Canadians 🐟’s - I have a preconstruction in Alberta closing in April and struggling with what type of mortgage I should get in terms fixed/variable, open/close and number of years. Much appreciate any guidance! Thank you!

like
Posting as :
works at
You are currently posting as works at

I have no input, but all variations are going to be contingent on the amount your able and willing to spend per month. Do you know that number so other 🐟 can help? Or are you mainly asked to help predict what interest rates are going to do?

helpful

Hey M1, it’s mainly the latter. Trying to predict if I should do short term fixed closed, like 2-3 year, which for right now is around 5.11-5.8% or so like a 3-5 variable closed around 6-7%. It’s an investment property for context and I need to do 20% down on a 420k property. Any further help on this would be great, happy to share more context if I can directionally get further guidance

Personally for me it would depend on whether it’s an investment property or principal residence, and how long I intend to keep it. If Investment property I would like to fix the cash flow so I have predictability for a while. But in either case I would keep my term a bit shorter than my usual 5 yes because rates will likely flatten out. It really depends on your investment objectives.

helpful

Thank you for sharing this! To answer some questions here so it can help further in the discussion. It’s an investment property - total 420k, need to do10% down, 2 years rental taken care of my agreement, so will be receiving $2000-month confirmed for the next 24 months.

Whether I keep it long term - yes most likely, unclear though how many years but atleast 3-4 years as of right mow. Based on market factors, I was leaning at fixed 3 years which is coming out to be 5.11% instead of variable 5 year closed at 6.8%. Any further thoughts? Thank you!

Related Posts

What is the best credit card offer these days? Good credit score, a travel spend about 5-6k coming up..

like

Fishes! what are the best grounds to dispute my property tax valuation? What support should I have?

like

Which style home do you prefer and why?

like

If you won the Powerball what would you do with the money? Would you continue to work?

like

What should be the most I should be spending on rent in Texas (Dallas, Houston) as someone making about 100k TC pretax?

like

Will Amex restricting guess access for Centurion Lounge actually make any difference?

I can see short term changes but the way Amex has been aggressively marketing Platinum card, we just will have overcrowding of primary card holders 🤷🏻‍♂️

What's next, everyone has to spend min. 50k a year to get Centurion lounge access or pay per visit.

likeuplifting

Guys ..
When will final settlement take place? What will be the components of it?

I am trying to justify house buying in HCOL city. The house cost is minimum 1.4m .monthly mortgage would be at least 7k(with just around 2k principal) rest goes to either int,tax. Not to mention regular house maintenance. How is it better than 3.5k rental. I understand appreciation and own house independence. But I am just trying to make numbers work.

like

I'm a masochist. PRQ tied up a ton of my assets during the last run up in early 2021 while crabbing and dumped just as bad as other alts in May. I just heard whispers of a big cex listing and put some money back into it. 😬

like

Do you have a UTMA/UGMA account in addition to a 529? How can I make sure my kid still qualifies for *some* scholarships? (Want them to have some skin in the game..)

Seeking feedback on GAP insurance. I had a family member who purchased a car in June or July. They were in an accident last week and it sounds like the car will be declared a total loss. Never dealt with this before, so wanted to ask if anyone has ever had an instance where the insurance didn't cover the outstanding balance of the loan and the insured then owed money? Car was $35k, $7k down, finance $28k. Gap insurance is through lender, not auto insurer.

Hey beautiful people,
I’m 27Y and work in tech. Unfortunately my carpal tunnel is getting worst slowly. I’m worry that I still have like 45 years more to be retired and can’t stop working because I have a f* mortgage to pay 😭 I have a super ergonomic workstation, but I know my hand needs a long rest, and I can’t do it… Does anyone relate? What do you recommend?

like

For any of you real estate investors, what tools or sources did you learn from when getting started. Can’t find a mentor currently so want to find some highly recommended books or videos. If focused on the tri-state area (NY, NJ, Long Island mainly) that would be even better. My hope is to buy and rent out a apartment while also owning a house and house hacking that by renting part of it out. Trying to understand all the steps, traps, and how to find if it’s a good investment.

like
like

Looking to see how much other Provider Enrollment Specialist make including what their company's invests in their 401K

likehelpful

Which bank account is better for salary account?

HDFC
Axis

like

How often do you come across Schedule F? I have prepped 3 tax returns for farmers this busy season? It’s interesting. I’ve worked for large and small firms. I never had to deal with Schedule F until now.

like

Bhaiyon aur Behno!
Gurgaon me kisi Broker ka number hai to dedo

Dhanyawaad

Personal finance book recommendations?

like

Has anyone’s credit score dropped dramatically? Mine dropped almost 20 points in one month and the reason says because the age of my accounts are low but I haven’t opened any new ones? wondering if it’s covid related somehow?

like

More Posts

Hello fishes,

I have cleared the interview round and the documents submission step is also completed on May 25th.
Can anyone please tell me how much time it will take to get the offer letter?

Post Photo
like

The unending cycle is for real. Reached my LeanFIRE number 2 months ago, yet I don’t feel satisfied. Still reaching for the stars… when will this human desire end?

like

I am looking for referral . I am around 10 years of experience and can join in 3 weeks

I am a creative designer/animator with a leading medical tech company with 6 yrs exp and based in NY. Currently looking for new roles because of relocation requirement at my current role. Any tips or referrals would be really appreciated. TIA!

like

Which PG is good near Bosch Global Software Technologies Bosch office in Baner Pune. I am about to join next month. I will be shifting from Nagpur, as it is hybrid model in Bosch.

Until April, I will be single, post that I will bring family/kids and take an aptmt on rent.

like

When you encounter a conspiracy theorist re the vaccines, do you set them straight or do you just ignore it? I struggle w how to approach this.

like

Just got a job as a communications specialist in government, but I come from a marketing agency background. Any advice, things I should teach myself, professional certificates/affiliation recommendations? I want to focus on developing in-demand skills early on in my career. TIA!!!

like
like

Hi Fishes,

What is Difference between SAP Labs and SAP India Pvt Ltd.

For SAP Consultant which will be best suited organization?

Thanks in Advance

like

How is WLB at Tech Mahindra SBI Belapur client (on site), Can anyone help me with feedback?

like

Anyone working at Levy Ratner? How is the office culture and about how much do you get paid?

like

What is the best credit card offer these days? Good credit score, a travel spend about 5-6k coming up..

like

I recently ate my first slice of Benny Fierro's pizza (absolutely massive slice)...I'm fairly confident I could win their "eat a whole pie in 28 minutes" challenge. While I mentally prep, I'd like to try other spots. What are some good pizza shops in/around town?

funnylikesmart

Please help with the in hand salary for this offer Dell

Post Photo
like

Just started b4 m&a — first job out of law school for reference — I don’t know what I’m doing at all and imposter syndrome is kicking in very badly. Any helpful resources ppl recommend for starting out?

like

How has anybody had luck with getting freelance account gigs? Been silent in LA

like

Has an ALM in Management at Harvard Extension School led you to a career at any high power corporations such as Goldman Sachs?

like
like
like

Cole Haan vs AE. Discuss

helpfulfunny

Additional Posts in The Real Estate Bowl

Any Property Management recs in Seattle area? :(

like

Fishes! what are the best grounds to dispute my property tax valuation? What support should I have?

like

Is it common for HOA to ask you to prove your car registration is up to date?

like

For any of you real estate investors, what tools or sources did you learn from when getting started. Can’t find a mentor currently so want to find some highly recommended books or videos. If focused on the tri-state area (NY, NJ, Long Island mainly) that would be even better. My hope is to buy and rent out a apartment while also owning a house and house hacking that by renting part of it out. Trying to understand all the steps, traps, and how to find if it’s a good investment.

like

For the folks that bought an a second property (rental) with less than 20% down, how did y’all pull it off ? 10 % down payment is all I can afford.

like

Who is still in denial about a housing correction? The Fed just made another .75% increase. Powell said they won’t stop until inflation is 2%. He also said a recession would be better than the consequences of unchecked inflation. He announced he will bring rates to a “restrictive level” until “the job is done”. He said that labor demand needs to soften (ie: layoffs). He very explicitly said he wants to slash demand and that housing needs a “correction”.

like

Any one knows what’s the easiest way to order a radon test for new construction?

like

idk if this is the right place to post but...
Ok so I was carless -- I was assembling my new bed frame and one as I was grabbing one of the long parts; I set it vertically and my fan was on and hit the edge. I literally just moved in 5 days ago and I already scratched these pristine fans, I'm irate and I want to fix it.
Is there any kind of paint. or is there a way to polish it so it doesn't look as bad :(

Post Photo
like

Hi all, I’m in the north east metro area and due to the current RE market we decided to look into PA specifically Lancaster. Anyone in this market and have any thoughts on where it’s headed? We’re looking purchasing a single family property all cash at 110k that rents for $1100 a month. The last owner bought for 35k like 15 years ago 😩 but hoping buying and holding for a few years will give a equal or greater returns over the long run.

like
like

Any investors in the woodlands Texas for single family homes, rent looks good as per Zillow , good school district and houses are still affordable compared to Dallas and Austin

like

Looking for experiences/opinions on A/C options for old houses. E.g., high velocity ducts vs ductless mini splits. Seems like mini splits are way easier and possibly more effective...but seems like an eye sore. Or... is it just what a contractor thinks will work given your house? Curious what everyone thinks!

like

My clients wish to write a testimonial/review for my RE broker services. What is the best site/medium for this? Yelp? Google Review? Zillow? Facebook?

like

If you living currently in a home and looking to buy another home but plan to put only 10% on the new home, can I pay the remaining 10% after selling my existing home in 1-2 months .. and get the PMI

like

I’ve been thinking about getting into real estate investing. Not right now but later down the road. I’ve been trying to save up for a down payment. What are some good resources for a beginner? Blogs, YouTube, books etc I’m not looking for paid courses because I will be learning at a slow pace. Any help will be appreciated.

like

For people who recently refinanced, bought or is in the process of buying a new home, what APR did you get?

like

Anyone have any luck selling a condo in chicago using Redfin? The 1% fee for listing is attractive compared to the standard 6% with an agent. Are there extra fees with RedFin that I should be aware of? Looking to sell as quickly as possible so weighing the options and just starting to interview agents and look around for the best way to get my place listed.

like

Do you recommend getting appliances home warranty (ie American Home Shield) for rentals or do you deal with maintenance issues as they arise (I’m thinking appliances, AC, garage, etc...)? For reference, American Home Shield warranty charges ~$50/month and ~$125/service order!

like

At what income level should one be comfortable to spend 2400/mo on rent in HCOL? Assuming single, no kids, no debt or major expenses.

like

Does buyer have to share appraisal with seller? Can seller request it?

like

New to Fishbowl?

Download the Fishbowl app to
unlock all discussions on Fishbowl.
That was just a preview…
Sign Up to see all discussions
  • Discover what it’s like to work at companies from real professionals
  • Get candid advice from people in your field in a safe space
  • Chat and network with other professionals in your field
Sign up in seconds to unlock all discussions on Fishbowl.

Already a user?
Login here

Share

Embed this post

Copy and paste embed code on your site

Preview

Download the
Fishbowl app

See what’s happening in your industry
from the palm of your hand.

A phone with Fishbowl app

Scan your QR code to download
Fishbowl app on your mobile

Download app

Sign up for free to view this conversation on Fishbowl

By continuing you agree to Terms of Use and Privacy Policy

Already have an account? Log in

Sign up for free to continue using Fishbowl

By continuing you agree to Terms of Use(New) and Privacy Policy(New)
Messaging rates may apply

Already have an account? Log in

For account settings, visit Fishbowl on Desktop Browser or

General

Legal