Mortgage Renewal - WWBD?

[tha_bandit]

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Lol what does this mean? Other banks are also prime 6.7?

lol td has 'mortgage' prime, which is + from their regular prime

[88CRX]

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TD’s prime is currently 6.85%

Edit: holy fuck this bank makes things confusing for no reason… their variable mortgage prime is 6.85% and their flexline prime is 6.70%

[The Cosworth]

Following, I'm not due to renew for 18 months but Im a bit freaked out as I'm mid 2's now.

[littledan]

Renewal comes up Sep 1. Currently at 2.05%... FML.

[sabad66]

December here. Currently at 3.49 and not looking forward to it.

And to think only 2 years ago I was looking forward to renewing at a sub 2 rate and having a lower payment. I blame china

[ExtraSlow]

Always.

[R-Audi]

Im on a July expiry.. I tried out the online brokers and had mixed experience.

-True North: Took forever to get back to me, usually several days inbetween correspondance and their rates were mid range.

-Nesto: Provided initial quote and zero after

-lowestrates.ca: my contact was sent to Rocket mortgage and they have been great. Very personal and fast replies. Going with them, 3 year, 4.79%.

Best I could find.....

[ExtraSlow]

Have you talked to the mortgage broker that is a sponsor here on beyond.ca?
https://forums.beyond.ca/forums/186-...ages-Made-Easy

[2002civic]

following as we have a new house purchase coming up in August

[S-FLY]

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Im on a July expiry.. I tried out the online brokers and had mixed experience.

-True North: Took forever to get back to me, usually several days inbetween correspondance and their rates were mid range.

-Nesto: Provided initial quote and zero after

-lowestrates.ca: my contact was sent to Rocket mortgage and they have been great. Very personal and fast replies. Going with them, 3 year, 4.79%.

Best I could find.....

My fiance is a broker and said that if that's an insured mortgage then there's better rates out there.

[ercchry]

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My fiance is a broker and said that if that's an insured mortgage then there's better rates out there.

It would probably be insurable now (think originally it was uninsurable?) but it’s a conventional loan for sure… most likely worse than 65% LTV

[R-Audi]

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My fiance is a broker and said that if that's an insured mortgage then there's better rates out there.

Not an insured/high ratio mortgage.

[The Cosworth]

By the way, I've been dealing with CMLS in Vancouver and so far, I've had no issues with their service or pricing. However, I'm now considering getting a HELOC, even though I've never done it before. I think it's about time I start using it to finance my fancy cars.

I'm aware that simply adding a HELOC might not be possible due to potential complications with the mortgage company. Since the renewal is approaching, are there any factors I should take into account?

HELOC is not the main focus here. If it turns out to be too much of a hassle, I'll likely skip it again.

[max_boost]

Join the club
Use its powers

[ExtraSlow]

I'm with cmls through the mortgage broker that sponsors this forum and I have had no issues. Very straightforward to do prepayments and additional payments.

[killramos]

I used to have cmls. They were good.

[msommers]

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I think it's about time I start using it to finance my fancy cars.

Are HELOC rates a lot better than typical financing options?

[max_boost]

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Are HELOC rates a lot better than typical financing options?

Heloc just prime +0.5 give or take but remember you need to have enough he to get the loc lol

[max_boost]

Heloc is the dark side of the force lol for most it’s better to stick to conventional as it’s more natural lol

[msommers]

Rates must be estimated to come down a bit, or some promos are finally surfacing. Just plugged in a build for a new 4Runner: 36 months @ 5.79% to 84 months @ 6.29%. Prime is 6.7%.

lol 84 months