Quote:
Originally Posted by MarchHare
I also renewed my mortgage within the last year.
We went to our existing lender first and asked for their best rate. We also went to a mortgage broker to see if they could do better. When the broker saw what our bank was offering us, she said it was unlikely she could find us a better rate. The banks will apparently give existing customers very aggressive rates to keep your business if you've always been good about making all your payments.
It didn't come to this, but I was prepared to close all my accounts with our bank if they weren't willing to give us the best rate. If you threaten to take not just your mortgage but also your chequing, savings, RRSP, TFSA, credit cards, and any other accounts you have to a competitive, I suspect they'll make an offer that's to your satisfaction.
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Wow...mine sure didn't. I've been with the Royal Bank for 20 yrs, had my mortgage with them for the past 5. Never missed a payment and have pretty much all my finances with them with the exeption of investments.
Their best offer (at the time) was 3.5 variable over 5 yrs. Walked two doors down to a mortgage broker near my office and within 5 mins had 2.9 5 yr fixed.