+1. Montreal area, 20% down, 450k, closing date end-November.Rosa1234 wrote: ↑Hi everyone
We are first time home buyers near Montreal looking to finance a 275K mortgage (after 20% downpayment) with a 5 year fixed term for payment stability. BMO is offering us their Smart Fixed product with a 2.39% for 5 years. All their standard product options apply with the 10% extra and 10% per year lump sum. The RBC has offered us 2.49% for 5 years, with double-up payments and 10% yearly lump sum. After negotiating with them a bit, they offered 500$ cash as well. We refused the HELOC so it isn't their homeline product, it's a conventional mortgage.
I was able to get 2.34 with 1000$ cash back with BMO and their smart mortgage. But I realised later that I can not break the mortgage unless I sell the house. And the penalty that goes with it is significant. So we moved away from BMO smart mortgage.
I shopped around to see if we can find a decent rate with a low/decent breaking penalty (low IRD). The best I could find was First National (@2.49%+no collateral charge+15%/15%+double-up paym. but no cash back).
If anyone has something better with similar or better conditions as above, please PM me.