mortgage rates, smorrrtgage smates.

Today, Ryan and I finally met with Kiran, our Mortgage Specialist. It's super convenient that she's actually a Mobile Mortgage Specialist, because she's comes to us, well at least to the branch closest to us :)

Although I'm learning a whole lot about the financial jargon, I still don't know a whole lot about anything. So, of course, I'm leaning on the opinions of other to guide me to the better path ... but ultimately, it definitely is, Ryan and my decision. I stumbled on this article from the Globe and Mail ... Fixed or Variable Mortgage? That is the question.

“

Our core view is that the most likely economic and interest rate outlook will ultimately again slightly favour the variable rate option...but it's a much closer call than usual. — BMO economists

After our meeting with Kiran, Ryan and I were definitely, leaning towards the variable option. But because of the economical shift, will interest rates in fact go higher? Since the economy is in complete recovery mode, will we suffer by taking a risk and going variable? Historically speaking, those who when variable has always seemed to benefit from it. So I'm crossing my fingers in hopes that we're be one of the lucky ones.

& if not, I guess we'll lock into a fixed. *thumbs down,

section 9a&b, 9c ...

So I've been semi-ignoring (well, putting off) a pretty serious matter. pon meeting with a lawyer to deal with all the legal matters pertaining to our home, he capped a couple of the costs that were outlined in our purchase of sale agreement. Below is a document outlining the costs that our lawyer has capped.


Apparently, there has been an increase in a Municipal Charge by the Region of Halton. Upon reviewing of POS agreement and the capped costs with Michael, Ryan & I went to Mattamy (this is way back in July) & signed a document stating an amendment to our original POS agreement. The insert was as follows:
Section 9(a) & (b) provide that the purchaser(s) are to pay for such things such as water meter, hydro, driveway paving and tree planting. These costs should be capped at $1,534.05
Section 9(c) provides that the purchaser(s) are to pay for any increase in Development Changes, and are to be capped at $4,000.00

Mattamy has continued to have constant communication about this issue to us. Here's a letter they've sent multiple times to Ryan and I to inform us of the costs that we are to incur upon closing.


Carissa & I paid a visit to the lawyer's office today in attempts to sort out the matter. Apparently Mattamy has been recently denying the capped costs of 1K and stating that the costs be capped at 4K. We happen to be amongst the first batch that this is happening to. Lucky us,
Lucinda, who's Michael's wife & receptionist told us she would forward the miscommunication to Michael & that she would call us upon hearing any news. Hopefully we'll hear the news about the 1K capp standing still.

first deposit, cashed!

I guess it’s official. Mattamy has cashed our first deposit of $5000. Now, $10K on July 29. The process is kind of slow right now, nothing too interesting happening. Just trying to work the extra hours so the savings account keeps increasing. Ryan & are are attempting to save $1500 each month so that when closing comes along, we would have saved $15K :)