Mortgage Papers Signed!

11 Dec

Funny how Scotia Bank wanted me to pay off my current balance for Amazon Visa and Capital One Mastercard.  I still had a current running balance of $61.37 from Visa and $663.22 from Mastercard that isn’t due till early-mid January 2014.  They want prove that I am able to pay this off.  Ugh, haven’t I been paying off my balance every single due date since like forever?  Begrudgingly, I complied to their request since I need the mortgage eventually… However, Scotia Bank didn’t ask me to repay my $11,800 balance transfer from MBNA Mastercard!  Woot woot, I took that out a couple months ago @ 0% and I don’t have to pay it back till September 16, 2014!  So I have ample time to repay that back.  Right now, the current balance for that is $11,564.00.  Paying it back will be a bit dicey, most likely, I’ll sell off a stock for repayment.

So I signed my mortgage papers and I’m all set to throwing money to interest payments for the next three years.  I signed a fixed 3 year rate @ 2.89% vs a 5 year variable rate @ 2.50%.  The fix rate will cost me $780 extra a year.  But it’ll give me the security of rising interest rates in the future.

RBC was offering me fixed 3 year rate @ 3.19% which is kinda crappy.  I ended up going through a mortgage broker to help me get lower rates.  Scotia Bank offered me a rate that I deemed decent enough.  They also own ING Direct, so they feel comfortable in dealing with me as I am a client of ING Direct for a number of years.  All in all, it worked out to both parties.  

Renting this out next month will be the top of my to do list.  So far, I have two potential semi-interested parties.  But the unit is on the smaller scale.  Hopefully, everything will pan out and I can get some passive income to help my mortgage payments.  

 

 

 

 

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4 Responses to “Mortgage Papers Signed!”

  1. Liquid December 11, 2013 at 2.33 #

    2.89% is a pretty good rate. I have a variable from CIBC at 2.6% so it’s higher than the variable they offered you lol. Hope you get some good tenants 🙂 My parents usually use Craigslist when they want to rent out their rental homes.

    • agentfang December 11, 2013 at 2.33 #

      Maybe I shoulda stuck to variable… the mortgage broker kept on saying oh interest rates are going to rise in the next few years… scare tactics. He wanted me to locked into a fixed 5 yr rate that was over 3%..I’m like no thanks.

      Oh yes, I’m a total Craigslist girl! I got my current positon from Craiglist lol.

  2. Alex Yang (@yyangalex) December 12, 2013 at 2.33 #

    cool! always thought you were buying to live in 😛 are places still really expensive over there? i’ve got 2 years left on my 5 yr p-0.75 variable. these days var rates are not so good, but fixed is pretty good 🙂 either way sub 3% mortgage rate is pretty good in the long run

    • agentfang December 13, 2013 at 2.33 #

      Yea the greater Vancouver area is still pretty pricey. Ah currently living with BF… The condo is more for investment on my part but could always live in it. Just a little small for us. You choosing the variable is the right move! Maybe I should have done the same but I chicken out haha. Broker kept on saying might go up.. The rates have gone up since summer time.

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