Mortgage renewal time!

[03svt]

Mortgage is up in May, Td called yesterday to remind me and shoot me the first offer.

I feel best with locked in, just peace of mind to help me sleep at night.

Was offered 3.49 for 5yrs, the woman at TD mentioned if I find a better rate they will beat it.

Anyone else shopping around right now?

[Mellow Yellow]

Just finished renewing mine a few months ago. Stayed with the same credit union, because rate was good and changing financial institutions is a PITA! Legal fees etc.
Had to have appraisal done, but was painless and came out higher than I expected.

Rate was 3.1 for 5 year term.

Might want to shop to see if you can trim that rate...although there is upward pressure on the interest rates right now.

[92redragtop]

I have to get on this as well - got my renewal letter/offer (one of the Big 6 banks) a little while back and haven't done much on it yet and the clock is ticking. The offer ranged from 2-year @ 3.09% to 5-year @ 3.44% for Fixed Closed, and a 5-year @ 2.9% for Variable. The rates are supposed to include a "Loyalty Discount" but I haven't contacted them to try and negotiate as yet.

My options are limited though as I need to have US banking available as well. I think that's limited to RBC, BMO (maybe), and TD for cross-border stuff.

[WTF]

last week I was yakking with a young 30 year old at my office building who just closed on a place in north Oshawa

first time buyer with his wife

525k for a 1950s 1.5 storey on a 50ft lot fyi

he mentioned he was all about sleeping at night with a fixed rate and said he got 2.9% for 5 years

so shop that rate you got quoted

[Slick_89_Hatch]

I just got 3.14% fixed for 5 years from TD.

[01CobraVert]

try mortgage brokers will likely beat major banks and money still comes from bank
also get rates from other banks
banks will often offer a better rate to take business away from an existing bank, then go back to original bank and ask for .1% less than best offer
the bank mortgage people that travel around selling mortgages have better rates and conditions than the branch staff
if you get a very bank rep they will help move your deal to another rep to save you money

[03svt]

Great info guys.. I’ll post what I can come up with, sucks going from the 2.59 that I’ve had for the last 5!

[Superseven]

Maybe try RMG. They offered 2.90 fixed for 5. I was a returning customer but seemed to be their standard rate.


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[ZR]

If your in good financial shape, have decent equity in your home, push em hard. If bank 1 won't play ball, move onto someone that will. My last term is up this year, took threatening to put balance of my mort on a credit card then shop on their dime for 30 days to get rate I wanted. Don't be afraid to offer up what your willing to pay.

[OneQwkStang]

2.121 to 3.26 =(

[1986stangfan]

2.121 to 3.26 =(

What a difference a few months can make. I renewed in August and went from 3.19 down to 2.45


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[billcaitken]

Just renewed ours few months back with CIBC for 5 year fixed at 2.74%, 2 previous were with TD and said they could not match so we changed everything and was pretty painless

[Hutch]

Friend of mine just did a 5 yr with scotia for 3.1. Rates really went up within the last 4 months.

[Darkhorse]

Mike, if you're self-employed you might not get the 2.75 or 2.90 that's going around right now, but you won't be far off that.

Remember, the rates you get are based on your overall financial picture too, and are risk rated, so sometimes contractors and others that work for cash have to put up with a slightly higher rate because on paper, they are not showing all the income.

Be glad your not American right now, my cousin bought a bigger place for 400K and best rate was 4.375 and he's self employed, had to take 4.5.

Mine is up next year not sure where things will be then.

[03svt]

I spoke with rep from TD yesterday and doesn’t think getting 2.94 will be an issue, we shall see Monday.

We have around 600k in equity in our place with around 360k owing, in a good position to get what’s “reasonable” I think.

[03svt]

Mike, if you're self-employed you might not get the 2.75 or 2.90 that's going around right now, but you won't be far off that.

Remember, the rates you get are based on your overall financial picture too, and are risk rated, so sometimes contractors and others that work for cash have to put up with a slightly higher rate because on paper, they are not showing all the income.

Be glad your not American right now, my cousin bought a bigger place for 400K and best rate was 4.375 and he's self employed, had to take 4.5.

Mine is up next year not sure where things will be then.

Ugh, 4.5.. wonder how long until it’s that high here!

hope all Is well Corey

[RedSN]

Anything below 5 is great. Below 3 is unbelievable.
Different times we live in.

[92redragtop]

I spoke with rep from TD yesterday and doesn’t think getting 2.94 will be an issue, we shall see Monday.

We have around 600k in equity in our place with around 360k owing, in a good position to get what’s “reasonable” I think.

How did you make out? Spoke to someone from TD today (not my bank) and they were quoting 3.29 for 4 or 5 years. Got an email from BMO last week for 3.29 for 5 years (don't have a mortgage with them so was somewhat unsolicited).

[Quicksilver]

Mike, if you're self-employed you might not get the 2.75 or 2.90 that's going around right now, but you won't be far off that.

Remember, the rates you get are based on your overall financial picture too, and are risk rated, so sometimes contractors and others that work for cash have to put up with a slightly higher rate because on paper, they are not showing all the income.

Be glad your not American right now, my cousin bought a bigger place for 400K and best rate was 4.375 and he's self employed, had to take 4.5.

Mine is up next year not sure where things will be then.

That's me. They f**k you left right and centre. You wouldn't believe my story.

[03svt]

Ended up staying with TD fixed 5yr 3.34%

Unfortunately I was to busy to really search around to see what I could get.

[92redragtop]

Ended up staying with TD fixed 5yr 3.34%

Unfortunately I was to busy to really search around to see what I could get.

You're probably not that far off at this point in time - the person from TD was indicating that she heard internally there might be a rate increase announced by TD by month end (that it would be good to at least get a pre-approval at the rate she gave me even if I don't follow through. I'm not sure how they are commissioned if on pre-approvals or signed/closed applications as to whether her motivations are above board).

[01CobraVert]

I spoke with rep from TD yesterday and doesn’t think getting 2.94 will be an issue, we shall see Monday.

We have around 600k in equity in our place with around 360k owing, in a good position to get what’s “reasonable” I think.

check out the smith maneuver if you have other equities will save your tax rate on the mortgage especially if renewing

[03svt]

check out the smith maneuver if you have other equities will save your tax rate on the mortgage especially if renewing

Just reading up on it now, interesting idea.

[92redragtop]

check out the smith maneuver if you have other equities will save your tax rate on the mortgage especially if renewing

Do you lose the cap gain exemption on primary residence when doing this?

[Darkhorse]

check out the smith maneuver if you have other equities will save your tax rate on the mortgage especially if renewing

That doesn't work in such a low interest rate environment. If it did absolutely everyone would be doing it.