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Christine&Mike
PostPosted: Fri Aug 10, 2007 2:31 pm 
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Posts: 323
I know with Royal Bank - because they work with Mattamy, have locked rates for as long as 18 months.

Will typical mortgage brokers or other banks also lock in a rate for that long? If not, what's the maximum length of time?

Thanks in advance,
Mike
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dakaardian
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PostPosted: Fri Aug 10, 2007 4:18 pm 
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On a new house, any bank will lock for at least 12 months
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christinajackson
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PostPosted: Sat Aug 11, 2007 7:28 am 
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With TD Canada Trust you can lock in a rate for 120 days on anything that is not a new build (ie. mortgage renewal, refinance, purchase of resale home...). As for newly built homes our program depends on the site. For the Mattamy site in Milton we can lock in the rate for 24 months.

Hope this helps. :D

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Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com
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Matt
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PostPosted: Sat Aug 11, 2007 8:22 am 
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Location: Phase 13, Barr Crescent, Thistle Bay A
I used first national and I believe that they are 120 days.

The locking in though is kind of a scam in my opinion. The RB locked in for me 11 months before closing (that is when I bought) and they ended up trying to match First national a week before closing. They could not do it unless I waived the Brick gift certificates. I told them to take a hike and thanked them for wasting my time with all the forms and faxing over the previous months!

Matt
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hockeymortgagemom
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PostPosted: Sat Aug 11, 2007 8:50 am 
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Location: Heathwood- Playfair Terrace
Scotiabank holds rates for 18months however, you have to go through me! haha

Branches can't do a builder cap, it is a special program I have through my channel of the bank.

If you are interested at all, just let me know, i'd be happy to help.

Jessica :)
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christinajackson
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PostPosted: Sat Aug 11, 2007 10:22 am 
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Matt wrote:
The locking in though is kind of a scam in my opinion. The RB locked in for me 11 months before closing (that is when I bought) and they ended up trying to match First national a week before closing.


This is typical if rates have declined since your rate was locked in...as has been the norm over the last 4-5yrs. Locking in a rate is merely an insurance policy if rates increase between the time you purchase the home and time you close.

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Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com
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Christine&Mike
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PostPosted: Mon Aug 13, 2007 6:07 pm 
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Thanks everyone for your responses.

We do have our preapproval with Royal but will want to shop around. Jessica and Christina, I'll be in touch. :)

Thanks again,
Mike
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christinajackson
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PostPosted: Tue Aug 14, 2007 7:28 am 
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Mike & Christine,

I look forward to hearing from you :D

_________________
Christina Jackson
Mobile Mortgage Specialist
TD Canada Trust
T: 647 292 7597
F: 905 377 1634
P: 866 767 5446
email: christina.jackson@td.com
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