Does it show in the credit report?
Does it affect the guarantor's future ability to get his own mortgages?
Is the role "guarantor" forever until the LOC is paid off?
May 17th, 2016 7:05 pm
May 18th, 2016 12:44 pm
May 18th, 2016 12:52 pm
Thanks to this, I was able to go back to my BMO rep and get my rate lowered to 2.09% 2yr fixed (was 2.24%). I also have a HELOC for prime + 0%.
May 18th, 2016 1:00 pm
Given the spread between fixed and variable is so thin now, it's such a tough choice. Last year I was always pushing variable as the spread was greater...now, I'm 50-50 between the two.SizzleChest wrote: ↑May 17th, 2016 4:00 pmAre more people opting for a fixed mortgage recently? I'm up for renewal soon and from what I've been hearing/reading, the rates are too close to make the risk of choosing a variable rate worthwhile. I went variable for the past 5 years and I know that historically, variable has been the better choice *almost* always. I can afford increased payments if the variable rate goes up, but obviously would like to keep as much money in my pocket as possible.
May 18th, 2016 1:59 pm
May 18th, 2016 2:19 pm
For me, right now short term fixed rates are the way to go unless you can get a discount of 70bps or more on a prime rate variable mortgage. Depending on your mortgage you could probably find a 2-year fixed rate in the 2.0%-2.1% range, and because of that you're beating most currently available variable rates (ie: those with a spread of less than 70bps).khkchan wrote: ↑May 18th, 2016 1:59 pmI am on the same boat - deciding between 5-yr fixed/variable or 2-yr fixed. My offers are 5-yr fixed 2.49%, 2-yr fixed 2.14% and 5-year variable 2.25% - all come with a fee waiver of $1260 to break existing mortgage.
I am more leaning towards 2-yr fixed now - rates has to go up 3 times after 2 years before I lose vs. 5-yr fixed.
May 18th, 2016 3:10 pm
May 18th, 2016 3:12 pm
Thanks. I think I am going to go with a 3 year fixed I was just offered. 2.24%.ahlaker wrote: ↑May 18th, 2016 2:19 pmFor me, right now short term fixed rates are the way to go unless you can get a discount of 70bps or more on a prime rate variable mortgage. Depending on your mortgage you could probably find a 2-year fixed rate in the 2.0%-2.1% range, and because of that you're beating most currently available variable rates (ie: those with a spread of less than 70bps).
All that said, if you are really bearish on interest rates and think a drop or two are in the cards over the next 2 years, then variable is the way to go. FWIW - I would also never sign up for a 5-year fixed rate!
May 18th, 2016 3:18 pm
Yes - Multi component mortgages like the ones by National Bank and Scotia mean that there is a single charge registered against the property by the lender (a collateral charge), so it is not possible to move one portion and keep the other. The new lender would have to register his own charge, and it would end up being in 2nd position, like a true 2nd mortgage. The rate would be obscene.
May 18th, 2016 7:28 pm
May 18th, 2016 11:11 pm
May 19th, 2016 11:03 am
You will have to refinance and payout both mortgages if you want to switch lenders.
May 19th, 2016 6:44 pm
May 19th, 2016 7:07 pm
May 19th, 2016 7:21 pm