Hi, first time renewal.
Spoke to advisor was informed that I'm getting .02% better online rate then what he has on his screen.
Original 30Yrs Current 24y 11m remaining. Outstanding 540K
How can I ask for better rate? Is what offered the only option? Don't want to leave RBC.
Appreciate guidance!
Purchase price: $930,000
Sown payment: 20%
Mortgage Amount: $744,000
Rate offered: 3.99 fixed or 3.60 variable (BMO) for 3 years.
First-time purchase, no debt, 800+ excellent credit score.
Any thoughts if there’s a chance I could get anything better?
Making a decision with my RBC mortgage specialist on Monday for a renewal. 3.62% 3 year fixed or 3.65% 5 year variable. Typically I would go variable, but with fuel prices going up, the end consumer feels that with everyday goods they buy and an increase in price, which is still to come i beleive. What do you guys think? What would you choose? Cheers 🍻
Balance: 385000 ish
Amortization: 16 years 10 months
Lender: MCAN
I was able to lock in two rates a couple months ago.
3 year fixed 3.84%
5 year variable prime - 1.15 currently 3.30%.
I took the fixed initially but considering going back and asking to switch to that variable. We are currently paying 4.64% quite comfortably so we are ok if rates go up.
I know rbc has better rates for the fixed but I have a second position Heloc at prime (currently $0 balance) and RBC wasn't too keen on letting me keep it so the penalties for closing the heloc erase any rate savings.
Thought? Thanks in advance
For renewal I have these options
Any better options I can get at this time ? Renewal in 4 weeks
Current mortgage details:
CIBC Fixed
Balance: ~$532k
Current rate: 6.09%
Maturity: Oct 2026
Current payment: ~$3,343/month
If I leave my current mortgage today, they told me the penalty would be around $9k.
CIBC is offering me an early renewal right now into a 3-year Flex Variable at Prime -0.65% (currently 3.80%).
My thinking is to take the early renewal now so I can immediately lower my rate and monthly payment, then continue shopping around with other lenders/brokers afterward. From what I understand, since it’s a Flex Variable mortgage, the penalty to break it later should only be around 3 months’ interest if I decide to switch lenders down the road. Mainly just trying to sanity check my thought process here and see if there’s anything I’m overlooking or should be aware of before signing.
TD gave 4.79 (applied 4 weeks ago) for 5 year fixed (uninsured)
RBC broker is saying the rate is between 4.55-60 . How you guys are getting 3.8-4.0 for 5 year fixed( some mentioned RBC) .
Location Alberta, closing in 40 days.
Edit 1: 590k borrowing amount, credit Score: person 1-845 and person-2 815
Edit 2: Primary residence (No rental) , 20% downpayment
Mortgage: $425 000 (insured)
Bank: RBC
Current rate: fixed 5.95%
Maturity date: Nov 1, 2026
Current offers from RBC
3 years Fixed: 3.84%
5 years fixed: 4.04%
5 years variable: Prime -0.76%
Mississauga, Ontario. No penalty if we leave current 3 years fixed rate.
Are these considered decent rates? Should we lock in the rate through pre-mortgage approval and wait/see?
With TD home equity flexline (HELOC)
3 year variable uninsured - 3.45% with $4100 cashback
Is this a good rate atm?
Looking to compare current mortgage rates in Ontario / GTA for uninsured mortgages.
Currently being offered with RBC and Scotia:
• 5 year variable at Prime -0.95% (~3.50%)
• 3 year fixed around 3.8% (RBC only)
Incentives:
Scotia : None
Rbc : $3500 cash and 55,000 avion points ( need to bank with rbc for this)
Curious what others are getting recently from banks or brokers for uninsured deals specifically (20%+ down, conventional financing, refinances, etc.).
Would be helpful if you could share:
• Lender
• Fixed vs variable
• Term length
• Insured or uninsured
• Any cashback or incentives
Trying to see how competitive Prime -0.95 is in the current market. Thanks!
A mortgage brokerage referred me to a lawyer. She is married to brokerage CEO but this wasn’t disclosed to me.
After an issue with mortgage occurred, a complaint was filed against brokerage
During dispute phase, the brokerage asked my lawyer for my file and she promptly gave it to them without asking me. I have asked her to send me their file request so I can see what they asked for, and to explain why she didn’t ask for my authorization. She has still not answered.
I raised the concern with the firm and they haven’t acknowledged/addressed conflict concerns.
questions:
who is responsible for disclosure? the brokerage, the law firm, both.
once I mentioned her husband‘s name in an email explicitly, my feeling is that she should have definitely disclosed the relationship and recused herself. (I didn’t know about relationship at the time). Is there any way she can say “there is no conflict”.
*added more context to nubbeh123’s reply below.
TD is offering me current rates below
1 year fixed 5.44
3 Year Fixed: 4.24
5 year fixed: 4.49
5 year Variable 3.84
My mortgage is up for renewal in september. I want to shop around early to see if these are the best rates.
Mortgage remaining balance: 340,000
My mortgage broker has shared their best available rates they have with them currently
What do everyone think about these rates ? Should i shop around myself?
My broker is pushing me to get a fixed rate probably for the longer term due to volatility in the market. I am still not sure about that decision
Any advice on the approach ? This is my first time renewing a mortgage and it’s my primary residence.
Trying to figure out our best move here. We sold our house and it’s going to close in June. BMO is charging $8k to break our mortgage early (renewal is in July). They’ll waive the fee if we stay, but are only qualifying us for $1.2M
Meanwhile, National Bank is offering $1.4M at the same rate (3.5% 5 year variable).
I would like to stay with BMO to save the $8k, but I need the $1.4M for the area I’m looking in.
• How can two Big 5 banks have a $200k difference in qualification math? Both are cmhc
• Should I try to negotiate with BMO or just take the $8k hit and go with the higher approval?
I am shopping around for rates for mortgage renewal in July. I have been with a TD mortgage with an attached HELOC for about 10 years. The last few renewals, I just stuck with TD. We have not touched the revolving portion of the HELOC at all.
Now when looking around I am learning that switching to another lender may be harder due to this attached HELOC (Google Gemini says it's collateral transfer or something), which means there will be a lot more fees. Does anyone have any insight to this? Am I screwed to stick with TD?
I’m hearing from several sources that RBC is currently offering very good rates on 3-year fixed mortgages.
I am a first-time homebuyer (FTHB) who bought a pre-construction home. The home will be completed in about 4 months, and my closing date is also in the next 4 months.
I want to lock in my mortgage interest rate now, before fixed rates go up even higher.
Hello , we are first time home buyers and currently mortgage shopping for uninsured mortgage
Cibc - 3.65%(prime -0.8) 5 year variable + 2k cashback
Scotia - 3.55(prime -0.9) 5 year variable
These are directly from bank
I want to get insights on apart from interest rate, Which bank has better quality of customer care or if you guys have any personal good/bad experience when dealing with them.
Any feedback or review would be much appreciated.
Thanks in advance!
Hello folks,
I have a question on is there any bank who can provide a decent appraisal based as I have gotten legal basement done with city permit and now I am getting the same amount in appraisal after 3 years since when I had bought it.
I have bought in July 2023 in Kitchener
I am getting that duplex appraised at 875K
Hello,
I need to renew our mortgage with Scotia. We got a rate of 4.15% fixed 3-years.
Is this good for Scotiabank in the GTA?
I am not looking at other lenders, I am just trying to see if Scotiabank is giving me the best rate or if I should press for something lower (if it is possible).
Thank you,