Fixed mortgage rates drop - From 1.78%

AceMagnet wrote: ↑ I'm currently with CIBC and I'm do for renewal, BMO offered me 1.25 variable for 5 years.
CIBC came back with an offer of 1.28 variable for 3 years or 1.33 for 5 years.
Is the CIBC offer decent?
It's a big headache switching banks and paying penalty fees and all my banking is with CIBC.
What do you guys think?

AndrewHill wrote: ↑ I think the CIBC offer is decent for sure, especially considering your banking is there, and leg work involved etc. .08% or 8bps isn't much difference. You can compare the "true cost difference" between the two rates here: https://www.ratespy.com/mortgage-rate-comparison-calculator

Dealgains wrote: ↑ Just spoke to my BMO mortgage specialist contact today. BMO has a special variable rate promotion running from Nov 16 to Nov 30. You can get 1.15% for 5 years variable with 25 amortization owner occupied, uninsured (20% down or more). Also, if you're switching from another bank they will cover your discharge fees and FCT (legal fees).

Panpanda wrote: ↑ Is this in the GTA? Can you send me your contact please?

Dealgains wrote: ↑ Sure, will do! And yes he is based out of GTA but the mortgage specialists are able to do the mortgage anywhere in Canada as the application is done remotely(online/over the phone) and you just need to go to your closest local branch to sign the documents once everything is approved.

Dealgains wrote: ↑ Sure, will do! And yes he is based out of GTA but the mortgage specialists are able to do the mortgage anywhere in Canada as the application is done remotely(online/over the phone) and you just need to go to your closest local branch to sign the documents once everything is approved.

Cadbawdbawks wrote: ↑ For those of you interested in 5 year fixed, my contact has been able to secure between 2.41% to max 2.51% at TD depending on mortgage size and amortization. Larger mortgage size and lower amortization (25 year or less) will typically get the lower rate. Seems like this is the lowest available 5 year fixed rate across the board (at a bank) right now given how high rates have climbed over the past few weeks.

anotherbargainhunter wrote: ↑ Can you share your contact please?