need info re canadian mortgage rates

17 years ago

Hi

So my banker just emailed me to let me know that I can renew early for 5 years at 5.576

Soooooo...... is that good? Average? indifferent?

I don't particularly want to switch banks - all my services are with this one and I've been dealing with the same PERSON for over 10 years. (How many bank-people will actually email you at your house to switch your withdrawal fees services to a better deal - and I'm not talking spam mail. SHE emails me about things like that, if you can believe it.)

Anyway, I am NOT actively shopping for a better mortgage, but I wouldn't even know if I should be doing that. Does anyone know of a source of information online (NOT published by lending institutions) that has articles about what's going on right now, as well as trends, in Canadian mortgage rates?

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Comments (4)

giantpony
17 years ago
Would the CMHC have the info you're after on their website?
http://www.cmhc-schl.gc.ca/
pkguy
17 years ago
I would schedule a visit so she can explain it to you in person and why it would make sense for you to change. Take along a current copy of all the other current lender rates usually found in the weekend newspaper real estate sections however she'll probably already have that information on her desk. If it makes sense to switch then switch. And don't forget you can always ask for "a little bit better" than what she's offering upfront but don't expect/demand it. Sometimes these loan officers have some leeway in rate adjustments on the spot without getting approval from above or she may send it up for higher approval to get you something a little better if you're a good customer. It's great when you find someone who goes the extra mile, we found a great lady in Calgary at Cda Trust who worked well with us but unfortunately we had to move east last year.
Personally I liked closed 5 yr mortgages so I know ahead of time what's expected, no surprises. With the ability to double up payments as often as I like and drop lump sum amounts against the principle each year. Anything to get rid of that mortgage asap. And now I don't have one, whew what a feeling.
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All lenders are required to provide you a loan estimate (LE) prior to you signing a commitment to accept the loan as of Oct 3, 2015. The LE must be provided to you within 3 business days of you providing the following 6 pieces of information below. Whether or not you filled out a loan application is immaterial to the provision of the LE according to the CFPB. Consumer’s Name. Monthly Income. Social Security Number. The Property Address. An Estimate of the Value of the Property. The Loan Amount. I would think you have provided all of the above to get the info you have received. The LE is so you can compare the loans offered by different lenders in the same format so the comparisons are easy and accurate. Point out that they are required to give you the LE without a prior commitment to accept the loan and if the person you are working with doesn't understand that - then I would make a wide berth of that individual and probably that lender as it shows a total lack of training. 45 day locks are common. Even a 60 day lock is possible. Check into their lock periods and the associated cost, if any.
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sparksals
17 years ago
Definitely shop around for rates. All the lending instituions pre internet used to publish all their rates in the Thursday paper - perhaps they still do. You could see all the rates for across the country and then compare them. I would go into the bank when it came time to renew, show them the lowest rate and tell them that is what I wanted. I got it every single time.

When it came close to renewing our mortgage, we got the early renewal offer too. It's a way to prevent you from shopping around when the term is up.

I just went to the RBC website and their special rate is 5.3% for 7 year term closed mortgage.

Before you do anything, research all the rates. I found this (linked below) where there are many lower than what she is offering you.

Play with her even though she's been good to you. Tell her that you have found better rates elsewhere and that you want the best rate matched. They don't want to lose your business and they will negotiate a better rate.

Here's another link to bankrate.ca where you can check rates by province and city. http://www.bankrate.com/can/rate/mtg_home.asp?link=5

Don't settle for the offer she gave. There's room to go down. You could even negotiate a longer term so they can secure your business.

Here is a link that might be useful: Canada mortgage rates
worthy
17 years ago
Always try to get a better deal than the posted rate. We just renewed a six month closed rate at 5.3% at TD CT vs. their 6.3% posted rate.

need info re canadian mortgage rates

Comments (4)

giantpony

pkguy

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