TD just announced some excellent fixed rates of its own. Hat's off to them for quickly countering RBC and BMO's new specials.
Lenders now seem to be jockeying for position given all the rate announcements today. There will likely be several more rate changes throughout the remainder of the week.
In the meantime, two quick reminders:
- As we convey here often, rate isn't everything. Compare a mortgage's features and restrictions in depth before applying.
- Shop around, or better yet, use the free services mortgage professional who can compare all the terms out there and has access to various unadvertised rate specials.
Just because you don’t pay a fee doesn’t mean the service is free.
Hi Traciatim,
Sorry, with respect to our point above, I wasn’t sure what you meant exactly. Can you elaborate perhaps?
The services of professional mortgage planners are always free for typical residential financing. (assuming our definitions of “professional” are the same)
The exceptions are commercial deals, private financing, etc.–which do not apply to the story above.
Are you referring to third party costs of some sort?
Cheers,
Rob
I think it’s good to see all this competition all of a sudden. For a while it seemed like fixed rates would never come down!!
Traciatim,
I’ve used a broker in the past, and am in the process of using one again, and it’s a free service.
I suspect this is one of those comments intended to take a swipe at brokers without taking the time to investigate the details.
The reality of it is that there are brokers who do in fact charge a fee especially in the “alternative market.” I am not one of them and am concerned that those brokers give consumers the impression that all brokers charge fees.
Hi Mortgage Lady,
That is very true and thank you for making that point.
Most would probably agree that agents who charge extra when they’re getting placement fees from the lender are far from “professional,” as portrayed in the story.
When the lender is providing compensation on a deal, broker fees are virtually unnecessary and counter-productive for our industry, as you so rightly point out.
Notwithstanding this point, even fee-based brokers should at least be able to compare options for the customer for “free.” Their broker fees are typically charged at closing. Again, run from any exceptions…
Cheers,
-Rob
I love this site! I’ve found by using this site that I’ve acctually caught my broker by surprise a couple of times. For those looking for 5 year fixed rates I just got one today from TD for 5yrs @ 4.29.
@Jay
The 4.29…how did you get that? How much negotiation? What leverage did you have i.e., do you have other services with them, etc?
I was quoted 4.49% at TD, and they said there are no exceptions.
Terry,
The only service I have with them is my mortgage. I called my branch rep and just asked her what was the best 5yr fixed rate I could get and she responded with 4.29. I’m presently in a 6 month fixed rate teaser mortgage @4.05 with TD. My mortgage is up on Jan. 31/09 and I have been going back and forth with my rep for weeks now. My Mortgage Broker had me locked in with Bank of Nova Scotia for 4.79 and TD would only offer 4.99% until this morning.
Jay,
well I seen branch employees get it wrong before, so if I were you, I would get a commitment offer on paper ASAP, or you might find that the 4.29 is a mistake….
I must be in a dream…Last May, I signed a 5yr open variable mortgage at 3.75%. In Oct, the rate dropped to 3.25$. In Dec it dropped again to 3.00%. I’ve done something right, but I have no idea what that is. What should I be looking out for? Will this drop continue or should I start seeing the rate go up again?
Blair,
you were right but I got lucky because they stood by the quote anyways. No hassles at all!