Personal Finance

Lower Mortgage payments?

  • Last Updated:
  • Nov 11th, 2013 9:31 pm
Tags:
None
Deal Fanatic
Mar 24, 2008
5617 posts
1714 upvotes
Toronto
George9999 wrote:
Nov 10th, 2013 11:00 am
Did you ever learn to read in school? I never said no risk...said secure as I can get with 6% return. I didn't want to own my home but be broke. Want to have steady cash flow with my 300k.
So where do you get 6% "secure as you can get"?
Deal Fanatic
Mar 24, 2008
5617 posts
1714 upvotes
Toronto
newlyborn wrote:
Nov 10th, 2013 10:37 pm
Geroge
Can you please share the details of the investment that can yield 6% securely . I have tried investing in different avenues and lost my principal as well as I am a noob when it comes to investing . Latest I found is that ICICI bank offering 6% on fixed deposits for 5 year but it cannot be closed prematurely .
http://www.icicibank.com/nri-banking/RH ... s.html#T-5
I think you get back your money in INR (indian rupees) with the GICs that you've listed above. You invest in dollars but get INR back, not a very good deal in my opinion.
Deal Fanatic
User avatar
Nov 23, 2005
8261 posts
3985 upvotes
TD has "payment vacation" that you accrue during the period of your mortgage. I for example can skip 6 payments with my current mortgage with no direct impact to me. Mind you, the interest continues to accrue during this time.

If you mortgage contract doesn't allow something like this, then instead of putting that $30k down, put down less and leave the rest as a "emergency fund" for the unexpected. This is something you should have regardless as you never know what can happen.
Deal Addict
Jun 16, 2009
1652 posts
378 upvotes
Woodbridge
The returns are in same currency as deposits . No exchange required , hence it is 6 % . If you exchange money in INR than it is 9 %
ksgill wrote:
Nov 11th, 2013 6:34 pm
I think you get back your money in INR (indian rupees) with the GICs that you've listed above. You invest in dollars but get INR back, not a very good deal in my opinion.
Email me your Questions
fairdealheating@gmail.com

Top