Curren phone: Samsung S9
Mar 30th, 2019 4:39 pm
Mar 30th, 2019 4:47 pm
Yes that's correct. They can offer a better rate than a regular mortgage because high ratio mortgages must be insured and therefore lower risk for the lender. And here I am thinking I am being responsible by putting 20% plus down.
Mar 30th, 2019 8:13 pm
Mar 30th, 2019 8:29 pm
Actually as your mortgage is at 2.35, you’d be better off with a TFSA at 3.2-3.3 instead of prepaying your mortgage.nitro wrote: ↑Mar 30th, 2019 12:51 amI have to ask but why does it mattes the history of an institution when you are trying to get a cheap mortgage and not be indebted for the next 25yrs? Are other banks making billions every quarter any better?
Is say RBC a better place to go? Oh wait, they were involved with helping tax evaders shuffle money offshore as to not pay "their fair share" as exposed in the Panama papers.
What about Scotiabank? They seem friendly with their "You are richer then you think" commercials. Oh wait, they had to put their gold trading unit for sale after its own money laundering scandal back in 2017.
The lady at the TD bank always seems nice right? Oh wait, weren't their employees caught breaking the law and lying to customers to juice profits because they "feared" losing their jobs as exposed in 2017?
I can go on but I'll stop here.
Let's face it. Banks are probably a bane on society helping to enslave the world but so are many other large companies making money. Don't get me started on the politicians like buddy Eric Holder virtue signaling Democratic liberal values via Obama's Hope and Change nonsense while preventing HSBC 's prosecution.
Need a mortgage? Get the cheapest one you can get. Right now given the economy is starting to tank, get an open mortgage as the feds will most likely drop rates.
PAY OFF that mortgage as soon as you can so that the bank makes the least amount off you.
I have a fixed 5 yr mortgage with HSBC at 2.35% from the hotdeals section 2 yrs ago. Also milked them for free money for opening a chequing account, credit card, and trading account. Hell I even referred a RFD member that I didn't even know when he opened his account so both of us got some extra money.
Point is, don't virtue signal that you shouldn't take a cheap(est?) mortgage just because HSBC were involved in some shady deals....this is RFD and we like to game the system to our advantage.
Mar 30th, 2019 11:28 pm
Mar 31st, 2019 9:39 am
Completely agree and that is what I do. But most house horny people are maxing out their limits on a mortgage to buy an overvalued property in Toronto with the blind faith that real estate can't go down so they would have drained their TFSA if they even have one, part of the their RRSP (again if they have one) and already hit up the bank of mom & dad.djredhat wrote: ↑Mar 30th, 2019 8:29 pmActually as your mortgage is at 2.35, you’d be better off with a TFSA at 3.2-3.3 instead of prepaying your mortgage.
Heck, mine is at 3%, and I still go for the extra 20-30bp
Now that Oaken rates have gone down below 3%, I will be prepaying, but for those with lower rates, Oaken TFSA is still better option
Mar 31st, 2019 10:46 am
Mar 31st, 2019 10:56 am
Not a deal for everyone - including me, but it is for those who were planning to put < 20% down anywaysFerny111 wrote: ↑Mar 31st, 2019 10:46 amThis is not really a deal unless you're strapped for cash/can't get a decent mortgage rate. Luckily someone already did some quick maths up above.
Also, the whole thing with company history is valid. It's fine to deal with companies with reputations you support. Personally, I'd rather not support an institution with terrorist dealings. I am also aware that most companies have some form of a black mark in their past. Knowing the details surrounding that black mark can also being important because the media can stretch and hide truths. An informed shopper is the best shopper.
Mar 31st, 2019 11:22 am
Mar 31st, 2019 11:25 am
Mar 31st, 2019 11:26 am
Mar 31st, 2019 11:56 am
There is no minimum. According to HSBC terminology "1 High Ratio Mortgage is when customer obtains a personal mortgage with mortgage default insurance with HSBC Canada. HSBC High Ratio Mortgage Rate Offer Terms and Conditions". So actually the deal has nothing to do with ratio, it has everything to do with default insurance. I don't know why they say "obtain with HSBC" because this insurance is underwritten by CMHC itself (maybe they mean buy it through them?)
Mar 31st, 2019 12:17 pm
So they’ll help me move my drug money, too?yashgandhi wrote: ↑Mar 29th, 2019 8:28 pmTaken from HSBC thread on SD:
HSBC, Europe's biggest bank, paid a $1.9 billion fine in 2012 to avoid prosecution for allowing at least $881 million in proceeds from the sale of illegal drugs. In addition to facilitating money laundering by drug cartels, evidence was found of HSBC moving money for Saudi banks tied to terrorist groups. Even though federal investigators found evidence "that senior bank officials were complicit in the illegal activity," no HSBC executives faced charges for their actions. The Wall Street Journal revealed in 2016 that U.S. Justice Department officials, led by President Obama's former Attorney General Eric Holder, overruled their prosecutors' recommendation to pursue criminal charges against HSBC in 2012.
This may not matter for many @ SD, but if you're interested, Netflix's documentary "Dirty Money" Season 1 Episode 4 is an eye opener, with the following synopsis: A trail of suspicious transactions led to startling revelations about banking giant HSBC and its ties to Mexico's deadliest drug cartels
$100 and 2% may be a deal for some, but it's only prudent to know the history of an institution your dealing with.
Apr 1st, 2019 1:35 am
Apr 1st, 2019 2:26 am