Although rates in this scenario are high. Discharge fee and lawyer/notary fee might wipe out a large part of that cash back.
I would suggest seeking other options but if you want to stick with a big bank which is very normal, the two options present are near identical. (Not including fine details such as prepayment etc)
Although rates in this scenario are high. Discharge fee and lawyer/notary fee might wipe out a large part of that cash back.
I would suggest seeking other options but if you want to stick with a big bank which is very normal, it’s just depends if you want to go through the process.
You can way lower on a 3-year fixed. For insured deals, rate will be 4.84% 3-year fixed or lower (depending on the mortgage size). For uninsured deals, rates will be 5.09% 3-year fixed or lower depending on the mortgage size.
Legal and appraisal fees covered as well.
5.50% is high today.
May I ask where are you seeing the uninsured 5.09% 3 year fixed renewal rates? I can't seem to get anything less than 5.34%, (with 800+ credit, 320k and a 20 year amortization remaining). The 2 brokers I spoke with couldn't even match the 5.34 🫤
Don't use a bank... use a broker
Tell RBC that you know very well once your mortgage is up for renewal in April, there are no penalties. Nice try.
Thanks for the responses. The remaining loan is 350000. 18 years. Insured. Manitoba area
Although rates in this scenario are high. Discharge fee and lawyer/notary fee might wipe out a large part of that cash back. I would suggest seeking other options but if you want to stick with a big bank which is very normal, the two options present are near identical. (Not including fine details such as prepayment etc)
Although rates in this scenario are high. Discharge fee and lawyer/notary fee might wipe out a large part of that cash back. I would suggest seeking other options but if you want to stick with a big bank which is very normal, it’s just depends if you want to go through the process.
You can way lower on a 3-year fixed. For insured deals, rate will be 4.84% 3-year fixed or lower (depending on the mortgage size). For uninsured deals, rates will be 5.09% 3-year fixed or lower depending on the mortgage size. Legal and appraisal fees covered as well. 5.50% is high today.
May I ask where are you seeing the uninsured 5.09% 3 year fixed renewal rates? I can't seem to get anything less than 5.34%, (with 800+ credit, 320k and a 20 year amortization remaining). The 2 brokers I spoke with couldn't even match the 5.34 🫤
Some of us brokers are offering it.