Mortgage due

[Reeves1]

TD sent me a bunch of papers.
They offered for 5 years @ 3.69 %
10 years @ 4.29 %

From what I (seem) to remember reading here, that is high ? Sounds high to me.....

Go to a broker ? Any good ones out there ? Call banks ?

I don't keep up to date on this stuff.....

[pophouseman]

Originally Posted by Reeves1

TD sent me a bunch of papers.
They offered for 5 years @ 3.69 %
10 years @ 4.29 %

From what I (seem) to remember reading here, that is high ? Sounds high to me.....

Go to a broker ? Any good ones out there ? Call banks ?

I don't keep up to date on this stuff.....

a bit high, you should be able to get 5 years at 3.3% or so

[geezer55]

When paying for the mortages that I had I would jump at a 10 years mortage at 4.29% after paying mortages at 15%-17% in the 1980's.

[Lefty-Canuck]

I think ScotiaBank was offering 10yrs @ 3.69 or so about a month ago.

LC

[bosshog]

Definetly call around. We just got pre-approved for 2.89 for a 5 year fixed but I was told they raised rates shortly after they approved us. Never hurts to call a broker either and see what they can offer.

[sewerrat]

We just got ours for 2.89% with a broker, we were with the scotia bank before, she found out that we went with a broker and said that they could match it,.............. Sorry to late..

[Dona]

TD very seldom does a Mortgage - i believe yours would be a Collateral Loan which is very difficult to get out of should you sell. Rates have risen in the past few weeks. They are a bit high but not by much.

[Austin]

I have a buddy that works at Dominion Lending. They check around for best rates (Don Cherry commercial). Give my buddy a call at 780-945-7140 Dan Piercy is his name.

[HunterDave]

The rates that they quoted you are for any Tom, Dick or Harry that walks in off the street. Talk to your bank manager and he should be able to take at least another half a percent off of that. Depending on the market he could take up to one % off but interest rates are rising right now.

[justsomeguy]

yeah, don't take their first number, need to push for better. As well, everyone put their rates up about 0.5 percent july 1.

[roger]

for what its worth, i was just standing in the lineup waiting for free coffee at Servus and noticed the prime was at 3%.

[Wisebuck]

I renewed at 3.37% for 5 yrs with RBC . I figure that is good enough but obviously some are getting better rates.

[gpgriz]

Ya.rates jumped in the last few weeks. ARGH!

A month ago, Scotia was offering me 2.99 for 4 yrs.
That one is no longer available... And no, I didn't lock that down.

I discussed rates with a broker, she had access to a 5yr at 3.34 and a 10 yr at 3.99.

I'm gonna miss my 2.5.

[Big Daddy Badger]

Originally Posted by geezer55

When paying for the mortages that I had I would jump at a 10 years mortage at 4.29% after paying mortages at 15%-17% in the 1980's.

Oh yes.... the 80's.
Our own mortage meltdown of sorts.... and record unemployment.

A lot of folks lost their shirts when they were that high.

My folks had theirs locked in at about 9%.
I can remember Dad commenting that all the neighbours now declaring bankrupsy and walking away from their houses had only a few months earlier advised him that he was nuts to lock it in.

[Blastoff]

Sorry but I wish the rates would get back to 17% so I can make some Money. I think there to low at 4%, it would make some people borrow what they can afford.

[Big Daddy Badger]

Originally Posted by Blastoff

Sorry but I wish the rates would get back to 17% so I can make some Money. I think there to low at 4%, it would make some people borrow what they can afford.

And how would you make more money at 17%?

People woiuld simply quit borrowing and others would default and walk away leaving the bank holding properties that they can't sell.

Those interest rates resulted in widespread loss, unemployment and a national debt that cost us our international rating..

[buckbrushoutdoors]

I bought a new place this may and I got 2.89 for 5 thru scotia bank

[AppleJax]

I'm currently at 3.9 and have 1 year and change remaining on a 5 year fixed. Am I better off waiting to sign in a year or will they let me sign again for a better rate and not take to much of a hit? Maybe a better question for the bank I know...

[Hunter1602]

2.89 5 years here. Shop around.. Rates will be going up soon.

[Chris89lx]

Just signed yesterday at 2.79% on a 4 year fixed with CIBC.
Called around with brokers and no one could touch it.
My offer had been in the works for over a month to get that rate though.
Lucky timing for me.

[sillyak]

I got a 5 year fixed at 3.09% when we bought our house this May.

[HunterDave]

Originally Posted by AppleJax

I'm currently at 3.9 and have 1 year and change remaining on a 5 year fixed. Am I better off waiting to sign in a year or will they let me sign again for a better rate and not take to much of a hit? Maybe a better question for the bank I know...

You can do a blend and extend if you are close to renewing your mortgage. They take your old rate and combine it with your new rate that you negotiate and use that rate. I did that when I was coming due almost 10 years ago and I locked in a 10 year fixed at 3.25%. WooHoo!

It's worth asking your bank manager about if you like the security of a low rate for an extended period of time. Right now I wouldn't be comfortable with a 5 year fixed. With my luck I'd be renewing at 9% when it came time.

Better safe than sorry is my thinking but I'm not much of a gambler when it comes to my mortgage.

[bigd]

Originally Posted by sewerrat

We just got ours for 2.89% with a broker, we were with the scotia bank before, she found out that we went with a broker and said that they could match it,.............. Sorry to late..

This is exactly how our recent mortgage experience went, same rate and same outcome. Another lost client for Scotiabank.

[dantonsen]

bond yields more or less dictate where mortgage rates go.... They have gone up almost 1% in a month.

5-7% was 10 years ago considered a pretty decent deal on a mortgage, better start locking in those mortgages

In all reality a jump from 3% to 7% is only roughly 700$ per month extra on a 350k house, I would imagine most people would calculate in a scenario with historically normal I interest rates when buying a home right?

[beerhunter]

2.79% 5 year fixed just done 3 weeks ago, Royal Bank. I had to work for that one but the word "I am still shopping around" works very well to get them to their bottom rate. I couldn't find any better rate around.

The banks send out their renewals and 80% of the people just sign on the dotted line and away they go. If you challenge them there is usually a better option. I haven't had to switch banks but still shopped the market to keep them honest.

I do this with insurance every few years too. It seems every year your insurance rates keep rising and then when I go to shop around to see what I can get compared to what I am paying there seems to be a company that wants my business a little more and will offer me some savings. When I go back to my insurance company and they don't want to match the new rates I move all my business to the new insurance company. Most times my existing company tweaks my rates to keep me as a customer.

[gpgriz]

This is my current conundrum...

my current options are:

3 yrs @ 2.89%
4 @ 3.09
5 @ 3.19
7 @ 3.79
10 @ 3.99

I don't plan to sell the house within 5yrs for sure.
Within 7 yrs, not likely.
Within 10 yrs... can't see that far ahead.

[rayf01]

I just locked in at scotia to renew in september for 5 years at 2.79

[gpgriz]

Originally Posted by rayf01

I just locked in at scotia to renew in september for 5 years at 2.79

Just curious... When you say 'just', exactly how long ago?

[Zuludog]

I have a 10 year @ 3.89%. When I locked in my mortgage broker said that was the best rate that he had ever seen.

This was about a year ago BTW. For those asking I'd Seriously consider locking in for ten years @ 3.79 if you could get it.

[jethunter]

I've got a 5 yr variable with RBC for 2.35%. Really.

When my mortgage term was up last year RBC offered a 3.25% variable and wouldn't budge off it. I walked across the street to TD and they offered me a 2.7% variable on the spot. I took that offer back to RBC and showed them, and they offered me the 2.35% rate the same day.

They will offer a better rate if they know you are actively looking somewhere else - take your papers and get some more quotes and take that back to your bank and I bet you get a much better rate offered to you. Banks make a lot of money from people that are too lazy to shop around.