Rate Shopping Help
Hey, we have to renew our mortgage by the end of the year.
Currently variable with TD. 571K @ Prime -1.05%.
We put 20% down when we purchased 5 years ago.
So from TD Prime 4.60% we're at 3.55%.
My credit score is over 800 when I use my mobile banking app credit score checker. We live in Kelowna BC.
Currently theres about 80K on our LOC as we did some home upgrades in the last 2 years. Solar Panels, Heat Pump, Sewer Connection, HWT, electrical service, EV Charger, Radon Midigation.
We have another 70K EV car loan with 7 years left.
No other debt.
I do banking with CIBC, TD and RBC. I want to either renew, or change banks or consolidate LOC balance into the mortgage, this should still keep us below 80% of the home equity.
My personal income is about 125-135K and my houshold income is 200-210K. We're both on the mortgage.
We entered the early renewal period so TD called me and offered me Prime -0.55% variable for 5 years. Or fixed 3 years for 4.90.
Is this a good rate? How come I see people posting here and in firsttimehomebuyer/ about getting sub 2.85-3.55% mortgage rates in calgary, saskatoon and toronto?
How do i negotiate a better rate?
I just started a new job, and want to wait until the end of my probation period before reaplying or trying to switch banks.