Quote:
Originally Posted by puckedoff
Are you going Variable? If not it doesn't really matter on the timing of your renewal vs. the October rate decision.
If you are going fixed, you want the BoC to hike rates to 10% before your renewal, which will crush the bond market's inflation expectations and get you a nice 5 year rate (and a likely recession).
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Fixed.
My current lender is off by .15% to the best 3 year fixed rate offered by my mortgage broker (About $1K extra per year). My current lender will match the rate from another lender only if I boost my monthly payments by 5%. I don't really want to boost the payments right now, but I will if I have to. I'm hoping that waiting the extra few weeks will allow me to get the matching rate without higher monthly payments and/or a potentially lower 3 year rate.
That and I'm hoping to stay with the current lender and add on a HELOC product. The other lender doesn't offer HELOC products. I'm meeting and advisor to discuss this in the coming weeks. I don't mind the current rates they're offering me and I'd accept them right now, but I might as well wait another 6 weeks or so and see if I get a more favorable outcome.