with the interest rates going lower by the day and mortgage coming up for renewal looking for advice on how to get the best deals , lots of information on net ,however none coming from end users, if any one has any contacts or info to share on how to get a good deal on renewal will really appreciate
advise requested : mortgage renewal
- Thread starter erik_guy2001
- Start date
Yes, best advice is to do your research and negotiate. In this economic environment, you are likely to get a really good deal ... assuming you have good credit!
Go through a mortgage broker such as MonsterMorgage.com? My SO went through them last year and she was able to get a variable prime rate -1. I know they are now plus but even this can be negotiated. A broker doesn't cost anything and can run the numbers for you.
mind advising what a A package client israyden said:Good credit is the key and Hunter has the right negotiating ploy. RBC and Scotiabank are quite aggressive in getting new business, especially for "A" package clients.
Get a quote from PC Financial and from ING Direct, which offer competitive rates right off their website. Then walk around to the other banks/brokers and beat them up with the PCF and ING quotes to get yourself the best deal.erik_guy2001 said:with the interest rates going lower by the day and mortgage coming up for renewal looking for advice on how to get the best deals , lots of information on net ,however none coming from end users, if any one has any contacts or info to share on how to get a good deal on renewal will really appreciate
If nobody beats PCF/ING... give those guys your business.
Every time someone gives you a new best quote go back and beat up on the others until no-one is willing to top it or you're satisfied with the number.
Remember to look at the options on the mortgage if you think you might use them: repayment privileges, ability to lower the rate if you get into financial difficulty, ability to double up on payments and so on.
Very good point. Consider also if you decide to sell, what will the penalty be as now most banks are doing the differential in interest rates as compared to just the 3 month penalty. They take the higher of the 2. As an example if you have a 5 year fixed at let say around 5.4% with a 300K principle and you want to sell, the penalty can be as high as $16 - $17000.00 unless you re buy. How much time will they give you to buy another home and allow you to recoup the penalty? Most banks are allowing 3 months but this is negotiable as well. Very important if you decided to sell.fuji said:Remember to look at the options on the mortgage if you think you might use them: repayment privileges, ability to lower the rate if you get into financial difficulty, ability to double up on payments and so on.
that is a fantastic rate i'm gonna call these guys ASAPmmouse said:
my personal experience with TD Canada Trust, is they talk a good game, but when push comes to shove, they won't beat anybody else's rate, even with the paperwork to back it up.
they came looking for my business( I bank with them)about a year before my old five year with ING Direct was up. I walked in, showed them the ING offer, and said "can you beat this?" "Sure" the guy said, come in Saturday and we'll do up the paperwork. Saturday rolls around, and now the stories different...they will only match ING's offer.'
So.....why change. I stayed with ING, and TDCT can kiss my ass.
they came looking for my business( I bank with them)about a year before my old five year with ING Direct was up. I walked in, showed them the ING offer, and said "can you beat this?" "Sure" the guy said, come in Saturday and we'll do up the paperwork. Saturday rolls around, and now the stories different...they will only match ING's offer.'
So.....why change. I stayed with ING, and TDCT can kiss my ass.
fijiman said:
very good and informative site , thanks every one for the info really appreciate the tips n info
I don't think it is going to drop much more. If all these spending bills go through it would be inflationary.kewluke said:go variable rate mortgage - you benefit from dropping rates (and they will drop in the next year) and then lock in when the recession is over - some time late next year.
