Mortgage Renewal!

[msouther]

Hey Folks,

I know there are a lot of brokers and bankers on this website, so I will seek some advice or suggestions. I will be finishing up a 4 year term in the near future with RBC. I had a killer rate of 4.19% for that term which was awesome. Two things that I want are:

- low interest rate (who doesn't)
- perks (some sort of incentive or rebate from company)

I have been pretty happy with RBC and as the telecommunications industry likes to say, I am entangled. I have a mortgage, line of credit, credit card, RRSP's, RESP with them. For me to move that book of business I would have to have an excellent incentive.

Any recommendations on what I should do to ensure that I get the best deal? If you need any more info let me know as I am not shy about sharing details. Thanks!

[canadian_hustla]

good luck getting it in the 4.0%'s, i think you would be lucky to get a 5 year fixed below 5.8%


sad but true, the rates are going up.. prime hasn't moved yet, but when it does you can expect the rates to go up more..

[D. Dub]

PM me and I'll do the best I can for you.

[msouther]

I am not expecting to get anything lower than 5%, I was merely stating what my current rate is. Even when I locked that in it was a good deal at the time.

D. Dub, my renewal isn't until late in the year but when the time comes and I remember I will PM you. Thanks!

[2002civic]

with RBC you can get free banking having all of those products with them and they do offer better rates for better clients, such as yourself so I would suggest staying with them

[Weapon_R]

You can still get a very good interest rate right now. I locked a 5 year @ 5.240% and it would have been lower if I had better credit.

As for incentives, you could consider a cash-back program and do some renos to your house with it, but the lenders aren't stupid and they'll raise your rate just enough to make it back.

[tictactoe2004]

Originally posted by 2002civic
with RBC you can get free banking having all of those products with them and they do offer better rates for better clients, such as yourself so I would suggest staying with them

tell me more, my 5 year is up in january.. I do all my other banking through RBC already. What will they do for me?

[el-nino]

msouther,
Sounds like you have a great understanding of where your money is going. That is awesome.
Working as a mortgage agent i have had the opportunity to meet many people in different kinds of industries. Oil and Gas, Various blue colar workers. ect ect. The most common thing with the more successful "clients" is they always ask me what is the best return I will get with my money as well as where is the best service that is offered. Rate is the last thing they worry about - although it is still very important.
What I suggest is to talk to a mortgage broker as well as a financial advisor. To me, this sounds what you are looking for. Low rates, which a broker can provide and great return on your money which a planner can also provide. It also sounds like you need some sort of incentive to move your business? I am pretty sure you can work that out with anyone. To me, the incentive is service. Service, service, service. Im sure you have a great banker at RBC but I am also sure that you have been tossed around with many employees and sales reps and yada yada yada. Using a broker and planner you get the opportunity to have that 1 on 1 that you deserve. As a mortgage agent these are my 2 cents!

[HRD2PLZ]

As a Realtor with a few investment properties I know where you are coming from. We all want the best possible rates with second to none service from our banker. I follow the old addage "don't put all your eggs in one basket" so I have credit cards, savings/chequing accounts, RRSP's, investments, etc with various financial institutions. I trust my financial advisor's and I am extremely happy with the banks that I deal with on a day to day basis. One thing I would always use is a Mortgage Broker, they have access to the best rates and terms while providing a very personal service. I did use a bank for my first mortgage but it has nothing but Mortgage Broker's ever since and I have not looked back. Ultimately you do have to look out for yourself and from my experience the banks just can't touch the rates and product available to Mortgage Broker's.

There is a few mortage broker's on Beyond, so I would recommend talking with one of them if you don't know one yourself. I have not dealt with any of them on a personal basis as of yet, but D. Dub's name is one that comes up quite frequently on this forum and I have yet to read anything negative about his service.

Best of luck with your renewal

[calgarycoffee]

When discussing rates, have the rates from ING and discount online mortgage rates and use as info to obtain the best rate. The banks will match the rate. - they know you have done your homework. DO NOT LEAVE mortgage renewal till the last month - do this a few months before it is time to renew. The major banks will match the rate, as long as your credit rating is good. Also ask for NO FEE BANKING, presented right, they will give you the no bank fees, and that's a saving of 250 - 300 per year.