The Economy sucks- give me a better rate \ stacker news ~econ

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The Economy sucks- give me a better rate

1107 sats \ 27 comments \ @grayruby 20h econ

I have to renew my mortgage and I didn't like the rates they offered on the loan renewal document so I decided to contact the "mortgage specialist" (whatever that is) and negotiate for a better rate.

My argument is essentially the Canadian economy sucks so the Bank of Canada will be forced to further lower rates over the coming months and I want to benefit from Canada's misery.

Besides, I am a good, loyal customer that never misses a payment and all that other good stuff.

The mortgage specialist unfortunately cannot authorize a lower rate (what the hell is the point of being a specialist if you can't do special things?) so they have passed my file on to their boss for review. I am really hoping the bosses' title is Mortgage Extraspecialist.

Fingers crossed. Lower mortgage payment= more sats.

Sats for all, GR

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40 sats \ 2 replies \ @siggy47 7h

I am interested on whether you get anywhere. I have dealt with mortgages of all kinds in the US for years. I don't think I have ever heard of discretion being permitted to deviate from daily published rates on residential mortgages.

Maybe it is possible?

36 sats \ 1 reply \ @grayruby OP 4h

Yes, I have done this before. I only got 10 basis points off the original rate but hey I will take it.

40 sats \ 0 replies \ @siggy47 4h

Still, that's fantastic.

40 sats \ 5 replies \ @Undisciplined 20h

Good luck, Can you refinance mortgages in Canada?

42 sats \ 4 replies \ @grayruby OP 20h

Yes but there are usually penalties/fees associated with it. If I don't get what I want I will just renew for a year and if rates drop further as I expect I will get a better rate next year.

61 sats \ 3 replies \ @optimism 16h

There is an art to making deals go agonizingly slow and grind them to near-halting. Good job on asking for the manager.

121 sats \ 2 replies \ @grayruby OP 16h

Haha I am the Canadian Karen.

143 sats \ 0 replies \ @Undisciplined 16h

We have your new intro nickname!

120 sats \ 0 replies \ @SimpleStacker 16h

If the manager can't do it you should write a letter to Mark Carney himself. He has a background in finance, surely he can get to the bottom of this.

41 sats \ 0 replies \ @OT 6h

Wait another week and you'll probably get it.

40 sats \ 2 replies \ @SimpleStacker 20h

How low are you looking to go?

45 sats \ 1 reply \ @grayruby OP 20h

0%. Just kidding. I would be happy if they took 25 basis points off the current offered rate.

50 sats \ 0 replies \ @BlokchainB 20h

Gotta have goals!

40 sats \ 1 reply \ @BlokchainB 20h

Move to the US where the 30 year fixed can grant you golden handcuffs.

50 sats \ 0 replies \ @grayruby OP 18h

I will move to Texas and fly a Canadian flag and a 49ers flag outside my house. I am sure everyone will love me.

40 sats \ 0 replies \ @brave 10h

Smart move calling out the specialist who can’t specialize! You’re playing this right, betting on those rate drops.

40 sats \ 0 replies \ @realBitcoinDog 12h

LOL even only 25 basis points is a win!

20 sats \ 0 replies \ @2053456d48 10h

No worries, keep posting in Stacker news will definitely make you specialist and make you stack more sats.

40 sats \ 3 replies \ @Signal312 18h

Could you wait till they lower rates?

0 sats \ 2 replies \ @grayruby OP 18h

I could but if you don't renew they just roll it over month to month at a very high rate. For a month or two it's not a big deal but can't do that for too long will be paying hundreds more a month.

40 sats \ 1 reply \ @Signal312 16h

I guess you'd be taking a calculated risk...just how many months will it take till they lower rates?

0 sats \ 0 replies \ @grayruby OP 16h

I think they will lower this month. Not sure when the next one will be after that.

40 sats \ 1 reply \ @cryotosensei 18h

Seems like people have fancy job titles without the autonomy everywhere in the world haha