r/AskMortgageCanada

RBC offered me 3.74 for 5yr variable AFTER a rate reduction…they won’t go any lower…accept or reject???

I’m being offered on renewal 4.64% for 3 yr fixed and 3.74% for 5 yr variable closed by TD. I do heavy banking with TD (8 different accounts)

Remaining balance is $268,400 with 20 year amortization. Type: Rental house. Location: Winnipeg

Can I do better

Edit: title : 4.64% not 3.64%. Typo

From what I’ve already looked at, they’re projected to climb for a bit then plateau… And fixed is currently higher, so at least in the short term I’ll be paying more?

edit: 3.7% is variable rate if it wasn’t obvious

Hello all,

I'm currently on the tail end of my 3 year fixed mortgage. I wanted to get some insight on what people usualy do at this time.

Current Rate: 5.09%

Lender: Scotia

Mortgage amount: $413,000 remaining Uninsured

Amort: 30 years

I'm personally not a big fan of variable because my income is inconsistent as I'm in sales and prefer to keep my payments the same throughout the term.

I got an offer from Scotia to renew from now for the following:

2 years 4.29%

3 years 4.40%

Variable 3.65% 5 year

I was hoping to get into a fixed in the 3's I don't know if thats long gone from earlier this year.

Is it worth shopping around?

3.75% 5yr variable or 4.59% 3 yr fixed. Closing in March 2027. Which one i should pick ?? Thanks in advance !!!

I put in an offer for our first place and it got accepted. My broker just sent out an email that Scotia approved us for fixed 4.49 5 year 25 amortization. It is an uninsured mortgage of $552000.

I know the rates habe significantly increased over the past month. However, I just wanted to see if anyone recently has gotten anything better than 4.49.

I am a little taken back because originally I had a rate hold that was 4.44 but it was for 30 years.

I am going to TD tomorrow morning to see what they offer me since i have been banking with them for a while.

Hi, my current bank BMO, offered me the following renewal rate:

3 yr fixed closed - 4.29%

5 yr variable closed - 3.85%

Mortgage amount $356K. Can I do better or take it? Which should I take (variable or fixed)? Please advise. First time renewing.

I am reading that it is highly likely that BoC will raise overnight rate .25 basis points at the next meeting end of Oct.

I am still 7 months away from the renewal so it doesn't make sense for me to renew now but I checked the rates today with my lender, Scotia Bank, and thought of sharing here:

Fixed:

2y: 4.07%

3y: 4.18%

4y: 4.33%

5y: 4.37%

Variable:

5 years variable: 3.38% (prime - 1.07)

Current rate: 4.84%

Balance: ~500k

Which one would you pick if renewing without a penalty?

I am applying for a Scotia STEP and asked the bank rep. to increase the prepayment amount to 20%.from the usual 15%.

She said that can only be done if the rate is slightly higher and is adamant it's not possible at the regular quoted rate.

I've seen people here saying they got 20% prepayment options with no change in rates. How can I get this?

Help! I saw a similar post recently but hoping for insight.

Need to renew mortgage (120 days early renewal possible is Nov 1).
Advice has been to lock in now, as rates will surely go up. However - many external variant factors.

I'm being quoted loyalty rates of 3.51 for 5 year variable (locked payments), or 4.52 for 3 year fixed. (TD) What would you do? Are there any banks offering lower?

Preference though is not to do a new application, but we could if worthwhile. I'm leaning towards variable to keep payments lower and then if rates increase I just up my payment accordingly. Am I missing something here with this strategy? This is a hard swallow regardless bc my current rate is 1.3 variable (appreciating we are no longer in 2021).

Edit: TD has said we can convert to fixed without penalty at any time.

I recently closed my new home three weeks ago, and my mortgage is with RBC. Could someone please let me know how many days RBC typically takes to deposit cashback and Avion Reward points after the closing process?

Got offered 3.79% variable 5 year closed 30 year amortization, 910k price 20% down. 2200$ cash back from BMO through broker.

Is it good rate or should I shop around, closing in 28 days
Edit : variable

Just starting out our journey as FTHB in canada. Looking at current rates I am confused should I get a pre approval atleast to have a backup if the rates rise October end?

I am not sure if I ll buy in the next 120 days or not, maybe yes maybe no. I kinda have the location fixed and budget but not yet looked at any houses.

It is likely that I might go with fixed rate to minimise the anxiety of rates changes daily. But if you guys can advise otherwise please feel free.

Also will I be able to negotiate best rate during pre approval or the banks only negotiate when you have a finalised property?

Are this a good rates i got offered for eaely renewal from scotiabank.

I currently have two years left on my three year variable mortgage at 3.79 with TD. The best rate TD will offer me on a two year fixed is 4.59 or I can take a five year fixed at 4.79. Now I realize most people would say just stick with the variable and roll the dice, but in my opinion, I think the bank of Canada is going to do two rate hikes before the year ends and if that’s the case, my rate will be at 4.29 to start 2027. From what I have seen online most people believe that by mid 2027 we will have had four rate hikes which would bring my variable rate up to 4.79. So essentially I could be in mid 2027 with the same rate that I could lock in for right now for five years. Is there anybody that has an opinion on whether they’re locking in for five years at 4.79 is a foolish move. I think as long as Donald Trump is an office with these tariffs we are going to have a very strained economy, even if the Iran war or to end tomorrow, I still think you have to make it out of his presidency before things might turn around as far as interest rates go. I used the fix wise mortgage calculator based on my scenario and it says it would lean to stay variable, but when I change the circumstances, assuming that we have two rate hikes before the end of the year, it is strongly saying I should lock in.

I have asked RBC three times for a monthly amortization table for my mortgage, but they keep sending me something else. Has anyone managed to get one? If so, which department or person did you contact, and what exactly did you ask for?

 I recently started adding a little extra to my existing biweekly payments. My rate has also dropped since I entered into the mortgage agreement. I would like to see how RBC is applying those changes, and the effect on my payoff date and total interest.

 Have already built my own Excel schedule, but would like to compare it with RBC’s calculations for peace of mind.

 Is an updated monthly amortization schedule something RBC can provide? If there’s a specific name for the document I should request, would appreciate it.