Mailbag: Long-term Closes

Mortgage-Mailbag Question:  I heard that the longest rate hold I can get is 120 days. What should I do if my house isn’t closing for 153 days? – Shirley McCullough

Answer:  A couple of lenders now offer 180-day rate holds.  National Bank is one of them, through its broker channel.  Its rate is pretty reasonable for long-term rate assurance. (For a 5-year fixed, it’s in the 4.09% range depending on the mortgage planner you use).

The nice part is this:  If National Bank is offering a lower “90-day rate,” three months from your closing date, you can switch to that better rate. On the other hand, if rates go up, you’re protected.

National’s 6-month rate holds are a handy solution for folks closing in over 120 days.  Talk to your mortgage planner for more details.

More Stories
OSFI stress test announcement
Homebuyers to Face More Stringent Mortgage Stress Test After June 1
Copy link