MORTGAGE RATE INCREASE ALERT
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RBC has sharply increased their fixed-term mortgage rates and increased its posted 5-year fixed rate 6/10 of a percentage point, to 5.85%. That's the biggest one-day jump in posted rates since 1996. TD has also announced they are following suit and we're sure more lenders are to follow.
Below please find different scenarios and how we are proactively working to keep you at the lowest interest rate possible: If you have a fixed mortgage pre-approved with us (set interest rate): We have you covered and the current discounted rate shown on the pre-approval certificate we sent you is still in effect until the expiry date. If you have a VRM mortgage pre-approved with us (floating rate): We have kept your floating rate pre-approved but have also obtained a fixed mortgage rate guarantee as well just in case you change your mind once you find a suitable property. This 'rate guarantee' is just that - it's a rate hold but the lender has not underwritten your file. If you want to refinance your home before the rates increase: Please email, karen@gibbardhoffart.com before 8pm tonight and we'll get the rate held for you. In the meantime, you'll need to get your application in to us so we can submit it to the lender. Please click here and download the forms, complete them and either fax or scan & email them into me. Our fax number is 604-648-9974. Here's the information we need for your rate hold (please included all of this or the application for rate hold will be rejected): Name Phone number Email address Term desired Mortgage amount requested
If you want to be preapproved before the rate increase: Please follow the same proceedure for refinancing as above and email me before 8pm tonight with the following information to get a rate hold for you: Name Phone number Email address Term desired Mortgage amount requested Then kindly download and complete the application and get it to us as quickly as possbile (by fax or scanned & emailed) and we'll start working on it. You can download the form here.
If you have any questions, please feel free to email or contact Karen directly at 604-313-3199 x 111 or karen@gibbardhoffart.com |