Latest Best Mortgage rates

[MortgageQueen]

BUMP 2 and 4 year rates dropped. see original post edit.

[dougboswell]

Also 3 and 5 year rates dropped with 1 lender today.

[Colsgirl]

Watching carefully as we are renewing soon.

[Colsgirl]

I ended up getting a much better off through RBC. I am still squaring up the details but they are offering a better rate than posted on that website on a 5 year fixed 2.59. I feel so lucky to be renewing now.

That is the sort of rate I am hoping Scotia offer when we see them at the end of next week! If we go the fixed rate route we can renew 1 April (6 months early, no penalty); if we decide to go the variable rate route we can't go on that until 1 October.

[bobbyreyes]

Thanks for sharing your views. Finding the correct mortgage and rate of interest could be quite tedious as it takes up a lot of time and patience. But hey, we buy home not so very often.The following links provides potential buyers to check rates and mortgages on the go -http://www.canadalend.com/Rates.aspx or http://www.ratehub.ca/current-mortgage-rates-ontario

[MortgageQueen]

I added rental properties today. Sorry overlooked that.

[dougboswell]

Thanks for sharing your views. Finding the correct mortgage and rate of interest could be quite tedious as it takes up a lot of time and patience. But hey, we buy home not so very often.The following links provides potential buyers to check rates and mortgages on the go -http://www.canadalend.com/Rates.aspx or http://www.ratehub.ca/current-mortgage-rates-ontario

Better yet visit www.ratespy.com

[tjthemanto]

PC Financial, what's the difference between their special rates and regular rates ?

http://www.banking.pcfinancial.ca/mk...en&signinop=OB

[tjthemanto]

I mean is it harder to qualify for the PC Financial special rate ? Are the penalties more tough & is it more rigid ?

[dougboswell]

PC Financial, what's the difference between their special rates and regular rates ?

http://www.banking.pcfinancial.ca/mk...en&signinop=OB

There is nothing special about their "special" rates except that they are higher than most other lender's regular rates. The 5 year variable is high and their 4 year rate is higher than the regular 5 year rates out there.

[Colsgirl]

There is nothing special about their "special" rates except that they are higher than most other lender's regular rates. The 5 year variable is high and their 4 year rate is higher than the regular 5 year rates out there.

Have you noticed that going to the bank and negotiating renewal rates is like going to a car salesman, you should never accept the figures they have written down. Always haggle. I said this to my husband and he said banks are bigger thieves than car salesmen!!!

[tjthemanto]

There is nothing special about their "special" rates except that they are higher than most other lender's regular rates. The 5 year variable is high and their 4 year rate is higher than the regular 5 year rates out there.

I know.

But are there any huge terms & conditions differences between their 2 rates ..the special & regular rates ?

So if someone is going to go with PC Financial , no matter what ..why would any one go for their higher regular rate , as opposed to their special lower rate.

I mean , There has to be some catch , like the special rate has more penalties , less flexible etc as compared to their regular rate.

[dougboswell]

I know.

But are there any huge terms & conditions differences between their 2 rates ..the special & regular rates ?

So if someone is going to go with PC Financial , no matter what ..why would any one go for their higher regular rate , as opposed to their special lower rate.

I mean , There has to be some catch , like the special rate has more penalties , less flexible etc as compared to their regular rate.

You have to dig deeper and compare the terms of each. Sometimes a special has conditions such as: must close in 30 days or cannot be broken during the term except to sell. Other low rate specials may have a heavy fee (larger than the normal IRD) if you refinance during the term. The allowed prepayments may be a lot smaller. If one does not plan on making prepayments or moving then the low rate special rate may suit them just fine.

[hirev]

I am at a rate of 5.19 right now. I didn't have the 5 % down but the bank covered it. I cant wait. I can drop down from a 35 year mort to a 20 year at a rate of 2.8 % and still be paying the same I am now. I am cutting 10 years off my mort with just that small drop in the rate. Every little bit counts.

[dougboswell]

I am at a rate of 5.19 right now. I didn't have the 5 % down but the bank covered it. I cant wait. I can drop down from a 35 year mort to a 20 year at a rate of 2.8 % and still be paying the same I am now. I am cutting 10 years off my mort with just that small drop in the rate. Every little bit counts.

Actually the bank did not cover the 5% down you did. They gave you a loan for the amount and added it onto the regular mortgage rate. There is still one lender doing these types of mortgages.

2.80% if it is a 5 year fixed is high for today's rates. Don't sign on the dotted line without comparing other lenders and what they are offering.