Buying down the rate
- Thread starter MikeMcC874
- Start date
- Joined
- Aug 31, 2007
- Messages
- 493
QUOTE (electricianhoward @ Oct 18 2010, 09:34 AM) I called TD again. NO lucky. My bank is located in downtown TORONTO.
howard,
I went in in person and talked to them. I think it may be easier to get a "yes" in person unless you have a relationship with your branch manager. I also should have mentioned that I have 2 bank accounts, a credit card and I`ve been doing business with them for over 25 yrs. I think that`s longer than my present bank manager`s actually been alive.
I don`t know if it helps to mention that they are lowering the rate for "others" and ask to find out why you don`t qualify. "no" is not a good enough answer when others are getting "yes", if they are going to say "no", at least have them explain why so that you address those reasons.
good luck,
Terri
howard,
I went in in person and talked to them. I think it may be easier to get a "yes" in person unless you have a relationship with your branch manager. I also should have mentioned that I have 2 bank accounts, a credit card and I`ve been doing business with them for over 25 yrs. I think that`s longer than my present bank manager`s actually been alive.
I don`t know if it helps to mention that they are lowering the rate for "others" and ask to find out why you don`t qualify. "no" is not a good enough answer when others are getting "yes", if they are going to say "no", at least have them explain why so that you address those reasons.
good luck,
Terri
- Joined
- Aug 30, 2007
- Messages
- 13,879
QUOTE (electricianhoward @ Oct 15 2010, 04:07 PM) I called TD bank. no luck, HELOC is still 4%. Anyone got better rate from TD?
I have a HELOC at prime (used to be prime + 1) with ATB .. but you have to ask .. and they had to get approval "up the hierarchy" ..
I have a HELOC at prime (used to be prime + 1) with ATB .. but you have to ask .. and they had to get approval "up the hierarchy" ..
QUOTE (terri @ Oct 15 2010, 07:10 PM) yes, my heloc with Td is back to prime--3%.
My heloc with td had a 1-year fixed term @ 2.45%.
When they sent me the offer to renew at the end of September, their rates were 3.5% for 1-year or 3.9% for 2-year, etc.
I spoke with the branch manager and negotiated 2.35% for 1 year or 2.65% for 2 years. It`s been a great pleasure working with the people at TD. Not only because they offered me good rates, but also because they treated me as a valued customer.
Cheers,
Irene
My heloc with td had a 1-year fixed term @ 2.45%.
When they sent me the offer to renew at the end of September, their rates were 3.5% for 1-year or 3.9% for 2-year, etc.
I spoke with the branch manager and negotiated 2.35% for 1 year or 2.65% for 2 years. It`s been a great pleasure working with the people at TD. Not only because they offered me good rates, but also because they treated me as a valued customer.
Cheers,
Irene
I have 3 mortgages with CIBC and I haven`t been successful in negotiating the rates down. I went in the branch to speak with the bankers twice in the last 2 years. I still have two years left and I am paying 5.99%! The balance of the mortgages are low though, only about $150K in total.
CIBC has done the calculations for me and it appears that with the penalties and legal fees, it`s not worthwhile to refinance. I don`t want to do an early renewal because I am planning to sell one or two of the properties. Maybe my best bet is to talk to a branch manager and see if they can absorb the legal costs. I don`t know if the deals are too small for them. The value of my properties ranges from $120-$150K.
Has anyone been able to get a rate reduction on a fixed mortgage? Is CIBC less flexible than other banks? Who has had any good experience with CIBC?
I don`t know if there`s anything I can do to lower my mortgage expenses. I have a loc with an 2.35% interest rate. I`ve used it to make a prepayment on one of the mortgages. Should I do that for my other two mortgages too?
Thanks for your help.
Irene
CIBC has done the calculations for me and it appears that with the penalties and legal fees, it`s not worthwhile to refinance. I don`t want to do an early renewal because I am planning to sell one or two of the properties. Maybe my best bet is to talk to a branch manager and see if they can absorb the legal costs. I don`t know if the deals are too small for them. The value of my properties ranges from $120-$150K.
Has anyone been able to get a rate reduction on a fixed mortgage? Is CIBC less flexible than other banks? Who has had any good experience with CIBC?
I don`t know if there`s anything I can do to lower my mortgage expenses. I have a loc with an 2.35% interest rate. I`ve used it to make a prepayment on one of the mortgages. Should I do that for my other two mortgages too?
Thanks for your help.
Irene
- Joined
- Jan 29, 2008
- Messages
- 1,025
QUOTE (ildong @ Nov 1 2010, 02:38 PM) I have 3 mortgages with CIBC and I haven`t been successful in negotiating the rates down. I went in the branch to speak with the bankers twice in the last 2 years. I still have two years left and I am paying 5.99%! The balance of the mortgages are low though, only about $150K in total.
Negotiating a lower rate on a fixed mortgage is not the same thing as negotiating a lower rate on a line of credit and/or HELOC. With a fixed mortgage, you can take it elsewhere, but they`ll still get the payout penalty (probably large in this case). With a HELOC/LOC, you can write them a cheque tomorrow and end the relationship, which should give you more leverage.
Michael
Negotiating a lower rate on a fixed mortgage is not the same thing as negotiating a lower rate on a line of credit and/or HELOC. With a fixed mortgage, you can take it elsewhere, but they`ll still get the payout penalty (probably large in this case). With a HELOC/LOC, you can write them a cheque tomorrow and end the relationship, which should give you more leverage.
Michael
- Joined
- Sep 18, 2007
- Messages
- 1,230
QUOTE (terri @ Oct 31 2010, 08:53 AM) howard,
I went in in person and talked to them. I think it may be easier to get a "yes" in person unless you have a relationship with your branch manager. I also should have mentioned that I have 2 bank accounts, a credit card and I`ve been doing business with them for over 25 yrs. I think that`s longer than my present bank manager`s actually been alive.
I don`t know if it helps to mention that they are lowering the rate for "others" and ask to find out why you don`t qualify. "no" is not a good enough answer when others are getting "yes", if they are going to say "no", at least have them explain why so that you address those reasons.
good luck,
Terri
Terri when is the next time you`re in Beamsville??
I went into the branch in person today and was informed by the manager that she had talked to her manager who explained to me they wouldn`t even consider lowering the HELOC rate unless the client had minimum of $400K in assetts at TD.
So either its your good looks and charm or you`ve got plenty of cookies stored at TD (or both)
I went in in person and talked to them. I think it may be easier to get a "yes" in person unless you have a relationship with your branch manager. I also should have mentioned that I have 2 bank accounts, a credit card and I`ve been doing business with them for over 25 yrs. I think that`s longer than my present bank manager`s actually been alive.
I don`t know if it helps to mention that they are lowering the rate for "others" and ask to find out why you don`t qualify. "no" is not a good enough answer when others are getting "yes", if they are going to say "no", at least have them explain why so that you address those reasons.
good luck,
Terri
Terri when is the next time you`re in Beamsville??
I went into the branch in person today and was informed by the manager that she had talked to her manager who explained to me they wouldn`t even consider lowering the HELOC rate unless the client had minimum of $400K in assetts at TD.
So either its your good looks and charm or you`ve got plenty of cookies stored at TD (or both)