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Fixed mortgage rates drop - From 1.78%

  • Last Updated:
  • Oct 9th, 2021 12:31 pm
[OP]
Jr. Member
Nov 18, 2013
157 posts
196 upvotes
Calgary

[TD Bank] Fixed mortgage rates drop - From 1.78%

2 year and 3 year : 1.78%
4 year : 2.02%
5 year : 1.89%

Just popped into td branch in calgary to discuss mortgage rates and was advised these are the best they can offer TD clients
Last edited by TomRFD on Sep 21st, 2021 11:37 pm, edited 1 time in total.
Reason: updated title
229 replies
Deal Addict
Feb 27, 2013
1880 posts
598 upvotes
Toronto
does this have an affect on variable rates as well?
Newbie
May 26, 2017
9 posts
44 upvotes
For reference, just got my mortgage end of August at 1.18% variable for 5 year term - 30 years. TD bank. With $2500 cash back.

I wonder if rates are still dropping?
Deal Addict
Oct 8, 2015
2013 posts
1787 upvotes
bbt230 wrote: For reference, just got my mortgage end of August at 1.18% variable for 5 year term - 30 years. TD bank. With $2500 cash back.

I wonder if rates are still dropping?
Wow I got 1.24% variable for 5 yrs and thought it’s already the best one on the market
Sr. Member
Nov 26, 2014
567 posts
1023 upvotes
Calgary, AB
naticom wrote: Wow I got 1.24% variable for 5 yrs and thought it’s already the best one on the market
HSBC has 0.99% with cashback for high-ratio.
Deal Addict
Nov 22, 2012
1509 posts
1329 upvotes
VANCOUVER
If we have a variable mortgage with TD, what are the options of moving to a fixed?
Deal Fanatic
Sep 1, 2004
7176 posts
6036 upvotes
b31770 wrote: If we have a variable mortgage with TD, what are the options of moving to a fixed?
Read you contract on penalty. There is no way TD won't charge you to switch.

Variable at 1.55 and fixed at 1.89. Why would you want to switch to fixed? Are you that bullish that Canadian economy is going to boom? Or you are worried about hyperinflation due to our debt created by Feds?
Deal Fanatic
Aug 31, 2010
5043 posts
3053 upvotes
XSnapSX wrote: does this have an affect on variable rates as well?
No. Fixed tracks bond yields, variable is prime.
asbraich wrote: HSBC has 0.99% with cashback for high-ratio.
OP quoted 30 year amort, which can't be insured. So, HSBC is no-go.
Deal Addict
Nov 22, 2012
1509 posts
1329 upvotes
VANCOUVER
Xtrema wrote: Read you contract on penalty. There is no way TD won't charge you to switch.

Variable at 1.55 and fixed at 1.89. Why would you want to switch to fixed? Are you that bullish that Canadian economy is going to boom? Or you are worried about hyperinflation due to our debt created by Feds?
My mortgage is not recent, so my variable rate is higher. I'm doing the math to see if it makes sense to lock in a lower fixed rate.

I read my contract, and have calculated the penalty to break it. But again, my question is what are the options if I wanted to STAY with TD and possibly convert my variable to a fixed. I truly don't know, so that is why I am asking.

Theoretically, the cost would be lower, and they would retain a mortgage, right?
Deal Addict
Mar 18, 2008
2766 posts
696 upvotes
Go to the Real Estate forum under Personal Finance. Any of the brokers who frequently post will beat this rate.
Deal Fanatic
Sep 1, 2004
7176 posts
6036 upvotes
b31770 wrote: My mortgage is not recent, so my variable rate is higher. I'm doing the math to see if it makes sense to lock in a lower fixed rate.
Figure out you penalty. I really doubt you'll come out ahead if you are only saving less than 0.5%. Longer remaining term, the worse the outcome.

They are known for not fighting for your biz until it comes close to renewal.
Newbie
User avatar
Dec 24, 2011
71 posts
67 upvotes
Toronto
wszeto28 wrote: Go to the Real Estate forum under Personal Finance. Any of the brokers who frequently post will beat this rate.
^ what wszeto28 said.

I got 30-year variable 1.23% just 3 weeks ago from TD Bank via a broker (PM me if you want me to refer you).
Member
Mar 7, 2011
499 posts
372 upvotes
Ottawa
bbt230 wrote: For reference, just got my mortgage end of August at 1.18% variable for 5 year term - 30 years. TD bank. With $2500 cash back.

I wonder if rates are still dropping?
High ratio? And did you go through a broker?
Deal Addict
User avatar
Dec 28, 2008
3528 posts
5307 upvotes
Langley, BC
im with RBC and mine is up in May 2022, what is the earliest to renew? i recall 3 months, but maybe there's some new rules i havent seen?
Newbie
Jul 1, 2021
35 posts
69 upvotes
I love how everyone is saying they have a lower variable rate when op is talking about fixed rates

You can debate variable vs fixed but to say you can get lower rates....

Also by the time it become obvious prime rates are going to go up, you can bet the banks will raise their fixed rates too
Newbie
Oct 16, 2019
4 posts
5 upvotes
TD employee here. This has no affect on variable rates and the 5 year rate is very good considering an interest rate hike is expected for 2022 (so I have been told).
Newbie
Feb 5, 2020
17 posts
36 upvotes
b31770 wrote: My mortgage is not recent, so my variable rate is higher. I'm doing the math to see if it makes sense to lock in a lower fixed rate.

I read my contract, and have calculated the penalty to break it. But again, my question is what are the options if I wanted to STAY with TD and possibly convert my variable to a fixed. I truly don't know, so that is why I am asking.

Check rates.ca or ratehub.ca

Theoretically, the cost would be lower, and they would retain a mortgage, right?
Deal Addict
User avatar
Jan 23, 2006
2828 posts
2119 upvotes
Inflation’s through the roof, but we keep pumping cash and lowering the interest rates.

Makes perfect sense…
iamalittlepepper wrote: Non of the Royal Purple is BMW qualified which voids your drivetrain warranty.. especially for those who owns the 3.0L N54 engine
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Jr. Member
Jul 13, 2016
112 posts
244 upvotes
I don't understand why a bank would penalize for moving from Variable to Fixed. The interest rate literally goes up a good jump, so they instantly start making more money. Plus the IRD scam in Canada means breaking a Fixed mortgage without using Martin's Mortgage Manoeuver can cost tens of thousands of dollars.
Member
Mar 29, 2019
355 posts
392 upvotes
Xtrema wrote: Read you contract on penalty. There is no way TD won't charge you to switch.

Variable at 1.55 and fixed at 1.89. Why would you want to switch to fixed? Are you that bullish that Canadian economy is going to boom? Or you are worried about hyperinflation due to our debt created by Feds?
Funny. To lock in 1.89 for 5 years is insane. That’s worth piece of mind.

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