renewing my mortgage: shopping for the best rate
I've been lucky to get a 4.49% 5 years fixed mortgage rate about 5 years ago. As I'm due to renew in August, I'm starting to follow the rates closely since I should be able to lock one in soon (in April). The last time I talked to my mortgage broker, before the recent 0.5% drop in rates, the best I could get was 5.7%. I also checked with my current lender, MCAP, and they would offer 5.8%. I'm pretty sure they will match the rate if my broker asks them. I'll have to check again to see if these rates have dropped. I'm not a big fan of variable rates especially since I've seen how some were stung by those over the last 5 years.
This post should also serve as a reminder not to renew automatically with your current institution but shop around to get the best mortgage rate ...
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Who is your mortgage provider? Are you satisfied with them? Have you shopped for rates recently?
7 comments:
Check here
http://www.monstermortgage.ca/mm_rates.php
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Incredibly the economy is in much worse state then it was 5 years ago, yet the interest rate is higher. Smaller credit unions usually provide better rates but please read the fine print. There is a reason why you can get a 5.4% rate with credit unions today. http://www.edward-palonek.com/
PS: Isn't the FED in the US going to reduce rates in the next short while? I wonder if Bank of Canada will follow.
I have put my house on a secured L-O-C with a floating rate, which has done me fine for the past five years.
I find you can get 0.5% off any advertised rate from any bank, and you can get free banking if you are persistent and are willing to move your accounts.
As it looks as though Canada will drop its rait .5 today the banks are already hinting they will not follow suit. It appears it's cutting into their profits, and they intend to keep these profits high. Have you locked in yet? If so what rate were you able to secure? If the bank doesn't drop immediately do you think it would be best to take a variable until that time? than lock in at the lower rate?
I am about to lock in at 5.3% for 5 years fixed
dembel: thanks for the link!
Hi all,
We've just launched a new mortgage rate comparison site that allows you to compare 500+ rates in under 30 seconds with one search, www.RateSupermarket.ca.
This is blatant self promotion, I know, but sounds like it would definitely be of interest to you!
Let me know if you have any questions.
Kelvin
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