.The lowest rate does not mean it's the cheapest in the end.
Great!!
Hehehe. Banks in the dreaming phase
Ill loan them money at 4.5%
Aim for a smaller mortgage.
shop around - be a smart consumer
boosting more FOMO IF you have a good relationship with your bank, rather than just emailing some random ? it is amazing what you can get..always could
60% of mortgages renewing in the next 2 years.. Isn't that normal, what's the average term duration of a mortgage, perhaps 4 years, which means 25% renew every year, so... STOP being such alarmists.
hope it goes below my 1.57% fixed
I don't think so,not at least for a year or two
Best thing to sell your home
Liars
lol why?
FAFO
They said inflation is gone, hello!! Food price is still doubled. Both of you joke journalists should be immediately fired
And it will even go more up since we import a lot of food from USA
Inflation is gone means it's not going to climb at the intensity it once did. Just because Inflation is done doesn't mean your eggs are going from $10 to $4 dollars.
People don't fall for this trap owing a house is not what they say it too be , you will spend the rest of your life in debt to your employer , banks and government , be wise invest in Jesus and leave the rest .
Wrong, spend within your means. If you can't afford rent, move. Invest in ETF's, read about Jesus.