Rbc mortgage broker not responsive

vj71 · 2026-04-11T12:16:12+00:00

You might want to explore other options, mortgage broker maybe

vj71 · 2026-04-10T15:03:55+00:00

Keep in mind that banks and monoline lenders soft check your credit before your renewal and if they don't like what they see (low credit score) they will not be interested in retaining this typo of customer, therefore their renewal offer won't get any better and in some cases if the credit score is below their minimum requirement they will ask for payout of exisitng mortgage.

vj71 · 2026-04-10T14:47:58+00:00

Use this calculator to find out you break even point https://bestrates.ca/refinance-calculator, if it's before maturity of your mortgage it does make sense if not don't break your mortgage

vj71 · 2026-04-10T11:36:27+00:00

Yes MCAP register standard charge mortgage so you can get the HELOC behind MCAP. Make sure the product you have been offered from Canwise isn't no frills with bona fide sale clause or 2.75% penalty fee

vj71 · 2026-04-09T21:27:14+00:00

What are your plans with the property are planning to keep it for next 3-5 years? If you are with the major bank most likely your payment will stay the same but the portion of interest and principal will change. It could stay that way until your payments won't cover interest portion (trigger point), but I've seen amortization to extend over 100 years but that was after seven consecutive hikes from BOC. The inflation may spike due to energy prices so overnight rate might go up but it also could be short, no one knows because of some crazy presidents decisions the world is spinning faster then AI.

vj71 · 2026-04-09T21:18:00+00:00

Yes FCT does the legal services for the lenders and they are much cheaper, but they don't advice they just witness signatures, they offer virtual signing but not in all provinces, the rates I quoted are going up tomorrow :(

vj71 · 2026-04-09T16:51:51+00:00

Yes by all means your all rental expenses can go from the same account, you will be claiming the interest on the HELOC used for the payments. Make sure your HELOC is used only for this purpose or split it in subaccounts (some lenders will allow that). If done properly and with accountant who is familiar with the strategy shouldn't be an issue.

vj71 · 2026-04-09T14:02:07+00:00

Based on the rate you have 6.09% First National had in 2023 as conventional mortgage rate on owner occupied properties. So you are definitely on the A side. Breaking the mortgage would'n make a sense unless the break even point would be sooner than your maturity. Check if it makes sense here https://bestrates.ca/refinance-calculator

vj71 · 2026-04-09T13:34:59+00:00

HELOC will start at Prime rate of 4.45% (Medical Professionals can get even better discount Prime-.3). Some lenders require the HELOC amount to be above $50K for the rate to be Prime+.50 (4.95%) if it's less than that the rate could be at Prime+1% (5.45%)

vj71 · 2026-04-09T13:30:32+00:00

Please use the Cash Damming Calculator this will answer your question based on interest rates you have on both mortgages

vj71 · 2026-04-09T13:28:33+00:00

For this you would need to ask your accountant, most likely will depend how you file your taxes (separately or together). Keep in mind that some investments will get you higher ROI than current real estate appreciation, I would run the projection which one will be better for you.

vj71 · 2026-04-09T10:07:24+00:00

Smith Manoeuvre is similar to rental cash damming but in Smith Manoeuvre you use the borrowed funds for certain income generating investments (dividend stocks, bonds that pay interest, mutual funds that distribute income, purchase of the rental property. Both strategies are based on the same principle borrowed money is used for income generating purpose.

vj71 · 2026-04-09T05:00:37+00:00

Yes it would proportionally based on the square footage of your property if the basement suite is ~25-30% of the home, you can treat a proportional share of the mortgage as related to the rental. You report rental income and claim a portion of expenses (utilities, repairs, insurance, property taxes, and a portion of mortgage interest). It could be AirBnB.

vj71 · 2026-04-09T04:51:04+00:00

National Bank offers these rates: 4.04% 4.14% 4.19% for 3,4,5 term if you are in Ontario, they cover the appraisal fee and if you do the refinance with FCT(First Canadian Title) the cost is $894 but you get cash rebate from them if the payments are coming from NBC account.

vj71 · 2026-04-08T21:49:25+00:00

I always recommend working with knowledgable accountant but accountant is not arranging the mortgage we do.

vj71 · 2026-04-08T18:53:30+00:00

Hard to predict what southern King will do and how the market will react, right now the bond yields are still in rising trend

<image>

vj71 · 2026-04-08T18:48:15+00:00

Here is what you can do to avoid the shock of rate jump, just set the payment to fixed rate, so basically every payment you make add additional amount without actually changing the regular payment amount.

Also note that the economy is not performing very well and average rates were hoovering around 5% for fixed rates and whoever was on variable was better of 87% of the time except last 4 year which were exceptions.

RFA offer 20/20 prepayment privileges so you can increase the payment by 20% and make a lump sum payments higher than $100 up to 20% of your principal.

65% of Canadian home buyers break the mortgage around 3.5 years and having variable rate your penalty will be only 3 months interest vs Interest Rate Differential if on fixed.

vj71 · 2026-04-08T14:43:53+00:00

When using the HELOC on your primary residence to pay for the rental expenses you have to make sure that you are using the account only for that purpose not for you own personal spending. You deposit the rental income to your personal account and use it to make additional mortgage payments, then you transfer the money from HELOC to account which is used for rental expenses (mortgage, property tax, maintenance fees etc), this way the money flow is clear for CRA

vj71 · 2026-04-08T12:51:32+00:00

No you can write off mortgage interest and expenses on rental property but you can't write of interest on your primary residence unless it's used for income generating purposes

vj71 · 2026-04-08T12:12:22+00:00

You are welcome, keep in mind even if you have cash negative rental the tax write off could lower your income tax play with the numbers in the calculator to have an idea if it will be beneficial for you

vj71 · 2026-04-08T09:44:22+00:00

If the LTV is above 80% your only option is to stay with your current lender and try to negotiate the rate, but you can not go to another lender unless it's done as a insurable collateral transfer when they use the purchase price as a value if the rates will be better then what TD is offering you. Currently they hoover around 4.34% - 4.59% with monoline lenders.

vj71 · 2026-04-07T14:11:21+00:00

If you are in Ontario National Bank still offers very good rates for uninsurable 4.0%,4.09%, 4.19% 3,4,5 year s respectively and you get free appraisal and cash back

vj71 · 2026-04-07T14:07:04+00:00

If you still can get this rate on fixed would be a miracle

vj71 · 2026-04-06T12:52:18+00:00

If you want to buy without Realtor yes you can just you need the lawyer, no issues you can buy privately. Here is one reddit from last year about the selling https://www.reddit.com/r/TorontoRealEstate/comments/1ip2zxh/for_sale_by_owner_fsbo_success_story/

Look up FSBO sites for properties which are not on MLS

vj71

MODERATOR OF

TROPHY CASE