I have to renew my mortgage and I didn't like the rates they offered on the loan renewal document so I decided to contact the "mortgage specialist" (whatever that is) and negotiate for a better rate.
My argument is essentially the Canadian economy sucks so the Bank of Canada will be forced to further lower rates over the coming months and I want to benefit from Canada's misery.
Besides, I am a good, loyal customer that never misses a payment and all that other good stuff.
The mortgage specialist unfortunately cannot authorize a lower rate (what the hell is the point of being a specialist if you can't do special things?) so they have passed my file on to their boss for review. I am really hoping the bosses' title is Mortgage Extraspecialist.
Fingers crossed. Lower mortgage payment= more sats.
Sats for all, GR
Good luck, Can you refinance mortgages in Canada?
Yes but there are usually penalties/fees associated with it. If I don't get what I want I will just renew for a year and if rates drop further as I expect I will get a better rate next year.
There is an art to making deals go agonizingly slow and grind them to near-halting. Good job on asking for the manager.
Haha I am the Canadian Karen.
We have your new intro nickname!
If the manager can't do it you should write a letter to Mark Carney himself. He has a background in finance, surely he can get to the bottom of this.
How low are you looking to go?
0%. Just kidding. I would be happy if they took 25 basis points off the current offered rate.
Gotta have goals!
I am interested on whether you get anywhere. I have dealt with mortgages of all kinds in the US for years. I don't think I have ever heard of discretion being permitted to deviate from daily published rates on residential mortgages.
Maybe it is possible?
Yes, I have done this before. I only got 10 basis points off the original rate but hey I will take it.
Still, that's fantastic.
Move to the US where the 30 year fixed can grant you golden handcuffs.
I will move to Texas and fly a Canadian flag and a 49ers flag outside my house. I am sure everyone will love me.
Could you wait till they lower rates?
I could but if you don't renew they just roll it over month to month at a very high rate. For a month or two it's not a big deal but can't do that for too long will be paying hundreds more a month.
I guess you'd be taking a calculated risk...just how many months will it take till they lower rates?
I think they will lower this month. Not sure when the next one will be after that.
Wait another week and you'll probably get it.
Smart move calling out the specialist who can’t specialize! You’re playing this right, betting on those rate drops.
LOL even only 25 basis points is a win!
Seems like people have fancy job titles without the autonomy everywhere in the world haha
Good luck! Hold your guns
Haha ain't that the truth.
Fingers croosed🤞Good luck
Good luck! How many years you looking to sign?
Depends on the rate I get. If it is good I will sign for 5.
No worries, keep posting in Stacker news will definitely make you specialist and make you stack more sats.