can anyone confirm if this is a internal deal ? i am trying to renew with TD and can only manage 2.5 5 yr fixed.
HSBC
HSBC 5-year fixed mortgage 2.39% + up to $1500
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- ProjecT84
- Jr. Member
- Jul 13, 2008
- 128 posts
- 71 upvotes
- silverele
- Deal Addict
- Apr 9, 2010
- 2842 posts
- 3454 upvotes
- Toronto
I don't know about 2.35%, but I know you can get 2.39%. I saw it on a sheet of paper and our advisor (an old friend) said it was the employee rate. Try saying you know HSBC is offering 2.39 for 5 years and maybe mention that you know the employee rate is the same. If it doesn't work, try finding a more senior advisor elsewhere. Good luck!
- mau_mau
- Deal Addict
- Feb 24, 2008
- 3583 posts
- 2275 upvotes
- Mississauga
What branch gave you that rate? My bro works for TD (a SBB mgr) and he can't get that rate as an employeeps3playa wrote: ↑I was able to leverage this 2.39 with TD and secure 2.35 5yr fixed closed with them. Reading the thread makes me realize that I must have lucked out. I'd like to point out that I have all my banking and CC with them with high-balance in accounts and high-limit Visa with no missed payments.
Edit: the approval took a total for 3 working days.
- tido88
- Banned
- Mar 12, 2010
- 1281 posts
- 53 upvotes
- Aurora
Is this how they lure you in, with low rates, than jack them back up after couple of years?
- houska
- Deal Addict
- Feb 25, 2007
- 1570 posts
- 1131 upvotes
- Ottawa
To a certain extent yes, in that HSBC is currently super keen to grow market share (see e.g. https://www.theglobeandmail.com/globe-i ... e35083777/ ). When your mortgage comes up for renewal in 5 years (unless paid off by then, of course), there's no reason to suppose HSBC will be equally keen then. But there's no reason to suppose they will be worse than average, similarly for any other lender. But anyone signing for a collateral charge mortgage in particular, with any institution, must be mentally prepared to have to pay some $ and move to a different lender once current mortgage term is up if the renewal terms they are then offered are sufficiently worse than other offers in the market.
- ps3playa
- Sr. Member
- Nov 6, 2011
- 707 posts
- 377 upvotes
- Calgary
- Navon01
- Sr. Member
- Nov 21, 2007
- 663 posts
- 103 upvotes
Based on my experience...
Have a mortgage with HSBC at 2.35% when they offered it 3months ago. HSBC service sucks and process is extremely slow! Took 2.5 months! Non of the other big 5 would come close to the 2.35 in feb so had no choice.
Have another mortgage with BMO and they matched current HSBC offer at 2.39%. Service at bmo is much better and process took 2 weeks.
Please educate yourself on TD mortagages! As of 2010 TD only offers a collateral mortgage. There are some serious pros/cons to collateral vs conventional. I do all my banking with TD and because they only offer collateral I went elsewhere.
Have a mortgage with HSBC at 2.35% when they offered it 3months ago. HSBC service sucks and process is extremely slow! Took 2.5 months! Non of the other big 5 would come close to the 2.35 in feb so had no choice.
Have another mortgage with BMO and they matched current HSBC offer at 2.39%. Service at bmo is much better and process took 2 weeks.
Please educate yourself on TD mortagages! As of 2010 TD only offers a collateral mortgage. There are some serious pros/cons to collateral vs conventional. I do all my banking with TD and because they only offer collateral I went elsewhere.
- craigslist123
- Deal Addict
- Nov 4, 2012
- 1145 posts
- 545 upvotes
I went to TD and they matched 2.39%...even better...i went for variable for 3 years at 2.15%. I had the option to pick 2 years at 2.19% as well
- canine80
- Jr. Member
- Sep 5, 2014
- 135 posts
- 160 upvotes
- calgary
I also got 2.39% from TD today in Calgary
- stryder1587
- Deal Addict
- Sep 14, 2007
- 1001 posts
- 386 upvotes
- Toronto
My HSBC person straight up lied to me. She explained that for conventional, I'd have to pay a $225 disbursement fee + legal fees to break the mortgage and set up a new one with another institution at the end of my term if I wanted to shop for a better rate then which is what you'd need to do in a collateral charge mortgage.
- tido88
- Banned
- Mar 12, 2010
- 1281 posts
- 53 upvotes
- Aurora
Thanks for sharing. New home buyer here. What are the costs of switching institutions term end for conventional vs collateral mortgage?Navon01 wrote: ↑ Based on my experience...
Have a mortgage with HSBC at 2.35% when they offered it 3months ago. HSBC service sucks and process is extremely slow! Took 2.5 months! Non of the other big 5 would come close to the 2.35 in feb so had no choice.
Have another mortgage with BMO and they matched current HSBC offer at 2.39%. Service at bmo is much better and process took 2 weeks.
Please educate yourself on TD mortagages! As of 2010 TD only offers a collateral mortgage. There are some serious pros/cons to collateral vs conventional. I do all my banking with TD and because they only offer collateral I went elsewhere.
- herrdude [OP]
- Deal Addict
- Jul 8, 2011
- 1726 posts
- 1894 upvotes
- WESTMOUNT
So I contacted RBC through 1-800-769-2512 as my mortgage with them has come due. I told them about the HSBC offer. I gave them the webpage info and they submitted the information to see if they could match.
They called me back offering 2.39% for five or 2.29% for four years. They wouldn't offer the cash back though. I will probably go for 5 years.
They called me back offering 2.39% for five or 2.29% for four years. They wouldn't offer the cash back though. I will probably go for 5 years.
- herrdude [OP]
- Deal Addict
- Jul 8, 2011
- 1726 posts
- 1894 upvotes
- WESTMOUNT
This explains fairly clearly the differences: http://www.mortgagewisefinancial.com/mo ... -mortgages
- gr33nscr33n
- Member
- Jan 14, 2017
- 300 posts
- 245 upvotes
- Toronto
TD matched the 2.39% for me on my renewal. Didn't want to go through the hassle of switching out of the collateral mortgage so this works nicely.
- Messerschmitt
- Banned
- Jul 17, 2008
- 11042 posts
- 3878 upvotes
That article makes it sound that if you have collateral, it's impossible to shop for rates once the mortgage is up for renewal. Did I read that right? or is it only "during" the 5 year term or whatever term you signed up?herrdude wrote: ↑ This explains fairly clearly the differences: http://www.mortgagewisefinancial.com/mo ... -mortgages
How does this hold when mortgage is up for renewal 5 years from now and let's say half the mortgage got paid (was 200k initially, now it's 100k)
I got a 2.3% fixed rate with Scotia, but it's a collateral because of STEP which will include a HELOC. Mortgage is not yet finalized, should I drop the HELOC in order to make the mortgage conventional?
- e1e0n
- Sr. Member
- Apr 26, 2004
- 987 posts
- 61 upvotes
- Thornhill
Does it mean any mortgage with HELOC is collateral? Does it mean only way to get out of it to discharge (after term is up)? I do not really understand why...herrdude wrote: ↑ This explains fairly clearly the differences: http://www.mortgagewisefinancial.com/mo ... -mortgages
- Messerschmitt
- Banned
- Jul 17, 2008
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- stryder1587
- Deal Addict
- Sep 14, 2007
- 1001 posts
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- Toronto
If it's combined together mortgage + heloc, it's collateral.
Doesn't matter if you borrow, they approve you for the mortgage + heloc amount, it acts like a potential liability. It assumes at any moment you can take the full amount of HELOC out, no questions asked.
Doesn't matter if you borrow, they approve you for the mortgage + heloc amount, it acts like a potential liability. It assumes at any moment you can take the full amount of HELOC out, no questions asked.
- e1e0n
- Sr. Member
- Apr 26, 2004
- 987 posts
- 61 upvotes
- Thornhill
So in this case, only way out is to discharge mortgage? Well, the cost is not that big and moving mortgage to other lander is not a big deal I suppose. Of course if current lender will think they can charge me twice of the market rate there is no way I will stay with them.
- Messerschmitt
- Banned
- Jul 17, 2008
- 11042 posts
- 3878 upvotes
Were would one did the discharge fees? And this discharge fees applies even during the renewal period right?
One can still pay as much as he wants to the mortgage principal before starting a new term correct?
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