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  • Mar 4th, 2014 9:53 am
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[OP]
Member
Apr 30, 2009
319 posts
16 upvotes

Mortgage renewal !

I have a five year closed mortgage with RBC. Its up for renewal on June 2014.
What all point should i keep in mind when i start to shop around for mortgage? Is it better to go with a bank or mortgage agent? Heard about some horror stories about too many hits on credit score etc any truth?
Thanks in advance for sharing your knowledge and time!
11 replies
Deal Addict
User avatar
Jan 2, 2012
3343 posts
1164 upvotes
Toronto
Around 3-4 months before renewal date, talk to a mortgage broker and ask what the best rate is they can give you.

Then see what RBC will offer you to renew with them. If it's higher than the broker's rate, ask them to match it (since it's easier to stay with current lender vs switching). But if they can't match, then say bye bye to RBC and go with the new lender. Often a new lender will even help pay for any cancellation/discharge fees of your current lender in order for you to switch.
Deal Fanatic
May 1, 2012
8934 posts
6928 upvotes
Markham
Best 5 year fixed is 2.99 (according to laptop) with a 60 day hold? Something like that. Check out the mortgage thread, lots of good help there.

June is 3 months away, you should definitely be able to get a 2.99% 5 year fixed.

Don't bother with RBC, go with what is cheaper. At the end of the day, if pre-payment requirements are adequate for you, all you are doing is paying someone... albeit paying someone less. It's your money, you should try to retain more of it as opposed to shopping based on brand.
Member
Oct 21, 2005
484 posts
161 upvotes
I second the recommendation to get a broker. They tend to have more negotiating power due to the volume of mortgages they work with. Look up the term collateral mortgages and find out which banks to avoid.
Deal Fanatic
May 1, 2012
8934 posts
6928 upvotes
Markham
limmer21 wrote:
Feb 28th, 2014 10:48 am
I second the recommendation to get a broker. They tend to have more negotiating power due to the volume of mortgages they work with. Look up the term collateral mortgages and find out which banks to avoid.
+1 on that. I believe all of TD and ING are collateral, while RBC has conventional and collateral.

It's not horrible to have a collateral charge mortgage, as long as the benefits are utilized. Consult with a mortgage broker or your bank to see what suits you best. Everyone has different situations with different ideas.
Sr. Member
Nov 28, 2010
979 posts
167 upvotes
Toronto
rob444 wrote:
Feb 28th, 2014 10:23 am
Around 3-4 months before renewal date, talk to a mortgage broker and ask what the best rate is they can give you.

Then see what RBC will offer you to renew with them. If it's higher than the broker's rate, ask them to match it (since it's easier to stay with current lender vs switching). But if they can't match, then say bye bye to RBC and go with the new lender. Often a new lender will even help pay for any cancellation/discharge fees of your current lender in order for you to switch.
could not have been summarized better :)
Sr. Member
Nov 28, 2010
979 posts
167 upvotes
Toronto
I believe 3yr fixed is 2.79 these days (from a broker).
Banned
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Jul 16, 2003
10398 posts
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Toronto
yp_1 wrote:
Feb 28th, 2014 11:56 am
I believe 3yr fixed is 2.79 these days (from a broker).
There is a promo now with a 3y at 2.59%
Andre Oliveira - Mortgage Agent
Mortgage Intelligence - FSCO# 10428
Sr. Member
Nov 28, 2010
979 posts
167 upvotes
Toronto
laptop-tech wrote:
Feb 28th, 2014 12:02 pm
There is a promo now with a 3y at 2.59%
Thanks, good to know.
[OP]
Member
Apr 30, 2009
319 posts
16 upvotes
Should i keep a copy of my credit score/report(to avoid too many hits ) with me ,if so which one?
Sr. Member
Nov 28, 2010
979 posts
167 upvotes
Toronto
I was told (by broker) they don't check your credit score until you are ready to sign your life away, and this is done by the lender.
The cases you heard were probably related to the case when you apply directly with a bank/lender.
I could be wrong though.
Member
User avatar
Mar 1, 2012
375 posts
39 upvotes
when you sign a renewal with the same lender, is there any fees?

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