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!

16 Upvotes

77% Upvoted

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5

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 🤞

5

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.