The Official Mortgage Rates Thread

[canabiz]

i work for a bank (not retail banking) and i get 1.5% off the posted 5-year fixed. are there brokers out there that can beat that? (ex - posted rate now is 6.48%, so I would get 4.98%)

That would be excellent. I also heard that if you work for the banks (not sure if it involves retail banking or not), you can get a mortgage rate of 4% clear

[NeilMcduck]

Just got 4.95% for 5 years with 20/20 prepayments @ Scotiabank.

[SW20 MR2]

According to an RBC rep I've been talking to, the rate on a 5-year fixed closed dropped 0.05% today. He is currently offering me 4.94% for this term. I have no other products with RBC nor have I offered to move anything. He's my sister's friend and tells me that he only has authority to go 1.5% below the posted rate. Any more has to go through head office.

My banking is currently with PC. I will be going back to them to see if they are willing to budge.

[direct-x]

Can anyone confirm what the lowest rate RBC is offering is? I currently have a 5 year fixed term @ 5.09% with my RBC broker. This is for a zero down mortgage over 40 years.

I mentioned to my broker that RBC lowered their rate another .05% as mentioned in this thread, he said he had no knowledge of this.

[Kingmoo]

Can anyone confirm what the lowest rate RBC is offering is? I currently have a 5 year fixed term @ 5.09% with my RBC broker. This is for a zero down mortgage over 40 years.

I mentioned to my broker that RBC lowered their rate another .05% as mentioned in this thread, he said he had no knowledge of this.

I got 5.04% based on a 30 day closing period

EDIT: as of last night

[SW20 MR2]

This is what the RBC mobile mortgage guy told me on Saturday. Two weeks ago, he offered me 4.99%. This is 1.5% off of the then posted rate of 6.49%. I checked RBC's website last night, and sure enough, the posted rate was reduced to 6.44%, which is why he's now able to offer me 4.94%.

I mentioned to my broker that RBC lowered their rate another .05% as mentioned in this thread, he said he had no knowledge of this.

[direct-x]

I just left my broker another message. As of this morning, he claimed that he never heard of this rate drop (he acted super surprised, almost like I was trying to BS him)

[ARK]

My broker is offering me prime - 0.95 with Merix Financial

http://www.merixfinancial.com/

Does anyone know about this company?

[intravino]

What is a Cash Back Mortgage?

What are the positives and Negatives?

Thanks are sorry about this basic question,

intravino

[mcgillli]

Just curious...what kind of commission do mortgage brokers make?

[Hubster]

Just curious...what kind of commission do mortgage brokers make?

All discussed here: http://www.redflagdeals.com/forums/s...hlight=hubster

Hubster

[atta]

How do these 20/20 prepayment etc. deals works? You can pay off 20% of the total mortgage each year?

[bread1230]

Why don't you try P-1% variable

My broker is offering me prime - 0.95 with Merix Financial

http://www.merixfinancial.com/

Does anyone know about this company?

[mystical2003]

I just got 4.95% for 5-year fixed with BMO. With 20/20 payment options.

[mystical2003]

How do these 20/20 prepayment etc. deals works? You can pay off 20% of the total mortgage each year?

You can pay off 20% of the initial amount of your mortgage each year and/or increase the monthly payments by 20%.