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  • Jun 12th, 2019 8:51 am
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[OP]
Banned
Jun 23, 2017
27 posts
10 upvotes
Bc

10 year at 2.74

Were currently in our 1st year of our 3.4 fixed rate mortgage through envision. My payments are 1995 a month currently on a 440,000 mortgage. 5 years. I worry rates could go as high as 6 percent by the time im up for renewal.

I saw that the rates have lowered considerably especially with Hsbc. They not only have great rates for 5 year but also an offer of a 7-10 year rate of 2.74 fixed.
But is it worth it.
Has anyone considered locking in to the longer 10 year rate.
Last edited by Oopsyadaisy on Jun 9th, 2019 8:20 am, edited 1 time in total.
17 replies
Deal Addict
Dec 14, 2008
2035 posts
1248 upvotes
Good luck.

You didn't mention how long you are locked in for in the current mortgage.
Deal Addict
User avatar
Oct 28, 2016
1435 posts
4919 upvotes
Albertariolandbec
Your rates won't get slashed nearly as bad as this thread will. Sorry brah
What's in your wallet?
[OP]
Banned
Jun 23, 2017
27 posts
10 upvotes
Bc
Im sorry but I assumed a 2.7 for 10 years was a hot deal.
And from other hot deal forums members on this financial forum were inquiring on what to do with the other hot deal being advertised for the 5 year rate that’s being advertised through HSBC as well. I can refer you to that topic if you’d like.


hsbc-amazing-mortgage-rate-2-74-fixed-5 ... #p30878536
Deal Addict
User avatar
Oct 28, 2016
1435 posts
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Albertariolandbec
Oopsyadaisy wrote: Im sorry but I assumed a 2.7 for 10 years was a hot deal.
And from other hot deal forums members on this financial forum were inquiring on what to do with the other hot deal being advertised for the 5 year rate that’s being advertised through HSBC as well. I can refer you to that topic if you’d like.


hsbc-amazing-mortgage-rate-2-74-fixed-5 ... #p30878536
ROFL for referring
What's in your wallet?
Deal Addict
User avatar
Oct 28, 2016
1435 posts
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Albertariolandbec
Spawk1028 wrote: ROFL for referring a deal addict for 8 years
What's in your wallet?
Banned
May 9, 2019
277 posts
283 upvotes
Oopsyadaisy wrote: Were currently in our 1st year of our 3.4 fixed rate mortgage through envision. My payments are 1995 a month currently on a 440,000 mortgage. 5 years. I worry rates could go as high as 6 percent by the time im up for renewal.

I saw that the rates have lowered considerably especially with Hsbc. They not only have great rates for 5 year but also an offer of a 7-10 year rate of 2.74 fixed.
But is it worth it.
Has anyone considered locking in to the longer 10 year rate.
clearly you are misguided.

no one is offering a 7 year or 10 year rate of 2.74%.
Deal Addict
Dec 28, 2007
4578 posts
3014 upvotes
Not as good as OP's deal but buoght 5 years from HSBC and 4 years at Scotia for a total for 9 years.
Member
Aug 10, 2013
431 posts
198 upvotes
Mississauga
Oopsyadaisy wrote: Were currently in our 1st year of our 3.4 fixed rate mortgage through envision. My payments are 1995 a month currently on a 440,000 mortgage. 5 years. I worry rates could go as high as 6 percent by the time im up for renewal.

I saw that the rates have lowered considerably especially with Hsbc. They not only have great rates for 5 year but also an offer of a 7-10 year rate of 2.74 fixed.
But is it worth it.
Has anyone considered locking in to the longer 10 year rate.
I bet the rate will go down more, because of the US trade war, US is going to do trade war to Europe soon....
Thanks Op anyway!
[OP]
Banned
Jun 23, 2017
27 posts
10 upvotes
Bc
You can do two mortgages on one house?
Ive never heard if this...
Deal Addict
Nov 24, 2015
1001 posts
725 upvotes
Durham Region
No link in this deal and the rate is wrong. Not sure what op was thinking posting.

Did look up the rate at hsbc and it does seem to be 3.24 for 10 year closed which does seem low
Deal Guru
Feb 29, 2008
12531 posts
7724 upvotes
networksend wrote: No link in this deal and the rate is wrong. Not sure what op was thinking posting.

Did look up the rate at hsbc and it does seem to be 3.24 for 10 year closed which does seem low
That is low.
Deal Fanatic
User avatar
Feb 2, 2014
8307 posts
2330 upvotes
Toronto
We (brokers) have 2.94% 10-year fixed.

2.74% on a 10-year isn't out there.
Kevin Somnauth, CFA
Principal Broker - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative
Deal Addict
Dec 4, 2016
1855 posts
881 upvotes
CdnRealEstateGuy wrote: We (brokers) have 2.94% 10-year fixed.

2.74% on a 10-year isn't out there.
Not sure if this thread is the right place, but 2.94% 10 year fixed is a big deal as far as bear/bull debate is concerned. The bear fantasy of rates going to 9+%(aka historical norm) becomes something one can bet money on. On any rent/buy analysis, or rental property cash flow analysis, if you assume 10 year mortgage rate of around 3%, and rent increases at official inflation or higher, I think a lot more properties would come out cash flow positive 10 year down the road than if you assume rates jump to "historical norms" at end of 5 years.

If you can actually lock in the mortgage portion of your housing expense for 10 years at "crisis level" rates, the whole buy/rent argument just seems different.
Sr. Member
Aug 17, 2013
696 posts
602 upvotes
Toronto
BlueSolstice wrote: Not sure if this thread is the right place, but 2.94% 10 year fixed is a big deal as far as bear/bull debate is concerned. The bear fantasy of rates going to 9+%(aka historical norm) becomes something one can bet money on. On any rent/buy analysis, or rental property cash flow analysis, if you assume 10 year mortgage rate of around 3%, and rent increases at official inflation or higher, I think a lot more properties would come out cash flow positive 10 year down the road than if you assume rates jump to "historical norms" at end of 5 years.

If you can actually lock in the mortgage portion of your housing expense for 10 years at "crisis level" rates, the whole buy/rent argument just seems different.
Not sure the whole "buy/rent" argument issue. Who here would rather rent over purchasing property? Wealthy people keep purchasing property....

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