r/AskMortgageCanada

I’m a first-time homebuyer with a closing scheduled in four months. I’m putting 20% down and have been offered a 3-year fixed rate of 3.89% from RBC, along with cash back and Avion points. This rate was quoted today, May 19, 2026.

I’d like to explore whether other lenders can offer a more competitive rate or better overall incentives. Could you please let me know what options might be available?

I made my final payment on my mortgage and it is all paid off now. I have this letter from the bank for a discharge and I owe two cents. My question is do I do it or do I just keep it with the bank because I’ve read posts where your paid off home can get sold without the owner knowing once it’s paid off.

I’m up for mortgage renewal and I’m debating between the following:

Fixed at 4.18% for 3 years
Variable at 3.65% for 3 years

I’m leaning towards variable but I don’t feel confident. Any thoughts??? Much appreciated.

Hi, my 3 yr fixed insured mortgage with TD is coming up for renewal. Getting below offers from lenders on renewal for 5 yr Variable ( looking to sell in 2-3 year mark)

Mortgage $335,000 ( insured)

TD - 3.64 (Prime 4.6-0.96)

RBC - 3.45 + Transfer cost covered + $1000 cashback (Prime -1.0)

Servus - 3.5 + Transfer cost covered (Prime - 0.95)

When checking online mortgage calculator from TD and RBC , TD seems to have little advantage even though there rate is bit higher.

Is there any real benefit in switching lenders ( TD to others)? Am missing any hidden caveats?

What does this mean as part of our mortgage commitment letter and conditions - Solicitor to provide satisfactory signed disclosure prior to funding. Disclosure of what?

Mortgage broker sent for approval yesterday for us to get financing, she emailed me today asking if we planned on paying out any debt from the sale of our house, which we are once we close we will pay off my LOC and my husbands credit cards x 2.

But now I’m worried that our approval is at stake because she asked this.

Could have been a harmless question but is this typical or did the mortgage company come back and be like what is the plan for their debts?

I’m probably just anxious but maybe someone has something similar happen

Hi, first time renewal.

Spoke to advisor was informed that I'm getting .02% better online rate then what he has on his screen.

Original 30Yrs Current 24y 11m remaining. Outstanding 540K

How can I ask for better rate? Is what offered the only option? Don't want to leave RBC.

Appreciate guidance!

Purchase price: $930,000
Sown payment: 20%
Mortgage Amount: $744,000
Rate offered: 3.99 fixed or 3.60 variable (BMO) for 3 years.

First-time purchase, no debt, 800+ excellent credit score.

Any thoughts if there’s a chance I could get anything better?

What is the earliest date you can switch a fixed rate mortgage from TD bank to another bank without penalties. I heard it’s 30 days before the maturity date.
Is that correct?

RBC seems to be different and will only let you transfer on the maturity date.

Balance: 385000 ish

Amortization: 16 years 10 months

Lender: MCAN

I was able to lock in two rates a couple months ago.

3 year fixed 3.84%

5 year variable prime - 1.15 currently 3.30%.

I took the fixed initially but considering going back and asking to switch to that variable. We are currently paying 4.64% quite comfortably so we are ok if rates go up.

I know rbc has better rates for the fixed but I have a second position Heloc at prime (currently $0 balance) and RBC wasn't too keen on letting me keep it so the penalties for closing the heloc erase any rate savings.

Thought? Thanks in advance

Making a decision with my RBC mortgage specialist on Monday for a renewal. 3.62% 3 year fixed or 3.65% 5 year variable. Typically I would go variable, but with fuel prices going up, the end consumer feels that with everyday goods they buy and an increase in price, which is still to come i beleive. What do you guys think? What would you choose? Cheers 🍻

Mortgage: $425 000 (insured)
Bank: RBC
Current rate: fixed 5.95%
Maturity date: Nov 1, 2026

Current offers from RBC
3 years Fixed: 3.84%
5 years fixed: 4.04%
5 years variable: Prime -0.76%

Mississauga, Ontario. No penalty if we leave current 3 years fixed rate.

Are these considered decent rates? Should we lock in the rate through pre-mortgage approval and wait/see?

With TD home equity flexline (HELOC)

3 year variable uninsured - 3.45% with $4100 cashback

Is this a good rate atm?

Trying to figure out our best move here. We sold our house and it’s going to close in June. BMO is charging $8k to break our mortgage early (renewal is in July). They’ll waive the fee if we stay, but are only qualifying us for $1.2M
Meanwhile, National Bank is offering $1.4M at the same rate (3.5% 5 year variable).
I would like to stay with BMO to save the $8k, but I need the $1.4M for the area I’m looking in.
• How can two Big 5 banks have a $200k difference in qualification math? Both are cmhc
• Should I try to negotiate with BMO or just take the $8k hit and go with the higher approval?

Current mortgage details:

CIBC Fixed

Balance: ~$532k

Current rate: 6.09%

Maturity: Oct 2026

Current payment: ~$3,343/month

If I leave my current mortgage today, they told me the penalty would be around $9k.

CIBC is offering me an early renewal right now into a 3-year Flex Variable at Prime -0.65% (currently 3.80%).

My thinking is to take the early renewal now so I can immediately lower my rate and monthly payment, then continue shopping around with other lenders/brokers afterward. From what I understand, since it’s a Flex Variable mortgage, the penalty to break it later should only be around 3 months’ interest if I decide to switch lenders down the road. Mainly just trying to sanity check my thought process here and see if there’s anything I’m overlooking or should be aware of before signing.

Why are you choosing 3 Yr or 5 Yr fixed? Rates aside, what is your reason for choosing one and not the other.

Fixed rates only please.

Do you have a strategy?

A mortgage brokerage referred me to a lawyer. She is married to brokerage CEO but this wasn’t disclosed to me.

After an issue with mortgage occurred, a complaint was filed against brokerage

During dispute phase, the brokerage asked my lawyer for my file and she promptly gave it to them without asking me. I have asked her to send me their file request so I can see what they asked for, and to explain why she didn’t ask for my authorization. She has still not answered.

I raised the concern with the firm and they haven’t acknowledged/addressed conflict concerns.

questions:

who is responsible for disclosure? the brokerage, the law firm, both.

once I mentioned her husband‘s name in an email explicitly, my feeling is that she should have definitely disclosed the relationship and recused herself. (I didn’t know about relationship at the time). Is there any way she can say “there is no conflict”.

*added more context to nubbeh123’s reply below.

Looking to compare current mortgage rates in Ontario / GTA for uninsured mortgages.

Currently being offered with RBC and Scotia:
• 5 year variable at Prime -0.95% (~3.50%)
• 3 year fixed around 3.8% (RBC only)

Incentives:

Scotia : None
Rbc : $3500 cash and 55,000 avion points ( need to bank with rbc for this)

Curious what others are getting recently from banks or brokers for uninsured deals specifically (20%+ down, conventional financing, refinances, etc.).

Would be helpful if you could share:
• Lender
• Fixed vs variable
• Term length
• Insured or uninsured
• Any cashback or incentives

Trying to see how competitive Prime -0.95 is in the current market. Thanks!

I recently went to get a fixed rate mortgage from RBC. Currently on variable at 3.55%. I had heard a couple people on this sub say they had got around 3.65% fixed at RBC so thought it may be time to lock it in.

When I went to RBC and asked what they could offer in the ballpark of 3.65% they told me that switching from variable to fixed doesn’t get me the same rates as someone renewing or starting a new mortgage. So not the ones advertised essentially. This information was definitely left out when I renewed on a variable mortgage. They offered me 4.2% and I decided to hold off on switching but how am I to know now when I should be locking in if the rates I’m seeing aren’t what I’m eligible for? Can anyone speak to this process? I kind of feel duped. I’m still benefitting from two cuts since renewing, initially at 4.05% but now I feel I’m riding out variable for the next 4 years.