When my mortgage was last up for renewal, my credit score was in the low 600s and I had $43K in consumer debt and owed $20K to the CRA. I decided to stick to my existing lender since I figured nobody would give me a good rate. My rate was 4.1% for a 3 year term. This is horrible considering the Prime Rate was the lowest it had been in years.
Fast forward three years and a credit score in the high 700s (Equifax) and low 800s (TransUnion). My credit report doesn’t even reflect that I’m debt free yet but that didn’t matter. I was ready to find a new lender to renew my mortgage with and give the double finger to my existing one.
The first step was to gather all my documents which consisted of:
● Two years of Notice of Assessments
● Property Assessment & proof that Property Taxes are up to date
● Condo docs (Bylaws and two years of Meeting Minutes)
● Recent pay stubs
● Letter of Employment
I met with my mortgage broker who is wonderful and handed off the documents. Our family has dealt with her mom and her for years.. I told her I was looking for a 3 or 4 year term. She said she would, of course, look for the best rate for me.
In the meantime, I received my mortgage renewal notice from my existing lender and laughed my ass off! The rates were atrocious:
6 month open: 7.00%
1 year closed: 5.99%
3 year closed: 4.99%
5 year closed: 3.74%
I also noticed my TransUnion credit score went down 15 points. I get weekly updates through my Capital One credit card. I didn’t panic since I knew she’d be taking a hard credit check as opposed to a soft one.
Within one week, my broker contacted me and said she secured a 4 year term at 2.99%. Yay! I met with her the following day to sign my mortgage commitment which basically states the conditions of the mortgage and that they’d pay out my existing lender. I also had to gather a few more documents for her, one of which I had to pay $199 for. Grr. She also got me to sign a document that I was aware that she will make about $1500 from the lender for going through her. Of course, that was fine with me.
My mortgage payment will be dropping to $880.75 per month which frees up more than $100 per month for saving. I highly recommend using a mortgage broker when buying a house or renewing your mortgage. Don’t blindly agree to what your existing lender offers you unless you have no choice. Mortgage brokers will get the best rate for you and take the stress off of buying a house or renewing a mortgage.
I never wanted to marry The Ex and I confused that with not wanting to get married at all. Then I met my now husband. We are both simple, frugal people and are on the same page about weddings in that we don’t want a big one or one at all. That’s why we eloped.
It was a ceremony involving us, the marriage officiant and a paid witness and our photographer. We wanted to get married in a picturesque location so we could show pictures to our family and friends. Finding a marriage officiant that would hike out to the location we wanted was a bit tricky. Finding a destination photographer was easier. I know we could have done it for way cheaper had we stayed in our home city but we wanted something truly memorable and great pictures we could give to our parents. A city elopement would have been way cheaper but the pictures wouldn’t have been as jaw dropping.
Actual cost $3823:
Dress+earrings: $105+15 = $120 Makeup+lash extensions: $30+160 = $190 Kilt+shirt/tie+tailor: $577+45+105 = $727 Wedding bands: $212 Wedding officiant: $652 (pricey because of the travel time and there’s a 15 min hike to our location. Also includes witness fee.) Photographer: $1360 Hotel (2 nights): $334 Wedding license: $103 Dinner: $125
I chuckle when I see how much my dress was compared to my husband’s kilt but now he can wear it to special occasions… or just around the house for me. Haha! Yes, I know I spent $160 on lash extensions but to me it was worth it. I’m Asian so I have short lashes and I can’t put on strip lashes for the life of me. I wanted to look good on my wedding day and lash extensions really helped me feel like a queen. #noregrets
The process of getting married was exhausting! Who knew? I spent the first half of the week packing and making sure I got everything on my list. I’m normally a very light packer so this drove me nuts. I had to bring all my full-sized hair and skincare products, makeup, makeup brushes, etc.
The second half of the week was spent driving there and finding the precise location for the ceremony. The instructions that I found on a trail website were so vague. It was as if they didn’t want us to find this treasure but once we did, I could totally understand why they were so vague. I did my own hair and makeup which thankfully, turned out well.
We are very happy that we chose to elope instead of having a full-blown wedding. It felt so intimate and we felt so happy and at peace in the mountains. Most of all, we have a memory to share that is truly ours.
I moved out of my parents’ home when I was 25 into The Ex’s home that was technically owned by his mother. From what I understood, she lived upstairs and he lived downstairs. He had owned the house at one time before tragic circumstances occurred. His mom bought the house from The Ex afterwards and then spent the proceeds of the sale on material things and trips. That should have been a huge red flag but hindsight is 20/20. Everyone has a story and this is mine.
When things went to shit after his mental breakdown, I found myself packing my stuff into my tiny hatchback and driving 1.5 hours home; home to my parents where I was always welcome with loving arms. Although I knew my parents disapproved of my relationship, they let me live my life. When things went to shit, they were there to pick up the pieces. They were my parents after all. It’s not like I was expecting them to fix me but it was an unspoken pact that we had.
The thing with Asian families is that we don’t show our emotions. I don’t hug my parents regularly (only on their birthdays) and we never say I love you. All of this is implied, just like the fact that I was welcomed back after leaving The Ex. There was no judgment; only love.
The Ex was jealous of this fact. He told me he had told his friends that I had run home to mommy and daddy. Yes, I did. So what? I was a grown ass woman who had been emotionally abused and manipulated. I was raised in a loving home. What else were my parents and I supposed to do? He threw it in my face so many times but I had failed to remember that his own mother had bailed him out of the mortgage he’d be saddled with after his wife was murdered. He refused to hold a full-time job since the tragedy so it’s a good thing his mother saved his house. Why was he taking out his frustrations on me?
I lived in my old room, sleeping on a foam mattress on the floor for about four months before I moved back into my condo that I owned. My tenants had moved out. I lived in my condo for about 3 months before a devastating fire forced me to move back into my parents’ home… again. And there was The Ex yammering away about me running home to mommy and daddy. Let me put it in perspective for you. I live two minutes by car from my parents. I had my dog and my purse when I walked out of the fire. Where else was I supposed to go if not my parents’? I walked to my parents’ home and I’m grateful for that. I put all the insurance cheques from the fire towards my debt. It helped put a dent in my debt.
Do I regret moving back to my parents’ home? No, I don’t. My parents don’t either. They loved having me home just like the old times. I even snuck home a couple times after some late nights out. Haha! I feel no shame in doing moving home and I’m so grateful that my parents welcomed me back.
There’s a negative stigma surrounding boomerang kids. Yes, some of them do take advantage of their parents but many of them, myself included, just wanted to get back on their feet again and our parents were willing to help. If/when I have kids, I plan to do the same for them should they need a helping hand.
Ace interview for health care program I’m interested in. Will tell you more about this if I get into the program. Fingers crossed!
There is one goal that I know I won’t be hitting this month and it’s sticking to my Restaurant budget. There will be a week where restaurants downtown offer 3 course dinners for a decent price so I’ll be checking out a few places.
Yes, I know it’s Valentine’s Day and the timing of this post is cheeky. I just think love doesn’t have to be expensive, ok? Haha!
I do think diamonds are sparkly and beautiful for the record. It’s just not for me though. I can’t envision myself with a big, pricey, sparkly rock which is ironic because I feel like my big, sparkly rock is pricey. I am clumsy. I use my hands a lot. I lift weights. Plus, I wouldn’t feel safe wearing something that might catch the eye of someone who might want to take it off my finger. I also think they are extremely over-valued and I feel like money could be spent better elsewhere.
I had looked at rings before my fiance proposed mainly because he told me to. He wanted me to give him ideas of what I liked. Hell, I didn’t even know what I liked! I looked at man-made diamonds, alternative precious gemstones and diamond look-alikes.
The first one I sent him was a $90 ring with a diamond look-alike. I thought he’d pick that one for sure. He hit the jackpot wanting to marry a woman who was fine with a $90 ring! Haha! He ended up selecting the most expensive ring that I sent him (US$975). It had an oval tourmalinated quartz stone with a diamond pave band as seen below. I did some reading up on tourmaline quartz and found out it is a crystal with healing properties. It grounds you and shields you from negative energy. I thought that was pretty neat.
I got my wedding band off Etsy as seen below but in white gold. It was only $50 and I felt it would fit with the engagement ring since it has a notch where the stone would fit into.
I also got a silicone ring that I can wear at the gym. I got one for my fiancé as well. I ordered it off Amazon for $20. I’ve been wearing it for 6 months now. So far, it’s held up well through lifting weights and rowing.
I wish society didn’t have the expectation of diamond rings for engagements. There’s so much pressure on one party to save up money for something so expensive. Mother Nature has so much to offer that it’d be a shame if we focused solely on diamonds.