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Thread: Mortgage Renewal

  1. #1
    Smart Canuck Shirnette's Avatar
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    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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  2. #2
    Easy Glider GoodBoy's Avatar
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    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.
    Last edited by maggiespice; Sun, Jan 14th, 2018 at 01:04 PM.
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    Easy Glider GoodBoy's Avatar
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    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.
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  5. #5
    Luv Saving People Money MortgageQueen's Avatar
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    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.
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  6. #6
    Easy Glider GoodBoy's Avatar
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    Bank of Canada rate likely to go up Wednesday ... may see more banks increasing their lending rates then...
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  7. #7
    Dancing bean paste bun Ciel's Avatar
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    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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    Quote Originally Posted by Shirnette View Post
    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
    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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    Quote Originally Posted by Ciel View Post
    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
    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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  10. #10
    CaToonie
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    Quote Originally Posted by Shirnette View Post
    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
    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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  11. #11
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    Quote Originally Posted by endi2000 View Post
    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

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