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How long can bank hold the mortgage rate?

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Money Talk > Real Estate

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blackdoom
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How long can bank hold the mortgage rate?  Reply with quote  

I thought banks can hold the current rate for 120days for maximum of 6month with higher rate.
more: eco dream
Today I stopped by CIBC and had a chance to speak to the mortgage specialist. She told me that cibc can hold the current rate(3.29 5yr fixed) until my house is built(9~10 month)

CIBC rate was 4.89(bank rate, could be changed but not frequently according to her) - 1.6(discount) = 3.29 for 5 yr fixed.
more: mua chung cư mỹ đình plaza
I told her to lock the rate as I am not losing anything anyways and there's no setup fee for the mortgage approval.

She will lock the rate as of today and will call me to do some paperwork.

But how other banks(TD, RBC) can hold the rate for 120days or 6month but cibc can hold it until house is built?
more: chung cu trieu khuc
Post Fri Dec 08, 2017 2:20 am
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NachoV
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I like this post, thanks to the author for detailed info
192.168.0.1
Post Mon Dec 11, 2017 2:37 pm
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