August 2015 Frugal Chatter thread

[jasperandchar]

@jasperandchar

Wow so basically because your mortgage amount is below a certain amount they want it paid off in 4 years! That's good to know for when we get closer to that amount and need to renew.

Another idea you may want to look into is if there are other options other than a traditional mortgage. I don't know what products are all out there but I used to work for Manulife and I know they have a product called ManuOne which is a mortgage, line of credit and chequing account all in one.

I sympathize with you about your DH. I am in the same boat where I do all the financial stuff. I did all the research when we renewed our mortgage and all he did was come to the bank and sign the papers... Same thing with the life insurance...

Only TD & Scotiabank are willing to take a mortgage of $35K, my broker said that no other bank (lenders) will want the mortgage as there is not enough meat left on the bone for them to make $.

To clarify
we currently have 1.2 years remaining on our current term, we have 4.5 years left on the 25 years so if we renew anytime from now to Mid-January we can still get a 4 year mortgage if we go after mid-January we have to take a 3 year mortgage as they will not offer a mortgage for more than the remaining amortization....hope that makes sense.

My broker said to either stay with Scotiabank or go with TD. If we stay with Scotiabank we won't pay a discharge fee but if we switch we have to pay the discharge fee.

It just frustrates me as I don't know where dh thinks will magically come up with substantially more a month after February as we will be forced into a 3 year vs. a 4 year mortgage. We can't get a 5 year mortgage as we only have 4.5 years amortization

He recently made a large purchase with his income tax refund of course it's not enough to cover the whole purchase, I am not involved in any way and I'm not helping him out at all with this purchase. He made the purchase on the LOC and is expecting future income tax refunds to cover the purchase which really peeved me. He did discuss it with me and I told him I will not be involved in any form as this purchase was a huge want (and can't be used 5 months of the year). The item purchased 2 weeks ago has sustained some damage don't even get me started on this. I really wish I had gotten him to sign a personal contract with me as now he wants the damaged repaired yet am I expected to pull the funds from my the sky. Definitely learned a valuable lesson which I will never repeat.

[Frugalbigmama]

Hugs JasperandChar. Keep talking and remind me why I don't want to have a joint account to share EVER. Sometimes I get the love goggles on and forget about this stuff.

[sweet sparrow]

http://www.mortgagecentre.com/useful-tools

@jasperandchar: I was trying to find the mortgage calculator that I used but it's changed. I'm not exactly how it works now, but I used to be able to put in extra payments, change the interest rate when the BoC changed their rates, do lump sum payments, etc. I would go to the amortization calculator and try to do two scenarios. Press calculate and view report when finished and you can save it as a file. You can show your DH how much you save going with one option over another and dream together about what you would do with the savings.

I agree, it's hard to get DH's to budge when they don't have the numbers in front of them.

Would you call a different mortgage broker in your area to ask what they think or what options they might suggest? I always get a second opinion.

@bobbiegirl2010: If you have a large mortgage, everyone wants your business. If you have a smallish mortgage, no one wants you. I think the magic number is somewhere between $50,000 - $70,000. The really low rates you see advertised are for the big customers and those with lower mortgages are stuck with a higher interest rate because the bank always wants more money.

After a certain point, our mortgage broker suggested looking at borrowing from a line of credit or just a personal loan through the bank as the interest rate would be better! It's all business. The bank has so much money it can lend out, so if it can make more on a larger mortgage, they'll do what they can to get rid of the smaller mortgages. They would even increase your rates to get you to shift!

At our last renewal, our broker commented that the mortgage atmosphere had changed a lot since he began in the industry. The statistics favoured a variable rate on a three year term. For us almost three years ago, he was recommending a 1 - 3 year term on a fixed rate as they were very comparable.

Oh I can't wait to be done with our mortgage. Every time it's up for renewal, the end date always seems to move further away, even with all our prepayments and tax refunds. (Our first term with a variable rate saw the rates increase at least three or four times in three years.) A small increase on the interest of lots of money = lots of money!

[lizzie bargain]

Sorry J and C-yes he is not playing fair and putting wants above needs. I can see why you would resent that when you have joint funds. I think the only way joint funds work well is when both parties are on the same page re financial goals or if there is enough extra money in the budget for each party to have their own fun money each month that they can spend as they wish. Perhaps if you suddenly start talking about selling the cottage, the boys land, his toys and the moose camp license to pay down the mortgage and lower payments he may suddenly come around to your way of thinking-lol. On the other hand it could cause a huge fight!


The way you explain it , your plan makes perfect sense to me. Could you use the UCCB towards the extra payment?
I wish you luck in resolving it all. It will be so nice when it is paid off. Hugs

[jasperandchar]

@lizzie bargain thanks, we could use the UCCB, however, I don't want to depend on something that may be pulled at anytime, with all the election talks 1 party wanting to do this and the other wanting to do that.

I have no fun $ if I may say so, the fun $ money per say is trips to the cottage. I really don't care to have a cottage as I am a home body and my depression tends to peak during summer months when everyone is home. He says we should just sell the cottage since no one wants to go, I used to say no BUT now I say yes we should and then the threaths end. I didn't want to buy the boys that lot either but thought in the end it was a better investment than and RESP etc and that is the only reason why I did agree.

Thruth be told my husband is a dreamer and I'm a realist. He would rather buy a UTV than get new windows as windows are not fun. When we first got married we started the your tax return is yours and it has stayed this way. I have made large purchases over the years such as a 2nd hand car, the tractor for dh, the garage which is a mess.

I just feel like I'm the only 1 looking at the realities instead of rose colored glasses.

It's a good thing he's gone on his own this am as I was about to go postal. I'm trying to calm down he tried to load our lawn tractor with the tractor instead of taking 5 minutes to get the ramps which I suggested. Let's just say there is large scratch on the tailgate and bend his "tailgate jewelry" fancy diamond aluminum trim (sigh)....Plus he took in a bunch of other items to get repaired and I said why now we can manage with the pushmower we don't have $ to fix all this stuff. The answer is I am going back to work in September, however, hunting starts September 18th and goes until almost the end of October with 1 week break in between.

I feel like I am being taken advantage of financially and paying bills with limited funds is a challenge in itself not to mention we can't depend on dh getting any calls in September as the catholic school board only gets funding in October and he is an on-call employee not permanent and doesn't want a permanent position because of his back.

I'm starting to look at things much differently these last few weeks, I find he is being very selfish and he knows it. BUT I'll be working in September is his new mantra....sigh

I'm going to ask him straight out what weeks are you hunting, I have been after him for 2 months to calls the school board to give our new banking information and ensure that all his ducks are inline so that the phone should ring when calls are available.

Thanks for reading folks, I'm just frustrated, I get no time to myself and my mental health along with Logan being unwell is really getting to me.

[thriftygranny]

FBM, love goggles. too funny.I think beer googles are dangerous too!!!

Nancy,husbands and toys, some just feel the need. Mine is big hunter and purchaser of fun things and I am the one that has a hard time spending money. However money isn't an issue for us and I know he would never ever go in to debt to buy something that is a want.
I feel for you and I hope he gets back to work soon. This may be too personal but I hunt with my husband from time to time and it is extremely physical, how can he hunt but not work with his back. Not trying to be rude at all but have been wondering this for a long time.If it is ongoing he should probably try to find something that allows him to support his family without compromising his injury. Maybe he could be a hunting guide? We have hunters come from the states every year to take bird hunting and there is money to be made for sure.Maybe easier said than done but I truly hope you get resolution to your issues.Especially with your Logan, it must be a huge worry for you both.

[jasperandchar]

@thriftygranny he has an UTV which he uses to cart his stuff from truck to camp and himself to his hunting spot. Hunting is very physical is walking etc. It also has a winch but I hear you about his back and the whole hunting thing. He is guiding 2 guys this year so a little extra $ to cover his taxes etc. It's the only thing that he looks forward too I'm by no means making excuses because I am not. If he can't hunt he gets depressed so it's a vicious circle and not too personal at all.

[thriftygranny]

I personally don't understand the passion these guys have for hunting, mine will go no matter what else is going on. I remember my niece was getting married at 1 pm one hunting season and he was going to hunt in the morning 2 hours away and assured me he would be home in time to shower change and attend.I left for the service and I was fuming as there was no sign of him. He did arrive at the church barely on time and looked presentable, I relaxed and enjoyed the day, the next week my sister called furious because she had to pay extra for photo shopping(in the nineties so not as easy as today). All the family pictures with him in it he was sitting and when his pants rode up you could see his bight orange hunting socks...he was late so threw his suit on and didn't change in to dress socks.
Kind of funny but my sister is so uptight it was a major deal to her.I laughed!!

[Frugalbigmama]

Anyone else check out the upcoming sale flyers? I am happy that I don't really see anything I want. Will be a good week to use up what we have and be creative. We think we will have enough ripe cherry tomatoes by Friday for our date night. So the fancy tomato with bacon pasta is what my man said he will be making. Yum! And he bottled our wine last week and we had a taste the other night and it is good

[Frugalbigmama]

I personally don't understand the passion these guys have for hunting, mine will go no matter what else is going on. I remember my niece was getting married at 1 pm one hunting season and he was going to hunt in the morning 2 hours away and assured me he would be home in time to shower change and attend.I left for the service and I was fuming as there was no sign of him. He did arrive at the church barely on time and looked presentable, I relaxed and enjoyed the day, the next week my sister called furious because she had to pay extra for photo shopping(in the nineties so not as easy as today). All the family pictures with him in it he was sitting and when his pants rode up you could see his bight orange hunting socks...he was late so threw his suit on and didn't change in to dress socks.
Kind of funny but my sister is so uptight it was a major deal to her.I laughed!!

Haha! That is funny!!!!

[Frugalbigmama]

My sister is pretty easy going for the most part but when she was pregnant-OMG. I can't even write the way she was. It was bad.

[bobbiegirl2010]

@jasperandchar Could you get a home equity LOC to replace your traditional mortgage? The payments might be more flexible. Just a thought...

[YOU AND ME]

Scotiabank is offering a competitive rate, however, they are being smart as only TD & Scotiabank will do a mortgage of $35K, yes I won't quite be at 35K if I renew in mid April, however, I would have to pay the penalty no matter where I go plus a discharge fee which I wouldn't have to pay if I stay with Scotiabank. The penalty would be less if I sit tight until January, however, come mid April I will have no choice but to take a 3 year mortgage vs. getting a 4 year mortgage come January or sooner but would have to pay the penalty. I would still have to pay the penalty regardless of where I go and like mentioned above only the 2 banks would take my mortgage.

I have been in contact with a broker we used before and she said that TD & Scotiabank would be my only choices come renewal time.

If we get stuck with a 3 year mortgage our payments will increase substantially to a point where it might not be manageable given our financial situation. As it stands now if we took a 4 year mortgage with a penalty we would have to pay an extra $150 a month and that's where dh is like - we can't afford that and won't listen to the fact that if we are stuck with a 3 year mortgage it will be substantially more per week as we pay weekly.

DH is not financially practical where I am, I put everyone's needs first and have always taken my income tax refunds towards home renovations etc. I have in the past purchased a 24x22 pre-made garage and had it moved to our house as dh physically could not build 1. Also purchased a Kabuta tractor again it would save dh's back but nope he purchases items that are fun such as UTC (utility vehicle/side by side). It's just so frustrating when renewing before January makes the most financial sense.

JnC i don't relish being in your position i hope you find a solution. i'm so glad my house has been paid off.

I got my kitchen walls washed now i'm tired but at least they are done

[YOU AND ME]

I personally don't understand the passion these guys have for hunting, mine will go no matter what else is going on. I remember my niece was getting married at 1 pm one hunting season and he was going to hunt in the morning 2 hours away and assured me he would be home in time to shower change and attend.I left for the service and I was fuming as there was no sign of him. He did arrive at the church barely on time and looked presentable, I relaxed and enjoyed the day, the next week my sister called furious because she had to pay extra for photo shopping(in the nineties so not as easy as today). All the family pictures with him in it he was sitting and when his pants rode up you could see his bight orange hunting socks...he was late so threw his suit on and didn't change in to dress socks.
Kind of funny but my sister is so uptight it was a major deal to her.I laughed!!

OMG i can picture this too funny for everyone but your sister

[jasperandchar]

@thriftygranny love the sock story, however, I can imagine it was upsetting to your sister BUT hoping she can now laugh about it
@YOU AND ME glad you got your walls done