User Tag List
Results 1 to 11 of 11
6Likes
Thread: Mortgage Renewal
-
Thu, Jan 11th, 2018, 07:56 PM #1
- Join Date
- Apr 2013
- Location
- Brampton,ON
- Posts
- 1,668
- Likes Received
- 3143
- Trading Score
- 8 (100%)
Currently have a 5 yr fixed mtg with TD that is up for renewal hext month.They called me about a month and a half ago to offer a rate seeing that the BOC was to make an announcement. I declined and the BOC didn't increase the rate. About an hour or so ago they called to offer me a that is lower than what is stated in the renewal docs that I received 3 days ago. I am being offered 3.34 on a 5 yr fixed but I feel that they can go lower because 8 went through the same thing 5 yrs ago. I know we are not obliged to but I'd like to stay with them. Is this a good rate? I'll ask for a reduction to 3.24 to match what Tangerine is offering (what I saw online).
Thanks in advanceThis thread is currently associated with: N/A
-
-
Thu, Jan 11th, 2018, 08:05 PM #2
- Join Date
- Mar 2017
- Location
- Who knows ... but I Would Rather Be Someone's Shot of Whiskey, Than Everyone's Cup of Tea
- Posts
- 4,033
- Likes Received
- 12166
- Trading Score
- 0 (0%)
RBC just increased their 5 year rate. Expect other banks to follow more than likely.
Sent from my iPhone
-
Sat, Jan 13th, 2018, 09:01 PM #3
Make the big banks compete with each other.
Last edited by maggiespice; Sun, Jan 14th, 2018 at 01:04 PM.
-
Sat, Jan 13th, 2018, 09:05 PM #4
- Join Date
- Mar 2017
- Location
- Who knows ... but I Would Rather Be Someone's Shot of Whiskey, Than Everyone's Cup of Tea
- Posts
- 4,033
- Likes Received
- 12166
- Trading Score
- 0 (0%)
Good rate! When I started with my mortgage I was paying 14% and the lowest I ever had was 7%. Past tense fortunately Then again I had a mortgage lender who allowed me to pay as much extra every week as I wanted and then when I discharged the mortgage there were zero fees. They just said... "thanks - you are finished" It was a good day
Last edited by GoodBoy; Sat, Jan 13th, 2018 at 09:06 PM.
-
Mon, Jan 15th, 2018, 11:52 AM #5
That is a competitive rate. Keep in mind if you switch, you will have to "re-qualify" under new rules. . . which means you have to qualify at 2% higher than going rate....so for example if you goy a 3% rate, you have to qualify at 5%.
If you're going to negotiate, do it now before the rate announcement.
-
Mon, Jan 15th, 2018, 11:56 AM #6
- Join Date
- Mar 2017
- Location
- Who knows ... but I Would Rather Be Someone's Shot of Whiskey, Than Everyone's Cup of Tea
- Posts
- 4,033
- Likes Received
- 12166
- Trading Score
- 0 (0%)
Bank of Canada rate likely to go up Wednesday ... may see more banks increasing their lending rates then...
-
Wed, Jan 24th, 2018, 03:48 PM #7
- Join Date
- Jul 2009
- Location
- Ontario
- Posts
- 17,846
- Likes Received
- 24776
- Trading Score
- 12 (100%)
Editorial states that the interest rate change is making mortgage debt harder to bear for folks.
http://torontosun.com/opinion/editor...ing-in-red-ink2021-Bring on the sunshine, sweets & online shopping.
-
Tue, Jan 30th, 2018, 05:42 AM #8
- Join Date
- Mar 2010
- Location
- Canada
- Posts
- 11,052
- Likes Received
- 6201
- Trading Score
- 46 (100%)
Good rate if you don't want the hassle of re qualifying, maybe some administrative charges , new paper work etc.
Also as MortgageQueen explained you will have to go through the new mortgage rules with other lenders.
But some smaller players have 5 year fixed at 2.99 % . Compare rates below :
https://www.ratehub.ca/best-mortgage...scenario=renew
-
Tue, Jan 30th, 2018, 05:47 AM #9
- Join Date
- Mar 2010
- Location
- Canada
- Posts
- 11,052
- Likes Received
- 6201
- Trading Score
- 46 (100%)
Lot of people on variable rates are in for a rude awakening. I think now might be the time to convert those variable mortgages into fixed ones.
I don't see rates decreasing anymore, they will just steadily rise from here at 0.25 % at a time. The days of very low rates is over now. Should cool the hot RE market in GTA & GVR, when the new Mortgage rules kick in & rates go up.
-
Tue, Jan 30th, 2018, 01:20 PM #10
- Join Date
- Jan 2009
- Location
- Nanticoke
- Posts
- 418
- Likes Received
- 424
- Trading Score
- 0 (0%)
So what did you decide? Just wanted to bring up the point when changing to other lenders - there are usually legal fees, appraisal fees and a learning curve for the terms at the outset. Sometimes the devil you know isworth sticking with
Sent from my iPad using TapatalkMy Orange Key 44990243S1
https://surveys.gobranded.com/users/...f49b113b291653
Starting a new Chapter in the Golden Horseshoe in 2017!
-
Tue, Jan 30th, 2018, 02:41 PM #11
- Join Date
- Mar 2010
- Location
- Canada
- Posts
- 11,052
- Likes Received
- 6201
- Trading Score
- 46 (100%)
Thread Information
Users Browsing this Thread
There are currently 1 users browsing this thread. (0 members and 1 guests)