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Thu, Feb 18th, 2016, 12:02 PM #12
It seems a lot of FIRSTLINE mortgages are coming due around this time. Anyone holding one of these maturing mortgages will likely get a "renewal" offer from CIBC. Please note: CIBC and Firstline are different products/mortgages. CIBC did own Firstline, but they were separate companies.
It's come to my attention that CIBC is offering better rates to former Firstline mortgage holder than they are their own customers however . . . Better rates are still available through mortgage brokers, so please investigate before signing on any dotted line!
Additionally, keep in mind 99% of the time, bank penalties are waaaaay higher than mortgages acquired through a broker.
Saving you money. . . MQThis thread is currently associated with: N/A
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Thu, Feb 18th, 2016, 02:38 PM #2Canadian Guru
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Thanks MQ. Can you give us an idea of good going rates right now?
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Thu, Feb 18th, 2016, 08:24 PM #3
5 year fixed from 2.54%
Variable is 2.35% -5 year (or .35% below prime)
Beware of lower rates!! as they come with catches that are simply not worth the risk and have minimal value unless your mortgage is excessively large.
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Thu, Feb 18th, 2016, 08:34 PM #4
As a sidenote, some brokers are reporting Firstline/CIBC renewal offers to their clients are 3.29%
Others are offering 2.1 first 6 months, than 4 1/2 years of 3.1% Gahhh!!!
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