Canadian Mortgage Renewal, My 5 Year Fixed Rate EXPIRED!

Is your 5 year mortgage up for renewal this year like roughly 25% of fixed rate mortgage borrowers in Canada? If it is, have you considered what your new monthly mortgage payment will be?

In this video, Surrey Real Estate Specialist, Steve Karrasch of Macdonald Realty walks through his real life example to provide some context as to what Canadian mortgage borrowers looking to renew their mortgage this year will be up against in terms of new monthly mortgage payment at renewal.

Special thanks to our video’s sponsor, CityWide Mortgage Services. If you are looking for a customized approach when it comes to your mortgage, get in touch with CityWide today.

#SurreyRealtor #SurreyRealEstate #CanadianMortgageRenewal
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The opinions expressed herein are solely that of Steve Karrasch PREC and not Macdonald Realty or the FVREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement.

[SteveKarrasch]

How much do you think your mortgage payment will increase next time you renew?

[joablevytam]

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[kmartens]

I’m in this boat and I even talked to my bank in 2021 about negotiating a early renewal. I knew this was coming. They told me I would have to pay 60k in fines for the early term cancellation so we had no choice. Now we will be going from 2.79 to 4.99 on 664000 mortgage. And we have opted to refinance it back to 25 years, we are currently sitting at 21 years. I’m trying to be strategic, but it seems like the bank and government will win here. We will be seeing a lot of houses up for sale in the coming years. People can’t afford their mortgages and inflation of everything else!!

[finalmatrix]

My 5 year fixed rate jumped from 3% to 5% at renewal in 2024. I've decided to pay it off. Much better cash flow each month.

[ZoeiiZiZZles]

one thing I love about America i have been in my house 3 years and i got a 2.8% intrest rate for 30 years. my house wss 300 grand i put down 75 grand and my payment is 597 dollars for the length of my loan

[mcmaestro]

Can you do a video on paying off mortgage vs investing? The issue with mortgages is they are interest front loaded so you are paying interest at the beginning of the term with very little going to the principal.

[christianduval]

2007 I bought a triplex (during the crisis) in neighboor was paniking because her retirement funds was vanish and she need to sell.
Zero cash down (only garanty from other mortgage was at the payment was base at the triplex in 2018

At the end the property cost me nothing....the renters pay it 2018...I collect $7500 per month from the rentals

[Lifeisapartydresslikeit]

Great video! Thanks for sharing and being so transparent 🙌🏾

[markramirezg]

Hi, where the increase of interest rate goes, meaning if the bank of canada increase 1 % the interest rate, where that 1 % goes? Thanks

[millenialmusings]

Hey, where did you get that cat poster on your wall from? I'm wanting to get one too. I saw some on Amazon but I want to customize the text. Lol. Thanks!

[blackgrandpa]

I refinanced my mortgage 2021 at 1.79% fixed for 5 years im good until 2026 🙏

[ayela]

I’m at 3.69 on a five year fixed from 2019 and have approx 290k to refinance in February 2024. I’m watching and researching carefully to see what we should do at renewal. Great content. Thank you !

[danielbianchi]

How much is property tax for the month? Did that go up as well?

[markhoffman]

Everyone should have seen this coming and planned, the stress test was a signal, not a choice.

[Deanna-zs]

All Stores Please Lower the price of all Military and Local for all Brands of Morgage Payments and Interest Rates Products and Accessories and Production Cost Now That's too much $$ The Whole World Now 🙏🙏🙏

[Breadking]

Thanks for this video. If I want to calculate my mortgage renewal this year, 10 years into a 25 year amortization, would I input the remaining mortgage and 15 year remaining amortization in a mortgage calculator, or the original price/amortization period (or something else)? I can't seem to get a clear answer on this anywhere thus far.

[Kyt]

You paid off half of a $500, 000 mortage in 5 years? I don't understand your breakdown here at all. You buy for $700, 000 with a mortgage of $560, 000. You move it to Manulife at $490, 000. $300, 000 of which is on the fixed rate and the rest is "on the HELOC"? what does that even mean? A HELOC is a line of credit extended on equity not somewhere you park $190, 000 of money owed on your mortgage, and even if you could the rate you cited at 3.95 is higher so why would you. You still owed that other $190, 000, it doesn't just disappear from your mortgage payment... Ignoring all this, you then managed to pay off like almost $40k a year on top of also paying $1512 on your mortgage and all your other bills? You'd have to be making at least $100k per year for the math to even possibly work on that. Not sure there's many jobs like that which people wouldn't call demanding.

[mikeymoe]

I would like to watch that video about blend and extend mortgage but I can’t seem to find the video link. Can you help?

[inmyview]

How much 5yr fix to city wide I have plan to buy condo for 500, 000 to 550, 000? Your estimate interest rate?

[rogeliomontenegro]

There! There! That has to be half the source of inflation.