Derek&Ruvani wrote:
Wow, they gave you a rate of 5.1% for 5 years ? I am surprised, thought that they would stick to the 5.6% they were advertising.
Did you find other banks that were willing to give you financing for new construction ? Would you mind sharing the names of those banks ?
Thanks
Derek & Ruvani
We were able to ask in April/May a day after the rates went up for their best rate and we got 6.1 less 1%
We also went to Bank of Montreal. If I didn't get RBC they would have got my vote. They were on the spot fast & very professional.
We also tried PC Banking and this was the worst for service by far...not to knock them too much since I have a couple of bank accounts there, but for more financial items they take your information and then sent it to one of their financial advisors. The first time they had lost our request, the second time it took a very long time + most phone messages were not returned..
My only opinion about Fixed is for the 5 years I know what interest it is going to be.
On another note. My parents once had to pay 14-18% for at least a year. I wouldn't want a variable rate when that occurred.