I currently have a 5-year closed variable rate mortgage at 4.55% from both TD and RBC. As a first-time homebuyer making a standard 20% down payment with the home set as my primary residence, I’m exploring if any provider can offer a superior rate.
UPDATE: RBC has adjusted their offer to a rate of prime minus 1, which brings the total to approximately 4.45%.
Interesting update! Have you explored any credit unions or alternative lenders? Their deals might offer better rates or flexibility. I’m curious, what else factors into your decision beyond the quoted rate?
hey, try checking out some local lenders - sometimes they offer lower base rates if you dig into the fine print. i found rates can look good initially but may hide extra fees. best to compare overall costs too.
My personal experience suggests that the headline rate is only part of the story. When comparing mortgage offers, it is crucial to consider the overall cost including fees, prepayment penalties, and the flexibility of repayment options. At one point, I compared a credit union’s offer to a traditional bank’s and discovered that even though the base rate was slightly higher, the lower overall costs and flexible terms made it a better bargain. Evaluating your personal financial strategy and long-term goals is essential when weighing these factors.
Have you considered sticking with your current bank but negotiating adjustments? I’m also curious about whether hidden fees or flexibility win out over the headline rate. What factor is most important in your decision?
Over the past few months I’ve researched online aggregators and individual lender sites outside of the usual big banks. I discovered that while headline rates can look quite competitive, the overall value can be significantly affected by terms such as prepayment penalties and processing fees. Some local institutions and credit unions offer deals that aren’t prominently advertised, which might result in lower overall costs. It is important to thoroughly vet each option and consider both the interest rate and the fine print to ensure the best total package.