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!