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12-16-2016, 04:04 PM
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#9076 | | what manner of phaggotry is this
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Originally Posted by Hondaracer  locked into dat 5 year fixed at 2.49  | 2.42.
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12-16-2016, 04:42 PM
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#9077 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
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Originally Posted by hud 91gt i think this should be more on the lines of, "hey, you have 15% down. You've shown you can be responsible with your income, here is a 5% top up to help you down the road." | I don't understand this. So you avoid CMHC insurance if you get to 20%, but you'll still have to pay interest on this loan in 5 years. You'll end up paying more one way or another.
Besides, no one is going to use this to "Get the 5% top up to 20% down"
They're going to use this to get a 5% down payment of an even more expensive house than they should be getting.
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12-16-2016, 04:45 PM
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#9078 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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Originally Posted by Great68 I don't understand this. So you avoid CMHC insurance if you get to 20%, but you'll still have to pay interest on this loan in 5 years. You'll end up paying more one way or another.
Besides, no one is going to use this to "Get the 5% top up to 20% down"
They're going to use this to get a 5% down payment of an even more expensive house than they should be getting. | with the new mortgage rules i dont think the loan will be providing buyers any extra "buying power" as they will need to be pre-approved for a mortgage prior to getting this loan on the down payment as far as i understand.
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12-16-2016, 06:44 PM
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#9079 | | Hypa owned my ass at least once
Join Date: Aug 2007 Location: Paradise, BC
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Originally Posted by RRxtar there are people who could benefit from it. me for example | Undoubtedly, the provincial down payment interest-free loan will benefit a certain number of people.
According to the economists, however, this does little to really make RE ownership affordable. The interest-free loan does nothing to increase supply. On the other hand, it increases demand because now a bunch of first time buyers have extra funding -- funding that they will have to repay in 5 years -- to buy. For anyone that has taken Econ 101, you'll know what happens to the market price.
The only persons that really benefits are the sellers. This include private home owners as well as real estate developers. Again, it does not help to make home ownership more affordable in the general sense. In fact, you can argue that all taxpayers are now footing this bill (on the un-collectable interest).
It is also inconsistent with the BC Libs implementation of the foreign ownership tax. But hey, I suppose I am expecting too much from the Libs if I want consistent policy implementation from them.
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12-16-2016, 06:54 PM
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#9080 | | Willing to sell body for a few minutes on RS
Join Date: Mar 2002 Location: Victoria
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Pre-quals are always higher than what I would consider "actually affordable". Fuck, they pre-qual'd me at double what I actually bought my house for.
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12-16-2016, 07:39 PM
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#9081 | | RS Veteran
Join Date: Nov 2001 Location: An Island
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^ We bought a small house in Langford for $455 a little over 5 years ago. The bank was willing to give us $760k There is no way we could afford this. Maybe if we had no utilities, property tax or home insurance. lol
My five year fixed mortgages on three properties are:
2.652 - Coast Capital (blended rate)
2.64 - Coast Capital
2.79 - Island Savings (ugh)
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12-16-2016, 07:51 PM
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#9082 | | RS has made me the bitter person i am today!
Join Date: Apr 2001
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Originally Posted by hud 91gt i think this should be more on the lines of, "hey, you have 15% down. You've shown you can be responsible with your income, here is a 5% top up to help you down the road." Now it's just helping the ones with 0 down, over leverage themselves when they couldn't even save a dime before hand. Obviously there are people like Rxstar who don't fall into this catagory but there certainly is a lot who will. | It's not helping people with 0% down. You need to have at least 2.5%. You can't apply for the loan if you don't qualify for a mortgage of at least 5% under the latest CHMC rules.
People who are applying for insured mortgages are already required to be stress-tested at a rate of 4.64%. Considering you can get a 5-year fixed rate for around 2.5% from a major bank (and further discounts are available at monoline lenders), this provides some degree of protection for people who are going to over-leverage themselves. Interest rates are going to go up, but for rates to go up by 2% in 5 years is asking for a lot.
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12-16-2016, 08:30 PM
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#9083 | | Willing to sell body for a few minutes on RS
Join Date: Jul 2001 Location: Cloverdale
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My first mortgage was 5.9%, the mortgages seem almost intrest free at this point.
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“The world ain't all sunshine and rainbows. It's a very mean and nasty place... and I don´t care how tough you are, it will beat you to your knees and keep you there permanently, if you let it. You, me or nobody, is gonna hit as hard as life. But ain't about how hard you hit... It's about how hard you can get hit, and keep moving forward... how much you can take, and keep moving forward. That´s how winning is done. Now, if you know what you worth, go out and get what you worth.” - Rocky Balboa | |
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12-16-2016, 10:38 PM
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#9084 | | I have named my kids VIC and VLS
Join Date: Oct 2001
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Originally Posted by quasi My first mortgage was 5.9%, the mortgages seem almost intrest free at this point. | Was talking to my grandma the other day about the houses they had lived in around the lower mainland
At one point they were at 18%
And another house the "down payment" was my grandpa framing their house as well as the neighbors himself lol, however that worked out
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12-17-2016, 06:09 AM
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#9085 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
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Originally Posted by Great68 I don't understand this. So you avoid CMHC insurance if you get to 20%, but you'll still have to pay interest on this loan in 5 years. You'll end up paying more one way or another.
Besides, no one is going to use this to "Get the 5% top up to 20% down"
They're going to use this to get a 5% down payment of an even more expensive house than they should be getting. | Completely avoiding CMHC fees on a interest free loan you don't understand? Sure you'll have to start paying that back after 5 years. But I'd rather pay back a loan, versus an insurance fee and a loan (the extra mortgage if you didn't get a 5% loan).
I think this whole setup is dumb, my idea isn't much better. If you can't save a penny don't buy a house. Unexpected expenses go along with that house too.
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12-17-2016, 06:16 AM
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#9086 | | RS.net, helping ugly ppl have sex since 2001
Join Date: Feb 2002 Location: Vancouver
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Originally Posted by Hondaracer Was talking to my grandma the other day about the houses they had lived in around the lower mainland
At one point they were at 18%
And another house the "down payment" was my grandpa framing their house as well as the neighbors himself lol, however that worked out | My favourite grandparent story is when my grandpa tried to purchase a business in town (on the island). They needed a credit check. He said sure. Realized they had no credit. The bank or whoever required the credit check asked "how come, how did you get your car?". Umm cash. "Your house?" I built it. "Sir you need a credit card". So grandma got a new stove at sears. She still talks about how nice that stove was. Lol. They were then approved.
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12-17-2016, 10:53 AM
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#9087 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
Posts: 10,645
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Originally Posted by Hondaracer Was talking to my grandma the other day about the houses they had lived in around the lower mainland
At one point they were at 18%
And another house the "down payment" was my grandpa framing their house as well as the neighbors himself lol, however that worked out | I think my parents first mortage was like close to 18% as well back in the early 1900's. If we look back now that's crazy how much interest have gone down!
Even if interest rate is at say 8% now I think a lot of ppl who purchase a home now would not be able afford one.
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12-17-2016, 10:59 AM
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#9088 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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Originally Posted by hud 91gt My favourite grandparent story is when my grandpa tried to purchase a business in town (on the island). They needed a credit check. He said sure. Realized they had no credit. The bank or whoever required the credit check asked "how come, how did you get your car?". Umm cash. "Your house?" I built it. "Sir you need a credit card". So grandma got a new stove at sears. She still talks about how nice that stove was. Lol. They were then approved. | Back then ppl were very responsibility with their financial. Even my parents to this day always use cash unless is a really big purchase. "Use what you have and don't overspend". Now ppl use credit card coz of all the reward points, cash back etc etc.... but they don't realize they might not have the actually money to pay it off. So is actually costing them more than the rewards points since the interest is so high. I have a co worker who does this all the time. Use a few credit card if she can't pay one of them off she should cash advance on one credit card, pay the other one off. Wait till she have money and try to pay the other credit off. I was like since you are always owning credit card debt why not just apply for a line of credit pay them all off. Then pay your line of credit coz the interest is a lot less.
She said is too much work to apply for one @@
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12-17-2016, 12:18 PM
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#9089 | | RS has made me the bitter person i am today!
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^
I met one person last year at work who had like over $20k in credit card debt. Didn't realize it was that common to be in debt. I thought most people generally pay it off every month.
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12-17-2016, 03:08 PM
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#9090 | | My homepage has been set to RS
Join Date: Oct 2005 Location: Vancouver
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Originally Posted by Mr.HappySilp Back then ppl were very responsibility with their financial. Even my parents to this day always use cash unless is a really big purchase. "Use what you have and don't overspend". Now ppl use credit card coz of all the reward points, cash back etc etc.... but they don't realize they might not have the actually money to pay it off. So is actually costing them more than the rewards points since the interest is so high. I have a co worker who does this all the time. Use a few credit card if she can't pay one of them off she should cash advance on one credit card, pay the other one off. Wait till she have money and try to pay the other credit off. I was like since you are always owning credit card debt why not just apply for a line of credit pay them all off. Then pay your line of credit coz the interest is a lot less.
She said is too much work to apply for one @@ |
I hope she know a "cash advance" on your account or credit card. Usually has a much higher interest rate + it starts billing basically the day of.
Also, to pay off the cash advance. You'll need to pay off the full balance (ie. you owe a balance of $500, cash advance $200. Youll need to pay off the first $500 before they start paying off the $200 cash advance)
Not sure if that's for all banks/credit cards. Reason why I always told my clients. Never take out cash advances if possible. Quote:
Originally Posted by Gerbs ^
I met one person last year at work who had like over $20k in credit card debt. Didn't realize it was that common to be in debt. I thought most people generally pay it off every month. | Worked in one of the top 5 banks downtown. I can tell you. If you have zero debt. You're probably richer then 60% of the clients i've encountered..
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Originally Posted by getalove i took a shit in the shower and i tried to use my heel to push it down the drain |
Last edited by MelonBoy; 12-17-2016 at 03:14 PM.
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12-17-2016, 03:13 PM
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#9091 | | I help report spam so I got this! <--
Join Date: Dec 2010 Location: Vancouver
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More common than you think. More than half Canadians don't have more than 10k in savings or something like that. Americans are worse, 70% don't even have 1k in savings.
The entire world economies are built on credit. That's why they have to bailed out banks in 2007-2008 because the economy would crumble with banks not being able to give loans.
It is still not an argument for hoarding cash. Credit cards are fucking great, you just need to not be an idiot and pay the balance off every month and never ever use cash advances. I think my main card's cash advance rate is at 20-30% or something retarded while the regular interest rate is tiny.
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12-17-2016, 04:09 PM
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#9092 | | I *heart* Revscene.net very Muchie
Join Date: Oct 2013 Location: The Fruit Loops
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Originally Posted by GS8 When I think about ewe, I touch myself | | |
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12-17-2016, 04:40 PM
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#9093 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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Originally Posted by Nlkko More common than you think. More than half Canadians don't have more than 10k in savings or something like that. Americans are worse, 70% don't even have 1k in savings.
The entire world economies are built on credit. That's why they have to bailed out banks in 2007-2008 because the economy would crumble with banks not being able to give loans.
It is still not an argument for hoarding cash. Credit cards are fucking great, you just need to not be an idiot and pay the balance off every month and never ever use cash advances. I think my main card's cash advance rate is at 20-30% or something retarded while the regular interest rate is tiny. | I am sure my banks and credit card company(I use my banks CC) hates me. Coz everytime I made a purchase with my credit card I login online and pay it off right away using my chequeing account. So sometimes you would see like $5 credit card fee follow by $5 payment to credit card account on my banking transaction. I am sure when my bank look at this they are pretty piss off lol.
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12-17-2016, 05:20 PM
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#9094 | | I Will not Admit my Addiction to RS
Join Date: Jun 2005 Location: Vancouver
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Originally Posted by Mr.HappySilp I am sure my banks and credit card company(I use my banks CC) hates me. Coz everytime I made a purchase with my credit card I login online and pay it off right away using my chequeing account. So sometimes you would see like $5 credit card fee follow by $5 payment to credit card account on my banking transaction. I am sure when my bank look at this they are pretty piss off lol. | ... Wow..... You are not serious are you?
You do realize that credit card companies make money every time you use it from merchants? You are like saying that bc hydro hates people who pays off bills immediately because they can't collect interest charge from them.
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12-17-2016, 06:22 PM
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#9095 | | My homepage has been set to RS
Join Date: Apr 2004 Location: Vancouver
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LOL, they're not "pissed off". They will win both ways. As long as you use the method of payment, they'll be making money. Yes, they won't collect the 20+% interest from you, in fact might be paying you 1-2% cash back. However, merchant fees meaning the store that took your purchase will be forwarded to the CC company. These are usually 2-4%, depending on card type. Ever wonder where those points/cash back rewards come from? That, they give you a bit and pocket some themselves. Its a good business to be in.
Incoming are things like Apple Pay, Android Pay, Samsung Pay, etc. Wonder why they're all so aggressive in trying to be the next big thing? Because theres lots of money to be made being the middle man.
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12-17-2016, 06:58 PM
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#9096 | | I help report spam so I got this! <--
Join Date: Dec 2010 Location: Vancouver
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Bank generates revenue from merchant transaction fees. Interest rate they collect is nowhere near the fee they generates. As a banker, I would love my client to pay off my cards everytime so I don't have to end up with bad debt. You will notice bank will increase your credit limit if they see you have a history of paying off balances on time. Increase purchasing power = More spending = more transaction fees they collect.
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12-17-2016, 07:38 PM
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#9097 | | reads most threads with his pants around his ankles, especially in the Forced Induction forum.
Join Date: Mar 2004 Location: Vancouver
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^^ Guess is kinda of bad for Starbucks since I use my CC to even purchase a cup of coffee lol.
I guess that's why Wal-Mart stops taking Visa cards. Too much fees.
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12-17-2016, 09:29 PM
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#9098 | | Head of HR....have a seat on that couch
Join Date: Jan 2003 Location: Coquitlam
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Originally Posted by Mr.HappySilp I think my parents first mortage was like close to 18% as well back in the early 1900's. | TIL Mr.HappySilp is ~100 years old 
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12-17-2016, 10:00 PM
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#9099 | | 14 dolla balla aint got nothing on me!
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Originally Posted by Mr.HappySilp ^^ Guess is kinda of bad for Starbucks since I use my CC to even purchase a cup of coffee lol.
I guess that's why Wal-Mart stops taking Visa cards. Too much fees. | Credit cards are definitely not 2-4%. More like 1.5%. Visa and m/c is about the same, while Amex is almost double
In the end, it's percentage so I doubt Starbucks cares. Some companies charge a super low rate for credit cards but charge a small fee per transaction. Good for big ticketed items, shitty for small things
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12-17-2016, 11:33 PM
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#9100 | | RS has made me the bitter person i am today!
Join Date: Apr 2001
Posts: 4,968
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Originally Posted by kr4l Credit cards are definitely not 2-4%. More like 1.5%. Visa and m/c is about the same, while Amex is almost double
In the end, it's percentage so I doubt Starbucks cares. Some companies charge a super low rate for credit cards but charge a small fee per transaction. Good for big ticketed items, shitty for small things | Actually, a lot of premium cards are in the 3-4% range. Those rewards, travel insurance policies, warranties, etc. aren't cheap.
For a lot of businesses, margins are quite thin - 4-5%. If some of the biggest retailers in the world, such as Walmart and Costco, are only willing to work with one credit card company, then it speaks to how much is at stake.
It's why a lot of family-run businesses refuse to accept credit cards - the fees are simply too high considering their razor thin margins.
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