You can get Simplii at p+0.5 with only $300 for set up.MooseEdm wrote: ↑ I switched my mortgage to Think at Prime-1.2% a few days ago, but I still have a HELOC with Manulife One that I would like to move someplace else. The reason is that it has a monthly fee and since I am not taking my mortgage to them, the intrest on the HEOC will go up by 1%. Think can give me a HELOC at Prime+0.5, with about $1K in set up costs. What are the best deals when it comes to a HELOC? Do sometimes lenders cover some of the costs if you want to have a HELOC but the mortgage on the property is not with them?
Geez- does this mean lenders wouldn’t honour their pre-approval locked-in rates? I got one from Scotiabank and RBC.SaskCanesFan wrote: ↑ Well 2 phone calls later and both went *exactly* as expected. We're sorry but rates have changed (gone down) so we've of course put our rates up, and you are no longer eligible for the previous rate discounts. No, it doesn't matter that you started your application with us when rates are better, we don't care, but we'd love to be able to help and assist you.
Bunch of criminals, all of them. Meanwhile I did an online pre approval Friday night at 730pm with Tangerine and had an email locking in my 2.19/3 year fixed rate within less than 12 hours, no hassle and no problems. That makes it pretty easy to narrow down who I want to deal with anyways, even if the rates of Simplii and HSBC go back down.
Thank you for the update! That being said, this really irks me...How is it their right to move their Prime at their own discretion, especially for existing customers that signed up for a variable rate mortgage? The government should fix this!
How long were you placed on hold. Been trying to reach them but I been holding for the last 4hrs.karina_duong wrote: ↑ Just got off the phone with RFA Bank/Street Capital. They will adjust their prime rate to 2.95% effective April 1, 2020. RFA adjust their rates monthly at the beginning of each month.
I've also received my mortgage renewal offer with RFA today. I was a former Street Capital client. They offered 5 yr fixed variable at Prime minus 1%. Pretty good...
MooseEdm wrote: ↑I switched my mortgage to Think at Prime-1.2% a few days ago, but I still have a HELOC with Manulife One that I would like to move someplace else. The reason is that it has a monthly fee and since I am not taking my mortgage to them, the intrest on the HEOC will go up by 1%. Think can give me a HELOC at Prime+0.5, with about $1K in set up costs. What are the best deals when it comes to a HELOC? Do sometimes lenders cover some of the costs if you want to have a HELOC but the mortgage on the property is not with them?
Tangerine shows their HELOC at p-0.1%, doesn't mention anything about setup costs or monthly fees. I don't know if there is fees or you need your mortgage to be with them, maybe someone on here has a HELOC with them and can advise?budwizestest wrote: ↑ You can get Simplii at p+0.5 with only $300 for set up.
Took them long enough. Yet rate increases are communicated much faster.Elec2016 wrote: ↑ This is from MCAP's website:
MCAP Prime Rate Update:
MCAP intends to change its Prime Rate to 2.95% effective April 1, 2020. This is consistent with other major Canadian Financial Institutions. MCAP is mindful that market conditions are rapidly evolving and we reserve the right to change our position at our sole discretion.
If you've got something on paper with a rate then you'd hopefully be ok. Though a couple pages back people were saying they had agreed to a certain rate with RBC by email, only to be told afterwards that sorry, we can't actually do that. Banks seem to really be using the right to change their mind at any time lately, so may not hurt to double check.JacobV91325 wrote: ↑ Geez- does this mean lenders wouldn’t honour their pre-approval locked-in rates? I got one from Scotiabank and RBC.
their rate is most competitive but unfortunately you have to have mortgage with them.SaskCanesFan wrote: ↑ Tangerine shows their HELOC at p-0.1%, doesn't mention anything about setup costs or monthly fees. I don't know if there is fees or you need your mortgage to be with them, maybe someone on here has a HELOC with them and can advise?
Sadly they won’t go in 2nd positon (ie: you need your “mortgage” with them). Try Motusbank as they have a good rate (prime) and will go in 2nd. YMMV on negotiating away their setup fees (similar to Think so ~$1k).SaskCanesFan wrote: ↑ Tangerine shows their HELOC at p-0.1%, doesn't mention anything about setup costs or monthly fees. I don't know if there is fees or you need your mortgage to be with them, maybe someone on here has a HELOC with them and can advise?
Interesting...my existing Heloc is prime plus 0.5 and I’m at 3.45 on it right now. So they definitely are using 2.95 on some mortgage products...georvu wrote: ↑ They have a "different" prime for mortgages.
Higher of course at 3.10%.
See link for small font that TD puts, disgusting!!
https://www.td.com/ca/en/personal-banki ... age-rates/
