Robert McLister: Offer is 101 basis points lower than Canada's benchmark prime rate of 7.2%, but bank appears to be playing coy with this sizzling discount
The nation’s second-biggest bank just launched a killer variable mortgage rate. But keep it quiet. Apparently it doesn’t want everyone to know about it.’s new offer is 6.19 per cent for uninsured mortgages. That’s equal to Canada’s benchmark prime rate minus a plump discount of 101 basis points .tracks, simply because that’s the standard. TD has its own “Mortgage Prime Rate ,” however, which is 15 bps higher than virtually everyone else.
Apart from trying to hoodwink unsuspecting customers into paying higher rates than informed customers, there are few other reasons why a bank would hide such an amazing rate from the public. Of course, TD is not alone in playing coy with its best rates. All the big banks play these games — i.e., refuse to show their lowest rates publicly — because it’s more profitable for them that way. It irks the hell out of people but it’s the way banks roll in this country.TD’s variable allows customers to fix their payments to protect their budget against the possibility of rising rates.
Having part of the mortgage in a floating rate also reduces prepayment penalties if you have to break the mortgage early. Louis Gossett Jr. fought a years-long battle with the disease but died on March 29, according to a family member.Ex-Aide Hits Trump With A Harsh Truth About His Family And The Trial
Prime Rate Variable Rate Mortgage Variable Rates Adjustable Rate Mortgage
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