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…


TD announces special fixed rate mortgage if you want to lock-in

TD Canada Trust lowers seven and 10 year special fixed rate mortgage offers, effective March 11, 2011. “With talk of the possibility of interest rate increases in the future, more and more borrowers, especially first time homebuyers, are considering locking into a longer term mortgage at a fixed interest rate,” said Chris Wisniewski, Associate Vice…


B.C. residents are experienced homebuyers and savvy about their mortgage options

For B.C. residents, it’s home sweet home – for now. They have owned many homes and don’t stay in any for very long. One in five has owned more than five homes according to the TD Canada Trust Repeat Home Buyers Report, which surveyed Canadians who have either purchased or intend to purchase a home…


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…


All Big Five banks raise five-year mortgage rates

With a late-day announcement yesterday, Bank of Montreal became the fifth of Canada’s Big Five banks to raise its mortgage rates this week. BMO hiked its five-year fixed-rate closed-term mortgage by 60 basis points to 5.85%, matching increases announced earlier in the day by Canadian Imperial Bank of Commerce, Bank of Nova Scotia, National Bank…