How to get a better loan rate from your bank

Canada’s big banks are being squeezed by low interest rates and slowing demand for loans and mortgages. That means they’re more willing to compete for your business. Bank profits depend heavily on what’s known as the interest rate spread. These institutions take deposits in the form of chequing and savings accounts that pay little interest…


Banks hike mortgages by up to 25 basis points

TD Canada Trust and RBC are raising some of their fixed-term mortgage rates by as much as one-quarter of a percentage point, beginning Wednesday. Both bank’s five-year mortgages, one of the most commonly chosen by homeowners in Canada, will rise 0.25 of a percentage point to 5.44%. “Mortgage rates typically go up when bond yields…


A third of Canadians Curbing holiday spending

With the holiday season nearing, Canadians are planning to temper their spending with almost one-third (31 per cent) saying they will spend less on holiday expenses this year, according to a recent RBC survey. Furthermore, more than half (55 per cent) plan to keep their holiday spending flat and almost one-in-five (18 per cent) say…


RBC credit card rewards grocery purchases

Royal Bank of Canada has launched a cash back reward credit card offering 5 percent cash back on grocery store purchases until December 31, 2010. The standard cash back rate on the new RBC Cash Back card is 1 percent on purchases.. “The RBC Cash Back card lets you spend your cash back however you…


RBC launches Personal Financial Management

RBC today launched myFinanceTracker, Canada’s first online financial management tool integrated into an online banking system. myFinanceTracker will automatically categorize transactions, track expenses and provide advanced budgeting capabilities for all personal banking and credit card accounts. “myFinanceTracker will help our clients save time and money while managing their finances,” said James McGuire, vice president, Digital…


The pros and cons of hybrid mortgages

According to the RBC survey results, most of us still prefer a fixed-rate mortgage, where the rate of interest is fixed for a specific period of time. With this kind of mortgage, you lock in your mortgage interest rate to a specified rate for a term as long as 10 years. The benefits of a…


Combination mortgages increasing in popularity

The popularity of combination mortgages is on the rise, according to new survey from Royal Bank of Canada. According to RBC’s 17th Annual Homeowners Survey, 40% of Canadians who are likely to purchase a home within the next two years plan to take out a combination mortgage — which offer both fixed and floating rate…


RBC offers new mortgage option for Canadians

One of the biggest decisions facing Canadian homeowners is choosing between a fixed or variable-rate mortgage. RBC has re-introduced a third option, called RateCapper, which provides an alternative for homeowners seeking the potential interest savings of a variable-rate mortgage combined with the security of a fixed-rate mortgage. With the RBC RateCapper mortgage, the interest rate…


Rock-bottom loans a thing of the past as mortgage rate rises

The era of rock-bottom mortgage rates ended with a crush of work for mortgage brokers and bank-loan officers. It started Monday with a flood of homebuyers looking for last-minute approvals to sneak in under the wire before interest-rate increases went into effect the next morning — signalled in announcements by RBC and TD that they…