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[Royal Bank] RBC 4 year fixed closed rate mortgage

  • Last Updated:
  • Apr 25th, 2019 12:35 pm
[OP]
Member
May 3, 2010
227 posts
231 upvotes
Toronto

[Royal Bank] RBC 4 year fixed closed rate mortgage

Mortgage wars are heating up

4 year fixed rbc mortgage is 3.24 , 3.27 apr

One advantage over the HSBC one is that it is portable, although no cash back offer
Last edited by modelle18 on Mar 16th, 2019 10:01 am, edited 1 time in total.
350 replies
Member
Apr 18, 2017
205 posts
330 upvotes
3.27? That doesn't seem like a good deal at all? Quick search shows a lot of places closer to 3.00. Def not a hot deal.
Deal Addict
May 12, 2007
1115 posts
270 upvotes
User131439 wrote:
Mar 16th, 2019 9:42 am
3.27? That doesn't seem like a good deal at all? Quick search shows a lot of places closer to 3.00. Def not a hot deal.
Links / details ?
Newbie
May 21, 2011
47 posts
70 upvotes
I would never go with a big bank. The difference between the RBC quote and the private lender i got my three year fixed mortgage from was $6000. In todays environment i think on renewal i would go variable with a private lender and pay the least.
Deal Fanatic
Feb 24, 2018
5957 posts
6195 upvotes
canin40 wrote:
Mar 16th, 2019 9:51 am
I would never go with a big bank. The difference between the RBC quote and the private lender i got my three year fixed mortgage from was $6000. In todays environment i think on renewal i would go variable with a private lender and pay the least.
When you're cashflow matching and you have a tenant, unless you have a significant portfolio of cash-flow producing assets, it makes sense to go with a fixed (or variant on fixed). It's more costly, but until you grow your portfolio, you may prefer a stable recurring obligation.

Everyone's different though.
Newbie
Jan 24, 2010
57 posts
46 upvotes
GTA
User131439 wrote:
Mar 16th, 2019 9:42 am
3.27? That doesn't seem like a good deal at all? Quick search shows a lot of places closer to 3.00. Def not a hot deal.
Devil's advocate, for a major bank, that is a good price. As recently as a month or two ago, the 4 year was hovering around 3.60% range. Brokers almost always provide better rates, but watch out for any fees/commissions/kickbacks, and once they are done with you, you are on your own ;)
Jr. Member
Dec 20, 2014
105 posts
57 upvotes
Mississauga
User131439 wrote:
Mar 16th, 2019 9:42 am
3.27? That doesn't seem like a good deal at all? Quick search shows a lot of places closer to 3.00. Def not a hot deal.
If you can share some links, trying hard to get good rates for renewal, the best I can score from big banks is 3.33 for 5 year fixed with $300-500 cashback (TD), 3.44 with CIBC and RBC. These are HELOC rates
[OP]
Member
May 3, 2010
227 posts
231 upvotes
Toronto
series1000 wrote:
Mar 16th, 2019 9:47 am
Links / details ?
contactng wrote:
Mar 16th, 2019 9:56 am
If you can share some links, trying hard to get good rates for renewal, the best I can score from big banks is 3.33 for 5 year fixed with $300-500 cashback (TD), 3.44 with CIBC and RBC. These are HELOC rates

The link is right in the original post...
Deal Addict
User avatar
Apr 27, 2005
1965 posts
284 upvotes
Scarborough
Why do people go with higher rates from bigger banks vs tier 2 banks and lenders?

They are giving you money to borrow for your mortgage so why does it have to be the big 5? As long as their reputation is good you should always go for the lowest rate regardless of who the lender is.
Deal Addict
May 12, 2007
1115 posts
270 upvotes
modelle18 wrote:
Mar 16th, 2019 10:00 am

The link is right in the original post...
My post wasn't directed at you OP.
Sr. Member
User avatar
Aug 10, 2006
972 posts
380 upvotes
When you're cashflow matching and you have a tenant, unless you have a significant portfolio of cash-flow producing assets, it makes sense to go with a fixed (or variant on fixed). It's more costly, but until you grow your portfolio, you may prefer a stable recurring obligation.

Everyone's different though.
i wasnt able to get a better quote from RBC without providing my client number, recent pay stubs and past T4s...
Deal Addict
User avatar
Apr 3, 2006
2336 posts
336 upvotes
If you have the option of going with a big 5 bank, at a similar rate to what the B lenders are offering, always go with that option. The antics B lenders pull during initial funding and renewal would make your skin crawl.

I see it day in and out as a real estate lawyer.
Deal Addict
Oct 2, 2013
1090 posts
758 upvotes
Montreal
hi-tech wrote:
Mar 16th, 2019 10:15 am
If you have the option of going with a big 5 bank, at a similar rate to what the B lenders are offering, always go with that option. The antics B lenders pull during initial funding and renewal would make your skin crawl.

I see it day in and out as a real estate lawyer.
I am with First National and it couldn't be easier to deal with them... Call the guy, come to my place, we talk and reach an agreement. Done.
Member
Dec 13, 2009
267 posts
85 upvotes
I have no affiliation with them, but use their mortgage calculator often... Ratehub.ca

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