Just signed my docs to refinance, prime -1% = 4.2% variable. Coming from a 5.07% locked in mortgage before. Pretty happy about the savings

Which lender?

TD

How much was left on your term? I'm still in the first year of mine and am considering refinancing as well. Currently locked in at 5.19

We are 18 months through a 3 year term, so half way. No penalties

I know someone that missed 7/12 payments in 2024. Their renewal is coming up at the end of the year. I wonder if they’ll get rejected even though I heard renewals are pretty straight forward.

He’d be screwed since he’s currently working cash jobs trying to get by. I don’t know why he’s not selling lol. Got gifted a down payment from his parents and he still manages to fuck it up

^ holy shit ....
Love to see what the banks would do.
Do they reject and have to go tier 2 / 3 lenders?

WHat does he do.... i mean he has to have an income to qualify...

I don't think so cuz you don't have to requalify to renew. And they want your interest. I think they will just tack on what ever he owes and just calculate a higher payment because he's behind schedule. It's the same as all the variable people who didn't pay extra and they hit their trigger rates. They just owe more and fall behind schedule.

Is this the Audi basement rental guy?:pokerface:

I believe Canadian laws don't allow the banks to not renew you, but the terms are going to be bad for that person. And they'll be in no position to negotiate.

This guy right

As long as all payments are up to date come renewal time, the bank will renew. The product is already there, it's just a matter of interest rate and term. Doesn't matter if you have bad credit and or lower annual income, the bank has to renew as long as there's no mortgage payment arrears. Most banks have leeway. Usually around the 75-90 days, as long as your oldest missed payment doesn't surpass the numbered day count, the mortgage holder is fine. Once past those days the bank has the right to demand payment in full or it goes to legal, which means foreclosure.

Holy, how does one get by with $60 - $70K in credit card debt? :pokerface:

Yea same dude lol. If they ask for his tax returns he’s screwed because he’s definitely not reporting his income from the last two years.

I think he’s been ignoring all his credit card bills. I’ve seen him ask his gf to pay with her credit card. So I’m pretty sure his cards are closed and being sent to collections.

There's always some of those guys around.

Friend I have, the only good thing he did was save up enough to buy a 1bdrm condo, but.......... He just recently traded his M340 which he was hugely upside down on for a X3 30i, because they are having a kid, so he owes from what I guess $86k on a used X3 30i which is worth $60 tops.

He's gonna have to drive that X3 until he dies.

He's on a variable mortgage on the condo back when rates were under 2%. I'm 90% sure he's upside down on it as well since the rates have gone up significantly since he started it.

Get this. The fiancee he's with where they just popped out a kid will not ever be seen in anything that's not a BMW/Audi/MB, has negative equity because she totaled her Mini which she was upside on, and even with the generous ICBC payout she still owed money on it.

I've known him for 20 years. His life choices baffles me.

60-70k cc debt is pretty crazy. my cc limit is 18.5k. im guessing this guy has like 5-10 credit cards to rack up that level of debt.

I think I can do it with 3 credit cards lol.

TD and CIBC keeps wanting to give me more credit, we are talking about like 5-6k increases every time. I keep telling them no I don't want it, I already have a 20k limit on my Visa, I'm not that balling to spend that much.

The ballest thing I buy on my card is car insurance :okay:

yeah people who have good credit can easily have 60-70k on 3 cards but people who have this kind of credit card debt are probably not getting big credit limits when they sign up for new cards, or are they? since banks love people who are bad with credit are they looser with those people?

id probably slink away into the shadows if I were you. People like that eventually put themselves into positions where they'll ask you for money. And then BOOM!! there goes the friendship...

Is he Chinese? if he is, he's the worst Chinese I've ever heard of. He needs to go..... and take his fiscally irresponsible wife with him.

Wow, that's just one bad choice after another. They are in no financial position to be having kids.

Unfortunately, the poor kid will likely end up being raised by a struggling single parent.

^i aint hiring that little shit!

You are probably right. I can probably go sign up with any big bank for a 20k cc right off the bat.

He is Chinese. His mom has some money so he'll never go bankrupt. But funny you say that because I was talking with my wife about him when he told us they are pregnant. Yes congrats! But I think we probably can't be friends anymore because I won't be able to stand the BS he's gonna put his kids through.

Funny you say that as well, because that's exactly what my wife and I think as well. They are engaged and aren't married, and quite frankly I think the girl will jet once the stress of raising a kid gets to her. She is hugely irresponsible where her lash appointment is more important than anything else.

People can change. One of the BEST mom's we know, I would have never put her as being a great mom, but damn having a kid changed her. But I'm not sure that's something that'll happen to this girl.

Part of the problem is apparently me. This friend of mine, he thinks I've made it and he wants to emulate me. I own a M3, so he tried his best with the M340. We bought a X3 when we had our first kid and he's also doing the same. I keep telling him I make 2.5x his income, but it doesn't seem to stick.

Do you even need to hire anyone, all your labourers will just be replaced by Optimus bots

no you clown, this is why those longshore fucks keep striking. They are adamant about stopping all automation that could potentially take away Jobbss. If I was one of them, id be doing the same thing... i cant blame them for fighting for what is their "work"