RBC first to cut mortgage rates, five-year fixed rate of 2.84. Hope I can score a good rate in August when I renew for the last time.
I would call your bank in near the end of February. The competition for the spring MTG business is going to be fierce, which will be good for home owners. Ask them about early renewal. Many of them allow people to renew before the actual renewal date. (everyone has various rules on that) We allow 6 months, no fees or penalties. The banks won't really come out and offer it but I'm pretty sure they allow it.
Do you have to wait for a renewal to increase the size of your mortgage? Mine renewal is in August (it's a variable), but would rather do it before then.
it depends the individual FIs [everyone has various fine print]
as mentioned we'll allow people out to redo their mortgage up to 6 months from their actual renewal date.
you can renew into new terms without fees or penalties and also totally remortgage if you'd like.
I think some FI's only allow 3 months ahead.
(there's two types of variable rates) one is 100% open which allows you to do whatever you want at anytime.
but there's also a "closed" variable, which has some limitations. Our "mortgage campaign" is set to kick off February 2nd. That's when we'll change all our rates. It's crazy early this year. We usually do this in mid-March (after RSP season) but everyone wants to get a head start on the spring buying season. I think you'll see a lot of rate action by mid-Feb. My guess is RBC made an early move to get themselves in the news.
