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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