TD rates depend on how much you borrow and if you have other financial obligations. You get a better rate >1m and if you clear your other loans you can get a better rate as well.

Clearing out the loan on the X3 made our rate go from 1.2 -> 1.1.

My last experience with my broker was that he had higher rates than what I could get by going directly to the bank - that's not normally the case but I think rates are so low that brokers are having a hard time getting great rates from the banks particularly with variable mortgages.

I ended up skipping my broker for my most recent house purchase as getting 1.2 direct from TD was pretty awesome and I didn't see any way he could beat that (he was .3% higher than what I got direct from TD when I renewed 2 years ago)

Brokers don't get paid by getting you the cheapest rate, :lawl: just like how freedom doesn't cure Corona

Brokers get paid most by term IE (5 yr) Whatever the bank pays them gets tacked onto the borrowers mortgage, so in turn you the borrower is paying for the Mortgage Broker commission. One is better off just getting an interest rate match straight from the bank. Also not all banks will work with independant Mortgage Brokers

The banks will try to get your business, even if it's offering 0.01% lower than the competitor. I ended up with TD @ 1.20; however, HSBC offered 1.19 and CIBC 1.18 after a few rounds of back and forth. There were other clauses with HSBC & CIBC that I didn't like, so I didn't go with them in the end.

Looks like I have to get going on talking to the different banks.

What are the clauses you guys looked for when looking at variable rates?

Can't remember the fine details now (old age problems lol). I believe mines was like the penalty terms for breaking the mortgage, and also the ability to say if you wanted to convert to a fixed mortgage part way in (the terms involved there).

Also TD gave me $1200 cash back immediately when the mortgage went into effect.

I've had good and bad experience with RBC brokers. The one I used that few times has been good the first one I used was terrible.

I won't switch because my brother in law works for RBC and takes care of me when I have any issues. He runs a team of Brokers for RBC, I also know some other people pretty well I met through him who will tell me the real deal on what's available.

I think it's good to shop around though, I used to be loyal to Scotia until they screwed me, then I moved everything, mortgage, savings, retirement, sons RESP, wifes savings and retirement. Lol, I'll never step foot in another Scotiabank again.

Penalty clause - assume 3 months interest penalty.
15% annual lump sum ability
I don't know the terminology but if rates go up you should know if the payment goes up or amortisation goes up - I like the latter for stability.

A lot of new mortgage products package the HELOC right into the mortgage - as you pay it down you automatically get more HELOC. Costs nothing more but make sure you know the interest rate for that part.

I don't care about the convert to fixed option cause by the time you want to convert you're already screwed so just buckle up and ride it out.

Trigger rate, but probably each place will have their own name

If rate changes, it goes to amortization first. Once bank rates hit the predetermined "trigger rate" based on ones contract then it will affect the monthly mortgage payment.

Does anyone know if you buy a somewhat older 1 bdroom 1 bath unit, older units tend to be a tad bigger, say 750 sqft. Can you refresh and remodel it and make it into a 2nd bedroom? Or, maybe a 1+ ... call the 2nd enclosed space a 'den'?

Will likely require strata approval as this changes the structure of the unit.

This

besides strata approval, you'll also need to apply for a building permit with the City as legally you are now increasing the total number of habitable area in your unit. Are you trying to add an internal bedroom? If yes, most municipalities do not support it.

^ Just looking at some options. Thinking of investing in an older building with big ass 1 bedroom units and how to make it into 2 bedrooms or 1+ Den with the intent of renting out to 2 people. You can still get in to some with like $500K ... unlike new builds > $650K

Your LOCO

Who needs a real second bedroom when people live like this anyways:

https://cdnparap130.paragonrels.com/...62671886-3.JPG

Just a bit of visual barrier would be nice, hey?

I actually know someone who converted his 1bedroom apartment to a 3 bedroom. Part of the living room is a bedroom now like supafamous posted but there is a wall up. And the original bedroom was huge so he put up a wall and door in that too. Im sure its not legit

Can't you just put up a glass divider. Those don't need to be structural :pokerface:

^ Yah, I've seen those, sliding opaque glass doors to divide a section of the unit but you kinda want to get away with the best option that you can ... drywall and a sliding door at least.

legally... don't bother, you will never get past the strata, let alone the City...


but my brother in law does drywalling...and let's say, it happens way more often than you think. Most people just put in a drywall with a door... so yup....

This, about the same amount of people pull permits for work inside their home as pay income taxes on rental income, it's not a lot.

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