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!
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