Finances & Real Estate Mortgage Question !!!

Ask me any question about the mortgage!!! I will try my best to help you.

 

With mortgage rates going up this week, if a client goes through pre-approval can they lock in an interest rate for 3 months? Also, are there any penalties for not going ahead with a mortgage after pre-approval (besides the credit hit)?

 

It depends on the bank for how long. Some bank is not lock the rate for 3 months. There is no penalties for not going ahead with a mortgage after pre-approval. You can always shop around for different bank even they are the same rate. Sometime, the restriction for the mortgage are different.

 

My mtg up to renew in a month. I've got an offer from the current bank for 2.99% for 5 yr closed. Should I take it? or shop around? thx

 

I'd take it. You might be able to get 2.89% for a fixed 5 year closed but the posted rates at the big 5 are currently higher than 2.99%! Coast Capital is at 3.15%

 

BMO 5 year fixed is 3.09%, True North Mortgage is offering 2.89% 5 year fixed.

Most banks will lock for 90 days, some lock for 120 days.

 

I just asked, RBC, CIBC and BMO can do $2.99 for 5 yrs closed now. Really, there is not much difference b/w those five big banks, they can match each other.

I prefer to stay with a big bank for future opportunities, but don't know which one yet.......they are like Safeway or Save on food....Do you guys have any preference?

 

They're all kind of the same, though TD has better hours and their Select Service account is pretty good.

Factors that I would consider:
Location
Hours
Customer service at local branch
Existing bank accounts & investments
Existing branch relationship
Favourite colour?