We are up for a renewal for Feb 1st and were offered 2.09% fixed, or a variable at 1.6%.
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I want to do more business with GTAM members!
- Thread starter black_CG2
- Start date
That’s still high on the fixed. Our guy said fixed was around 1.79% a few months ago and is lower now but I didn’t ask. MCAP.
mbroyda
Well-known member
TD offers 1.6 fixed or 1.45 veriable
Well we renewed at 1.64% for one year - staying with our lender First National. It's an investment condo and almost paid off, but we thought it best to do this and give us a year to decide if we want to take out a larger mortgage on it to pay off our house or buy another property.
We are with MCAP for our house and when we signed this 5yr with them back in 2018, they were the cheapest with good prepayment options.
We are with MCAP for our house and when we signed this 5yr with them back in 2018, they were the cheapest with good prepayment options.
Bank came back with more info.
First email was bollocks (no information on term, no information on monthly payments and somehow the mortgage was split in half across the two mortgages (I expected 30% in the 2nd mortgage), rate of 1.79 on 2nd mortgage). I replied with a lot of questions.
Second email from them was much better but still like pulling teeth to get useful info. For frogs snacks, they do this every day, why aren't they sending me useful information without prompting? They had added two years to the term, if I wanted to reconsolidate at end of term there would be a cost (cost not provided), somehow payments on existing mortgage are cut in half if I do this. This whole mess saves less than five figures over the next three years and sets me up for penalties (or chaos) when I try to renew with multiple mortgages on the same property. I think I'm sticking with what I've got.
First email was bollocks (no information on term, no information on monthly payments and somehow the mortgage was split in half across the two mortgages (I expected 30% in the 2nd mortgage), rate of 1.79 on 2nd mortgage). I replied with a lot of questions.
Second email from them was much better but still like pulling teeth to get useful info. For frogs snacks, they do this every day, why aren't they sending me useful information without prompting? They had added two years to the term, if I wanted to reconsolidate at end of term there would be a cost (cost not provided), somehow payments on existing mortgage are cut in half if I do this. This whole mess saves less than five figures over the next three years and sets me up for penalties (or chaos) when I try to renew with multiple mortgages on the same property. I think I'm sticking with what I've got.
Don’t you know? They’re doing you the favour of even responding to you.
This is why I’m done with BMO for mortgages. Has been such a pain in the ass over the years. We had no choice because our investment property was with them and after banks changed rules we couldn’t get a residential mortgage on a 6plex and couldn’t refinance because we would go to a commercial. Had over $1M in equity I couldn’t access due to their rules.
Final straw was when they promised Prime - 1% on a variable so we agreed and when we went to sign it was - 0.85% a few days before closing so we had no choice. The next property I pulled my mortgages from them because of that bs stunt.
before that it was ‘oh we know we promised you that 10% is fine but we need 20% the day before closing’ that was fun. Never ever ever ever again. Never.
The reason I am even considering renegotiating every year with the bank is because my broker did similar things. No worries, it will be approved, you'll get a great rate, yada yada yada. Then the rate shows up at the end 2% higher than I was paying on the last house. wtf. No time to go somewhere else.
Yup. Sounds about right. We found a broker with MCAP and are super happy.
was funny one day had a friend of a friend come for mortgage appraisal and after he gave us the numbers I said I’ll look around and let him know in 3 days.
got a response the next morning he doesn’t believe in people shopping around so he will pull my file and not to call again.
which was super lucky because he did have the best rate and I was just about to send him my confirmation of the mortgage about 30min later. So we signed with BMO as we didn’t have time.
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