The 5-year SCAM⛔️: How should you choose your interest rate…
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- čas přidán 3. 08. 2024
- I help First time home buyers & investors make smart realestate decisions based on numbers and not emotion. Want to book a call 👇 (It's free 🥳)
www.growwithnav.com/book-a-call
00:00 - Intro
00:52 - Topics covered
01:28 - Fixed vs. Variable meaning
02:47 - Penalties
06:03 - Cheapest interest rate mortgage
10:28 - Who should choose variable mortgage?
13:10 - Fixed rate calculations
20:09 - The conclusion
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).
I help First time home buyers & investors make smart realestate decisions based on numbers and not emotion. Want to book a call 👇 (It's free 🥳)
www.growwithnav.com/book-a-call
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My mission is to provide you with actionable content that enables you to build your wealthand live up to your potential. I came to Canada with my wife (Simran), during the pandemic in 2020, started with very little money, no job - to today, where I recently quit my job after building my side hustle to a cool 6-figures in revenue. I have met so many amazing people and mentors along the way, and I want to bring everything that I have learnt and continue to learn to you via this channel.
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DISCLAIMER: I am not a financial adviser. These videos are for educational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. I am merely sharing my opinion with no guarantee of gains or losses on investments.
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This is the most thorough, extensive and real breakdown with examples any channel has. You're amazing, keep up the good work!
Love your videos Navjot! Thank you for making them so informative. Very helpful!
Great stuff! Love your content.
Super helpful and nicely explained! :) ❤
Excellent explanation backed by numbers! You are amazing Nav! Keep such great ones coming!
Love it!!!
Amazing video. Very nice explanation. Thanks
You're the best!! You really have a great skill of explaining mortgages by putting down numbers. My favorite so far !!! Loved it 🤩
Thank you 😊
Interest rates can go up down or stay sideways. The blanket assumption in all your scenarios is interest rate will go down by 2% in 2 years. Most likely case is interest rates will stay the same in which case breaking a fixed will have same penalty as breaking a variable.
Excellent explanation 👌
Thank you great knowledge lots too learn👍
Thank you 😊
Your video came at the perfect moment, providing clear explanations for all the questions i had. It greatly aided my understanding. Thank you!
🙌👏
EXCELLENT
As always amazing content
Thanks 😊
Your're just amazing, thanks for this informative video :)
Thank you 😊
Very timely video! Thanks Navjot :)
🙌
Very helpful 👏🏻
🙌
Amazing video, coincidentally we just booked a call with you today just before this video came out.
Talk soon 🙌
Very useful video. Thanks nav
🙌🙌🙌
Done 4 mortgages and refinances in 3 years, my mortgage agent never mentioned these. You're the best. Thank you for this eye opener
Thank you 😊
Very well articulated. As always great content. Thanks Navjot
🙌👏
Bro! You are the best! Never will I go anywhere for my mortgages other than you…
Thank you 😊
Really helpful video😃
🙌🙌
Each word matters! It's literally like that beautiful lecture my engineering professor gave and I enjoyed it to the most!
Thank you 😊
Thank you Nav. Your videos have been amazing and helping us a lot in understanding our first house purchase. I am getting pre approval for FN for 4.87 at 5 years fixed. I am getting approval for 3 years fix as well but it's relatively higher (yet to know the rates but probably it will be around 5.2-3%) catch is though I might need to put more down if I go with 3 years fixed . What are your thoughts?
What is your opinion to invest in a property for short-term rental like AirbnB in BC for example? Is it the right time or it would be better to let the interests go down? Thanks and great content on you video.
Learnt alot. Thank you.. Maninder this side. Hope you remembered.
100% I do 🙌
I can’t wait to go back on this video in 5 years. People thinking interest rates will go down will be in a massive shock.
What do You think on new FHSA tool is it worth it as per the housing market In Canada
We got a fixed rate of 4.3% for 5 years and decided to go with it. Since the all time average is 4% we don't think we will be at a great loss in 5 years. Not unless the rates come down to 2-3% in 4 years
May I ask, when did you apply for your pre-approval?
I agree… around 4% maybe a good spot
When did you got pre approval?
We got our mortgage approval in feb 2023.
@@SS-sv4gg Wow. You're lucky to have secured a good rate so early.
We secured ours in June at 5.19%. It was followed by 3 interest rate hikes.
So, had to settle for the same pre-approval rate for our approval. We couldn't secure a better rate, even after plenty of shopping around.
Hi…thanks for sharing such an important information. I’m very new to real estate, planning to start or have a house in my means. What will be the best way to reach out to you for your assistance. Thanks you 🙏
Thanks you.
You can book the call from the link in the description.
What is close Mortgages?
Can you make a video on close Mortgage
Thank you for such informative video, ❤which is better option, 3 year fixed or variable at current situation where interest rates are high? What’s your advice for first time home buyers in this market?
It’s very much dependent on your situation. Don’t want to give blanket advise that might go wrong for you.
Make a video on Monthly payments vs bi weekly payments
Soon
Your mission to retire your clients with 5 million dollars is an interesting pov. Keep up the good work Navjot. I don't think there will be many people in the market with such a vision.
Very informative video. Thank you. What I dont understand though about the penalties of Variable mortgage is when the interest rate goes down, then because it is a variable mortgage, the actualy interest amount would also go down. So why would anyone break a variable mortgage when interest is going down? Thoughts?
Upgrade the home, downsize, leave canada, better interest rate - lots of different reasons.
Great video, what about now, December 2023, have to close on a new built, variable at 7.15% or 6.5 Fixed for 3 years ? Or 1 year fixed at 7.25% - worst timing but had no choice 2.5M mortgage 😢
Hmmm… it’s tough one for sure. Depends on your income as well. But if you are cutting it close, then 3 year fixed with a monoline might be a better option (lower penalties with monolines if you break early).
On a separate note, 6.5 sounds high if you are closing now if going with A lending
The penalty on a variable mortgage is calculated based on either your existing contracted rate or prime rate at the time of breaking the mortgage (prime lenders are notorious in this..they will calculate based on the prime rate and not the contracted rate) basically lender will try to recoup as much loss as possible.
Which is why credit unions and monolines are better with variable .
Hey, had a question about penalty for breaking mortgage. In your example you’ve said they’ll calculate on 700K but that’s the original mortgage Amt 5:17 . Wouldn’t they calculate it on the current outstanding amount which would be less than 700K?
Depends on the lender… most banks peg it to the original mortgage amount.
Oh wow, another way for the banks to make bank
Do you have any mentorship program for new mortgage advisors?
I do, limited to the 4 people I am coaching right now.
@@growwithnav Any plans to mentor few more agents sooner or later?
My Variable mortgage rate was - 6.69%, in July I got the offer to convert it to 5.74% fixed for remaining term of 4 years. I took it, bit the start date of contract is Sept 1, 2023. Now, after watching your video I’m confused about my step to get it fixed. Now questions is
- Can I still cancel it before start dat of Sept 1, 2023?
- Is getting fixed to 5.74% is a good option till 2027?
Please advise
At which point in the time of mortgage we will know about rip-off mortgages - at preapproval or at the mortgage application? If we want to book a meeting with you what is the best point of time we should be in contact with you right after pre-approval time or after we get the actual mortgage contract (before signing it)?
You can start working with us from day 1 😀 link to book a call in the description.
You will know it’s a rip off if the interest rate is much lower that the standard.
So Zero penalty if someone Took 5 Year Fixed @ 3 or 5 % earlier but now if breaks the mortgage In current market
🎉😮
What are the reasons first-time home buyers break their mortgage?
Biggest is upgrading a home.
Why do you speak so fast?
Thanks Dear. Please make a video for Muslim brothers. I think variable is not allowed in Islam. Thanks once again
Hi, how can i contact you for my mortgage
Link in the description.