Interest rates for First time home buyers - Fixed or Variable | The debate ends here 🙅♂️
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- čas přidán 8. 09. 2024
- The Bank of Canada raised interest rates again in July, and with another rate hike expected in the near future, it's a good idea to get educated on what this means for your finances. Banks don't generally tell you everything when it comes to mortgages, so let's demystify the rest of the jargon and talk about fixed versus variable interest rates, why rates are going up, and how this will affect your home loan in the long run.
While also explaining what this coming recession would possibly mean for us and how long the interest rates would stay up!
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I am a licensed mortgage agent M21004312 working with Dominion lending centres, Valko Financial FSRA13047. I work with over 60 lenders including the top banks to provide an array of mortgage products that are suited to your needs. I can help you with your housing needs across all provinces in Canada (except Quebec).
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Hey Navjot,
I watch all your finance videos they are extremely well made. Believe me there are 2 things one is understanding this complex stuff and the second is breaking it down and making it simple for everyone to understand. It’s.
Lots of hard work and am sure you know this .
Great work man !!!! Kudos 🎉🎉🎉🎉🎉🎉
Thank you 😊 👏
Excellent thoughts. Although I don't know if I was unlucky, back in 2016 I took variable for 3 years. Experienced 5 rate hikes of 25 basis points each until early 2018. Then rates stood stable until renewal in mid 2019 during which I took fixed and boom rates went down by 1.5% . Now bought another house with 5 year variable and experienced 3% rate hike in 7 months. In general in long term variable rate perform better than fixed ones, but if given a chance that fixed to variable spread is around 1-1.5% then locking @ lower fixed rate would make sense.. I know few people locked fixed rates @ 1.65% in the mid of pandemic
If you are in long term house - then yes… 👍👍
And yeah, you did get a bit unlucky 😀
I really appreciate the type of content and information you are sharing and educating us ❤ thank you!
Thank you 👏
Always great content. Keep up the good work Navjot. You are truly an inspiration. Thanks for all the knowledge sharing.
Great content. I need more such videos. I have personally gained financial knowledge watching your videos and started planing for my retirement. Thank you so much for such amazing content. Please keep doing it.
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interest rate knowledge done in one video thank you nav sir you are the best💯
Thank you 😊
I have been waiting for this video. Very well explained Nav.
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Great video, I really like the explanation with figures! Thank you.
Excellent
A very good effort to explain Keynesian economics. One other concept you may want to read about "Stagflation". You may have completely written off one variable "global geopolitical environment", the current energy, food and fertilizer situation is a part product of that. While central banks are fighting inflation by draining liquidity, provincial govts. Like here in Alberta are injecting liquidity to fight inflation (sounds crazy!!!). Currently my 80% of electricity bill is subsidized by provincial govt. You are very hopefully that interest rates will start falling to reach at more normal levels but as I commented in one of ur other videos "we are coming of the base of 5000 years low in interest rates". Systematically (multi year trend) they will keep on climbing higher although they may soften or remain same for few quarters. Overall a good video.
You just earned a loyal subscriber. Your video gives a broader perspective and i love how simple you make things to understand. Planning to come to canada next year. Hope we catchup there soon 👍
Thank you 😊
Very informative.
Excellent Content for all the First Time Home Buyers. I would like one advice from you . Is it worth using your excess money towards prepayments instead of diverting them towards savings. I dont have hope in the market for next 1 year and investing in Debt Instruments may not be worthy as compared to paying interest on mortgage. Yet I think RRSP deductions will help a little bit towards that and hence plan to invest in debt . Let me know if my assumption is wrong.
Appreciable sir👍🏻♥️
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Hi Nav, where did you find those fixed and variable rate? And thank you for this knowledgeable content
I am a mortgage agent… so I have that available with me always :)
Love it ❤ great video
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Can you please make a video on how to use equity for another investment
Watch our latest video :) on $0 Calgary house
@@growwithnav thanks!
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Hey Navjot,
Since the previous qualification for mortgages was 5.25-5.5 do you think BOC might go past that?
I’m betting against it and not locking into a fixed though my variable is at 4.55 but would like to know what you think.
There is no relation honestly.
great content paji
Thank you 😊
Sir i want to be a mortgage agent please guide me
Made a video on this on @potatotalkies