GreenMortgages wrote: ↑
Unfortunately, it is extremely unlikely that this mortgage broker has 3.09% from Scotiabank, obtained a week ago. Do you have anything in writing? Their rates have been well over 3.29% for quite some time. You may want to double check with the broker you're using. As for the costs to lock in - there usually aren't any, in some cases there is an administration fee. It's worth noting that you wouldn't get the highly discounted rates that the same lender is offering. Instead you would get their standard fixed rate.
Hmm okay, I will double check with the broker tomorrow. If he says it is from Scotiabank, I would feel hesitant to proceed. I will inquire about the variable rates as well - hoping to see if he can get me somewhere in the area of p-0.90% for a 5-year term.