Prime minus mortgage rates....

[88CRX]

Is anyone still handing out prime minus .25/.50 mortgage rates on varible terms?

Have an appointment at RBC this week to finalize some stuff and want to know what to expect.

Thanks.

[Jeremiah]

My variable rate is 3.85 right now with ATB financial.

Started at 4.25 in June.

[el-nino]

No.
Lucky to get prime plus .6. My best variable rate is prime plus .8

[el-nino]

Also, let me know what rbc offers. Using a broker can be beneficial most times.

[Masked Bandit]

I haven't seen a prime minus anything in quite a while now. My mortgage guy says they don't have anything right now either. I'm glad I've got another four years on my term. Hopefully by then things will be back to normal.

[rizfarmer]

If you were lucky [smart] enough to get one in the last year, now you are laughing.

as for what to expect, just look at RBC's mortgage rates. Your branch should have at least 100bp discretion on posted rates so he can do better than the posted rates.

And if you find lower advertised rates just print them off and he'll most likely match it if you are a qualified borrower

[4DoorGTZ]

I got a renewal in Oct for prime minus .25, was hoping for better but didnt try to negotiate for better, dunno if I'd have got any better.

[bspot]

I went for a 1 year fixed because variable mortgages are such bullshit right now.

I would have been going from 2.85% to 4.6% if I stayed variable.... and they wonder why people are spending less and the economy is as good as the smell of a dead hooker left in the trunk of a car all summer.

For one year I got a 4.0 and I'm hoping things are back to normal by next January.

[tictactoe2004]

I just got prime with RBC not that long ago, 3.5% FTW :)

[max_boost]

Just curious, what are HELOC's sitting at? Still prime?

If you have enough equity in your home, wouldn't you rather just go that route instead?

[hedge]

I'm with RBC, I must have got the prime - .5 because I'm currently paying 3% on my variable mortgage (negotiated in August). My credit line is at 3.5%.

[Sorath]

^_^ prime minus .9 with firstline(cibc)

[tictactoe2004]

Originally posted by hedge
I'm with RBC, I must have got the prime - .5 because I'm currently paying 3% on my variable mortgage (negotiated in August). My credit line is at 3.5%.

That's wicked. I'm think they're charging prime + .5 right now, I got my prime rate negotiated in October.

[prae]

Originally posted by tictactoe2004


That's wicked. I'm think they're charging prime + .5 right now, I got my prime rate negotiated in October.

RBC wanted prime+0.8 for a closed variable and +1.0 for an open....

[in*10*se]

2.65 right now for me. (mortgage started in 2006)

prime minus .85

[Nufy]

I just got prime on my new HELOC.

[88CRX]

Taken from RBC's website....

variable closed:
prime +0.8% = 4.3%

variable open:
prime +1.0% = 4.5%

4 yr closed:
4.69%


Kinda interested in that 4 year closed..... guess I'll see what they're able to offer.

[Jeremiah]

4 yr closed which means you're locked into that rate?

I think i may try to find a rate like that, would like to lock in to something low :)

thanks

[el-nino]

Rates also depend on your credit score. If you have a score above 650 you can most likely get these rates. If you have a score lower than this number it can be difficult getting you the rates that you want.
Keep in mind that Lenders are cautious now a days. These days its much harder to negotiate a mortgage even with the Bank of Canada's rates at an all time low.
Personally I wouldn't go with a variable rate. I prefer to know what my mortgage payments are per month and I like to feel comfortable knowing that. This is only because I am business for self. Some months are good some months are not so good.
Historically Variable rates are lower than fixed and are usually a great product to choose. I guess i'm just having a hard time justifying prime plus .5 to prime plus 2 percent when a year ago I can get my clients prime minus 1 percent.

[rss]

Originally posted by in*10*se
2.65 right now for me. (mortgage started in 2006)

prime minus .85
same here . and a prime - 0.15 aswell

[prae]

Originally posted by 88CRX
Taken from RBC's website....

variable closed:
prime +0.8% = 4.3%

variable open:
prime +1.0% = 4.5%

4 yr closed:
4.69%


Kinda interested in that 4 year closed..... guess I'll see what they're able to offer.

just did a 4yr closed for 4.59

[canuckcarguy]

Originally posted by bspot
I went for a 1 year fixed because variable mortgages are such bullshit right now.

I would have been going from 2.85% to 4.6% if I stayed variable.... and they wonder why people are spending less and the economy is as good as the smell of a dead hooker left in the trunk of a car all summer.

For one year I got a 4.0 and I'm hoping things are back to normal by next January.

Lots of economists are betting for inflation by next year, I'd be worried that after 12 months, you'll be lucky to get 5 or 6%. I'd stay variable, even at prime plus, or go 6 months, even at a higher rate - If I was a betting guy, I'd say this summer 5-year rates will bottom out... but nobody knows for sure.

[JRSC00LUDE]

I'm on an RBC variable since sept., 3.4% right now.

[old&slow]

Westcor offers good rates...amyone hear of them?

[Sailz]

prime-.75 with firstline

[el-nino]

people who are posting there rates of prime minus whatever please let us know if you got that rate now or in the last 2 months. If you did you were extremely lucky if not the OP was asking if it is still offered.

[whodiman]

The banks started taking the discounts away in Mid October. Has anyone gotten a HELOC at prime since then?

[sputnik]

Originally posted by canuckcarguy


Lots of economists are betting for inflation by next year, I'd be worried that after 12 months, you'll be lucky to get 5 or 6%. I'd stay variable, even at prime plus, or go 6 months, even at a higher rate - If I was a betting guy, I'd say this summer 5-year rates will bottom out... but nobody knows for sure.

I think you mean deflation.

[ExtraSlow]

I think he means INflation.

[blownz]

Originally posted by whodiman
The banks started taking the discounts away in Mid October. Has anyone gotten a HELOC at prime since then?

I just tried increasing my HELOC by 100k and I was told no chance of it being at prime like my current HELOC is. Prime plus 1 now I was told.

Really sucks for me because my mortgage is renewing in a few months and I don't want something at prime plus. I was hoping to increase my HELOC and paying off the mortgage that way. I still might, only problem is half will be at prime and half at prime plus 1. I hope things change in the next few months.