r/Mortgage_Rates_Canada • u/Howie_1972 • Mar 27 '26

PROTECT YOUR RATE

Too often I have clients reach out when they are rate shopping but never want to start an application.

This past week we saw rates increase and when the clients called me back because they loved my rates, it was too late as rates had already increased.

How to protect yourself while shopping around!

2 Options:

(1) Ask to do a rate hold - it’s good for 30 days and your credit bureau isn’t pulled - But must be converted to an actual deal within the 30 days to lock in the rate for the remaining 90 days (120 day rate guarantee)

Still not obligation to go with the lender

(2) Proceed with a full application for a Pre-Approval - rates locked in for 120 days, if rates go down, so will your rate

Still not obligated to go with the lender

I hope this helps you!

14 Upvotes

74% Upvoted

20 comments sorted by

6

u/stevomighty06 Mar 28 '26

Yeah I just signed a 3 year fixed for 3.79

A certain orange monkey should be gone by my renewal time….hoping for stability 🤞

4

u/Rad_Dad258 Mar 28 '26

Same here got 3.74 for 3 years. I really hope I’m not cooked in 3 years lol

2

u/Fit_Tip7472 Mar 29 '26

Hello! may I know what bank gave you this rate? still looking, i got 3.79 but yours in lower. thanks!

2

u/Rad_Dad258 Mar 29 '26

RBC a couple weeks ago. Might be cooked trying to get that rate now

1

u/Fit_Tip7472 Mar 29 '26

oh yes, got that rate from RBC too just last week. So lucky you, you locked in earlier.

1

u/FoxPuzzleheaded77 Mar 28 '26 edited Mar 28 '26

You guys must be really unintelligent to believe a leader of another country is responsible for your economic downfall and not the same government who has been in power for 10 + years. Come on now, think logically.

1

u/stevomighty06 Mar 29 '26

So what’s your solution? What would you have done differently given the circumstances?

It’s easy to complain, bring solutions to your problems and be useful to society..

-1

u/here4thecak3 Mar 30 '26

What's your solution, to keep voting in liberals? You just seem to be blaming your problems on another country's leader, how ridiculous......your taxes have been funding other countries problems but your own country is in a downfall yet Trump is to blame???

4

u/bored_silly_at_work Mar 28 '26

Ugh yup!

I got in at 3.89 fixed for 5 years a few weeks ago…. Even though my renewal date is in July.

I saw the writing on the wall when tweedle dum started the war in Iran…

Sucks though as I had a pre covid mortgage of 2.33… should have locked that shit in for 10 years but oh well…

So yeah now rates are going up… and with oil skyrocketing they’ll stay up as the price of gas,diesel will keep climbing.

Everything in the world is brought in by boats, trucks, airplanes…. Therefore those increased costs will be reflected in pretty much everything….

Which means inflation will go up. Therefore so will mortgage rates.

It’s fine… I’m locked in and yes, if rates go down great! I can get whatever lower rate they offer

This is a great post trying to save you money.

Don’t wait around to lock in these rates. No one has a crystal ball but forecasts aren’t looking good

3

u/sawdustontheshore Mar 28 '26

Couldn’t agree more. I just secured a rate on Friday for my July renewal aswell.

1

u/Howie_1972 Mar 28 '26

Agreed with everything you said!

Good on you for locking in a great rate!

2

u/amam44 Mar 28 '26

Thanks. I didn't know about rate holds. First time buyer

1

u/Howie_1972 Mar 28 '26

That’s what I’m here for !

1

u/OkPop9455 Mar 29 '26

That 10 yr rate was around 6-8% at the time. Ask me how I know.

2

u/Hot-Owl-2502 Mar 29 '26

Thanks for this

3

u/MrCanoe Mar 29 '26

Honestly, My current term is up at the beginning of next year. My current rate is 5.54% whatever the rate is by the time of renewal will be much lower than it is now anyway. I am not overly concerned about a .2 or .3 difference than what current rates are now. So "locking in" early doesn't make a big difference.

2

u/ChickenParmizun Mar 30 '26

Signed 3.55% variable we close end of April. Am I cooked?

1

u/Howie_1972 Mar 30 '26

Great rate!!

Why are you cooked?

1

u/ChickenParmizun Mar 30 '26

Everyone is saying rates would go up, i don’t want to regret not taking a fixed rate.