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#9465988 - 12/14/18 11:01 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: furball]
Senor Eduardo_82 Offline
miataist
Post Master Supreme


Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
You have a few options:

-If your plan limit covers the amount you need to borrow for the new place, you just refi up to the new amount and port your mortgage

-If the above isn't enough. you can port your existing mortgage as-is over to the new property, add-on the additional funds you need at current rates. You'll get a blended rate of the old and new (weighted on the amounts at each rate)

-If interest rates are lower now than what you're currently paying, it could make the most sense to close your existing plan (incurring prepayment and discharge fees), and take on a whole new mortgage. You'd have to do the math on the interest savings versus the fees involved.

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#9466056 - 12/14/18 11:51 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Big Tasty]
Senor Eduardo_82 Offline
miataist
Post Master Supreme


Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
 Originally Posted By: c2k
Congratulations! Im sure the bank must really hate you now.


 Originally Posted By: Risky Business
That's amazing man, huge accomplishment imo especially if you are still in your 30's. Hope to join the club soon.

As far as FIRE calcs, I think the 4% withdrawal rule would suit you well.


 Originally Posted By: Mr.Bozack
Yeah man congrats - now you have true freedom! If you loose your job tomorrow you don't have to worry about those banks coming looking for their interest payments.

Keep saving like you were before and don't spend the "new" money and your savings should grow nicely.



 Originally Posted By: Big Tasty
Congrats, great accomplishment!


Thanks all. It's a kinda surreal feeling I'm having today. I know I won't see any change in the numbers until after Jan 1, and even then it will take a long time for the bank and investment accounts to look significantly different. Right now it's all psychological, a lifted burden of such.

As for the FIRE stuff, the numbers and options are head-spinningly complicated. 4% withdrawal rate and 5% earnings are pretty safe numbers to use, although some are suggesting as low as 3.5% pull and assuming 6% and 7% earnings. Then trying to figure out LIFs and RIFs and annuities and Seg Funds and more, just adds so much complexity.

The government does have a really good, detailed, calculator available which has been kinda eye-opening to use.

https://www.canada.ca/en/services/benefits/publicpensions/cpp/retirement-income-calculator.html

One thing that's clear though is I need to start working on building a portfolio that generates more passive income, because I don't want to be digging into the locked in stuff until at least 60. No way I'm working until then if I can help it, so my money will have to come from passive sources if I can get out by 55, or maybe even 50? Who knows!

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#9466654 - 12/15/18 12:21 PM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Senor Eduardo_82]
Simon_the_Pieman Offline
Post Master Sr


Registered: 08/13/01
Posts: 9457
Loc: The A
wow thats awesome! congrats! sounds like you are a smart dude. all the best on your next adventure.

i'm in the mortgage for life and work till i die boat
_________________________
"I'd love it if we did it... but I guess I'm a big skeptic on Canadians because so many are retarded as fuck." - 355-Si, 2020

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#9471639 - 12/22/18 09:08 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: Simon_the_Pieman]
iamfob Offline
Post Master Supreme


Registered: 09/06/02
Posts: 24697
Loc: Out There
Congrats on being mortgage free! what a great feeling!!
_________________________
FTMFW!!!

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#9471661 - 12/22/18 10:00 AM Re: RBC, CIBC, TD raised their fixed term mortgage rates [Re: iamfob]
Hatorade Online   crying
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
Woah nice! Now you can buy a fleet of miatas!
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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