I currently hold a 5-year closed variable interest rate of 4.55% from both TD and RBC. My scenario includes a standard 20% down payment as a first-time homebuyer, and I plan to use the property as my primary residence. I am looking to see if there are any alternatives offering a lower rate than what I have. In fact, after some recent negotiations, RBC has adjusted their offer to approximately prime minus 1, which amounts to 4.45%. Could anyone suggest a better option?
hey sophia, you might wanna check out local credit unins or even some online lenders. i had a good experiance with one deal at about prime -1.2 once fees were considered. not many banks offer that low anymore, so its worth a look.
Hey Sophia, I’ve seen regional lenders offer competitive deals around prime -1.3 if structured well. I wonder if refining your financing details might unlock even better options. Have you explored any lesser-known banks or brokers recently? Would love to hear what unique alternatives you’ve come across!
Having analyzed several mortgage proposals over recent years, I suggest exploring mortgage brokers as they often have access to a broader range of competitive offers, including lower rates that might not be available directly from the major banks. My experience indicates that while the major banks provide reliability, local lenders or online institutions sometimes offer deals that result in overall cost savings when you factor in periodic rate adjustments and flexible prepayment options. It is also advisable to carefully read the fine print to avoid hidden fees that could offset any lower rate benefits.