Mortgage Renewal

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 advance

RBC just increased their 5 year rate. Expect other banks to follow more than likely.


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Make the big banks compete with each other.

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 :)

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.

Bank of Canada rate likely to go up Wednesday ... may see more banks increasing their lending rates then...

Editorial states that the interest rate change is making mortgage debt harder to bear for folks.
http://torontosun.com/opinion/editor...ing-in-red-ink

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Originally Posted by Shirnette

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 advance

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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

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Originally Posted by Ciel

Editorial states that the interest rate change is making mortgage debt harder to bear for folks.
http://torontosun.com/opinion/editor...ing-in-red-ink

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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.

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Originally Posted by Shirnette

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 advance

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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


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Originally Posted by endi2000

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


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Generally for Renewal, even though you are going with a different lender, they are not too high. Sometimes the other guys waive them off to get your business :)

But if its a fresh new mortgage, yeah they can add up :(