Quote:
Originally Posted by EvoFire
^ I'm probably forgoing my cashback based on what you guys are saying, but my cashback isn't going to be enough to cover almost 10k of penalties (based on 3 month worth of interest)
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Yes, you're most likely correct on that. Without knowing your outstanding amount owed a cashback solely wouldn't cover the costs of switching lenders and 4.2% is a pretty competitive rate (dependent on your term)
Quote:
Originally Posted by Eff-1
5 YEAR VARIABLE
TD - 4.89%
CC - 4.79%
3 YEAR FIXED
4.39% (both)
5 YEAR FIXED
4.24% (both)
TD is our incumbent and according to our broker, we have to deal with TD directly, they don't work with brokers on a renewal. That said, sounds like you might have some leverage to ask for better.
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Brokers do not work banks for renewals that is correct but that shouldn't stop them from trying to get you (the customer) the best rates possible. That is why many shop for rates around renewals as the rates will be better as well as many lenders will absorb the legal fees just to get your business.