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Locked: [Royal Bank] 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
140 posts
8 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
103 posts
54 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$
Newbie
Aug 12, 2018
44 posts
20 upvotes
Does RBC offer any cash gift for refinancing?
Sr. Member
Oct 2, 2013
687 posts
150 upvotes
Mississauga
received a 1.84% for 3 year fixed from RBC for renewal.
Deal Fanatic
User avatar
Feb 7, 2008
5789 posts
726 upvotes
Ottawa
I was able to get 1.89% 5 Yr fixed renewal with RBC last week
Member
User avatar
May 24, 2007
401 posts
112 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!
Newbie
Dec 18, 2011
84 posts
26 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.
Newbie
Apr 20, 2010
92 posts
11 upvotes
Etobicoke
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?
Newbie
Dec 18, 2011
84 posts
26 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.
Newbie
Sep 24, 2017
85 posts
42 upvotes
Calgary, AB
Will Scotia do a hard credit check for the emortgage application
Newbie
Oct 9, 2014
35 posts
8 upvotes
Vancouver
Renewed at RBC for 1.84% for 3 years.
Newbie
Jul 21, 2017
95 posts
22 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?
Newbie
Dec 18, 2011
84 posts
26 upvotes
MISSISSAUGA
aaleemm wrote: Renewal or new mortgage?
New
Newbie
Jul 21, 2017
95 posts
22 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 ?

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