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Wed, Jul 15th, 2015, 02:36 PM #1
BOC announced today they are dropping their rate to .5%
This represents a .25% drop.
Of course, TD has dropped their rate by an IMMENSE ".1%"
No need to pass any savings to customers when it can go to shareholders. . . .
http://www.bankofcanada.ca/2015/07/fad-press-release-2015-07-15/
BOC "barely" admits we are in a recession again.This thread is currently associated with: N/A
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Wed, Jul 15th, 2015, 06:20 PM #2
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I have been saying for the last 1 1/2 that we are still in a recession but what do I know!!! More lending at low rates is a disaster in the making just my 2 cents.
2019 is the year that we continue to save before we buy!!!
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Wed, Jul 15th, 2015, 06:22 PM #3
I agree. You get a lot of people borrowing who think they can manage payments, get mortgaged to the hilt, when interest rates start rising (which they will eventually) they are in trouble. When I got my first mortgage in the 90s the variable rate was 15% (but then savings interest rates were good too).
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Wed, Jul 15th, 2015, 06:27 PM #4
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@MortgageQueen just a quick question my mortgage is due for renewal in October 2016, what's the earliest I can renew with a broker without penalty. I believe I can renew with the bank 6 months prior without penalty or perhaps I'm thinking of the 6 month price guarantee. I've investigated earlier this spring and wasn't worth the penalties to switch at that time. I'm fixed rate and my 5 year term is up for renewal in Oct. 2016. At renewal I should only have 3 or 4 years which would be much less than 25 year mortgage, should I worry about that as well??
2019 is the year that we continue to save before we buy!!!
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Thu, Jul 16th, 2015, 12:50 AM #5
Generally speaking, not until maturity. It sounds like you may have a low balance though, so penalty may not be as bad as you think.
Another thing to consider is taking advantage of your privilege of paying down your mortgage. Many mortgages allow up to 15 to 20% pay down of principal per year. This can reduce a potential penalty.
Keep in mind thought, that some banks don't allow it 3 months or less to maturity date, so plan ahead.
You should be able to go to your Lender's website and calculate such a penalty on their penalty calculator.
Once you get a better idea of what your penalty actually would be, you can make a more informed decision.
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Thu, Jul 16th, 2015, 11:43 AM #6
What could be worse is Negative Interest, where we have to pay the bank to hold our money! This is happening in parts of Europe now.
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Thu, Jul 16th, 2015, 01:23 PM #7Built Bars 15% off sitewide, free shipping when you spend $25. User the code LOUISE2020 to get another 10%
PC Insiders please use my code LR1507 you get $25 and I get $10 in points
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