Sorry, this offer has expired. Set up a deal alert and get notified of future deals like this. Add a Deal Alert

Expired Hot Deals

Sorry, this offer has expired.
Set up a deal alert and get notified of future deals like this.
Set up a Deal Alert
Royal Bank

Locked: RBC new 3-4-5 year mortgage rates

  • Last Updated:
  • Oct 27th, 2020 11:44 pm
Newbie
Sep 8, 2020
2 posts
2 upvotes
I think the RBC Rate drop is to catch up with the other banks.
My RBC Mortgage Specialist told me today to reconnect in a couple weeks and we're going to submit for them to match other rates I've been offered. Their point was RBC usually plays catch up when it comes to being as competitive as other banks.

I'm looking to break my mortgage with BMO by the end of the month and sign for a 5 yr fixed (non CMHC). Want to refinance so we have access to the built up equity in the home under a line of credit in case we need it... Our credit scores are mid 800s, property in Mississauga. Principal left ~930K

Here's what I've gotten so far:
RBC 1.92% 5yr fixed 25 yr amort (said it will be lower when we re-submit), 5yr var 1.80% right now; 2.5K cashback, incl appraisal and legal fees; Contact predicts RBC rates will drop in fall to match other banks.
BMO 1.82% fixed 25 yr amort (calling in to their renewal team); have to talk to branch contact to see if they will incl the appraisal fees (likely will).
CIBC 1.82% fixed 25 yr amort (spoke to them today, contact said their rate just went down today and likely can request another 5bps so 1.77%); 1.75% variable. Contact predicts rates will go up slightly in Winter.
TD I haven't connected with them since last month. Last we spoke they had offered fixed 2.14% and var 1.89% but since then I know they must have fallen. Will update once I connect with them as well.
Tangerine they advertise 1.99% 5 yr fixed. The contact I spoke with said they should be able to beat BMO's 1.82% 5yr fixed. I'll find out Friday what they come back with. What makes Tangerine interesting is their HELOC is prime -0.1%, where as all banks are usually prime +0.5%. I'm trying to push the banks to offer me lower HELOC to get closer to Tangerine.

Now in terms of what are the pros and cons of each institution, I'm not sure? Does anyone have a summary? RBC told me Tangerine is usually very restrictive in what options they allow to their clients (ie breaking mortgage with them could cost more??). If anyone has a good summary, please share!
Jr. Member
Feb 19, 2008
161 posts
12 upvotes
I tried to match scotia 5yr 1.79% or td 1.82 and they refused
Rbc is not matching anyone
Jr. Member
Aug 1, 2010
113 posts
60 upvotes
The lowest I've gotten is 1.78% 5 years fixed with TD this is for a refinancing and 2300$ cash gift

BMO offered 1.74% 5 years fixed cash gift is only 700$
Banned
Aug 12, 2018
77 posts
62 upvotes
Does RBC offer any cash gift for refinancing?
Sr. Member
Oct 2, 2013
889 posts
314 upvotes
Mississauga
received a 1.84% for 3 year fixed from RBC for renewal.
Deal Fanatic
User avatar
Feb 7, 2008
5861 posts
777 upvotes
Ottawa
I was able to get 1.89% 5 Yr fixed renewal with RBC last week
Member
User avatar
May 24, 2007
428 posts
123 upvotes
FWIW 1.80% 5-year fixed for a renewal at Simplii yesterday. Mortgage is uninsured.

No negotiating.

Quoted rate was 1.92 a couple of weeks ago, and then dropped this week.

No cash gift.

Cheers!
Jr. Member
Dec 18, 2011
115 posts
34 upvotes
MISSISSAUGA
Got approved for 1.89% for 5 year fixed uninsured 30 year amortization from RBC with 2500 cash back and appraisal fees waived. They're also throwing in home insurance for 18 months.

On the other side, TD quoted me 1.78% for 5 year fixed uninsured 30 year amortization with 2500 cash back and appraisal fees waived.

This all started with me trying to get them to match my Scotia eHome rate of 1.78%. I suggest starting with this online application and trying to get the big banks to match.
Jr. Member
Apr 20, 2010
185 posts
47 upvotes
Kleinburg
eep832000 wrote: Got approved for 1.89% for 5 year fixed uninsured 30 year amortization from RBC with 2500 cash back and appraisal fees waived. They're also throwing in home insurance for 18 months.

On the other side, TD quoted me 1.78% for 5 year fixed uninsured 30 year amortization with 2500 cash back and appraisal fees waived.

This all started with me trying to get them to match my Scotia eHome rate of 1.78%. I suggest starting with this online application and trying to get the big banks to match.
Would your TD quote be lower on a 25 year amortization?
Is this property over 1 million?
Jr. Member
Dec 18, 2011
115 posts
34 upvotes
MISSISSAUGA
evan_chu wrote: Would your TD quote be lower on a 25 year amortization?
Is this property over 1 million?
According to the TD specialist I'm talking to, yes it would be lower on a 25 year amortization. My property is over 1 million.
Jr. Member
Sep 24, 2017
187 posts
73 upvotes
Calgary, AB
Will Scotia do a hard credit check for the emortgage application
Newbie
Oct 9, 2014
84 posts
51 upvotes
Vancouver
Renewed at RBC for 1.84% for 3 years.
Jr. Member
Jul 21, 2017
165 posts
38 upvotes
eep832000 wrote: Got approved for 1.89% for 5 year fixed uninsured 30 year amortization from RBC with 2500 cash back and appraisal fees waived. They're also throwing in home insurance for 18 months.

On the other side, TD quoted me 1.78% for 5 year fixed uninsured 30 year amortization with 2500 cash back and appraisal fees waived.

This all started with me trying to get them to match my Scotia eHome rate of 1.78%. I suggest starting with this online application and trying to get the big banks to match.
Renewal or new mortgage?
Jr. Member
Dec 18, 2011
115 posts
34 upvotes
MISSISSAUGA
aaleemm wrote: Renewal or new mortgage?
New
Jr. Member
Jul 21, 2017
165 posts
38 upvotes
price31 wrote: The lowest I've gotten is 1.78% 5 years fixed with TD this is for a refinancing and 2300$ cash gift

BMO offered 1.74% 5 years fixed cash gift is only 700$
Insured or non insured ?
Sr. Member
User avatar
Jan 14, 2004
855 posts
98 upvotes
CIBC has a 1.78% 5Yr Variable Quick Close 60day with $3000 cashback right now (Uninsured in my case/+20% Down) if mortgage comes out of a cibc account. Not sure if it would be the same for a renewal as im purchasing.
Newbie
Aug 16, 2009
69 posts
5 upvotes
My offer for RBC renewal:

3 year fixed 1.84%

4 year fixed 1.89%

5 year fixed 1.99%

5 year variable 1.8%

Pretty Standard - nothing special
Jr. Member
Aug 1, 2010
113 posts
60 upvotes
aaleemm wrote: Insured or non insured ?
Non-insured
Newbie
May 28, 2020
83 posts
93 upvotes
Experts, I have been offered 1.85% fixed, uninsured, 25 yrs amortization from TD.
Tried Scotia eHome and getting 1.88% for same.
What do guys think about this ?
Is it a sweet deal to close now with TD ? I have a closing in another 3 weeks.
Any tips/suggestions are highly appreciated.
Newbie
Sep 8, 2020
2 posts
2 upvotes
RagaAmber wrote: Experts, I have been offered 1.85% fixed, uninsured, 25 yrs amortization from TD.
Tried Scotia eHome and getting 1.88% for same.
What do guys think about this ?
Is it a sweet deal to close now with TD ? I have a closing in another 3 weeks.
Any tips/suggestions are highly appreciated.
Are they offering cashback?

Top

Thread Information

There is currently 1 user viewing this thread. (0 members and 1 guest)