u/twillrose47

First time coming up to renewal in July, so apologies if this question is a bit stupid. We've been shopping around for rate holds and trying to understand the sequence of things.

Last month, we worked with our mortgage broker and he grabbed us our first rate hold, a decent rate + cash with BMO (4.09% 3yr fixed uninsured).

Today we reached out to RBC who has offered a better rate + cash than our BMO hold (3.79% 3yr fixed uninsured). If we decide to move forward with the RBC hold, how would we proceed with it over the BMO hold we already have?

We plan to reach out to CIBC as well as many in this sub have been successful getting good rates from them, and then approach TD (our current lender) to see if they want to compete.

So we're happy we are getting offered better rates, but don't understand what will happen next. Would we be informing all of them that we picked bank xyz? Or is it that we're prompted with 3-4 contracts and we just complete one? Is there some mechanism required to exit the rate hold? Any explanation greatly appreciated.