If rates are your priority, shop enough and you will find a better rate but will most likely be stripped of all benefits. What you save in rate, you will pay in privileges. Personally, I value the benefits more than the rate. A good balance is optimal.I went back to TD with True North's 2.25% (2.1% doesn't apply to assignments). TD says they can't match private brokers, but submitted a request for 2.3% for me for 5 year closed variable, and another request for 2.1% for a 2-year fixed.
Again I don't need to hear about the theory lol, can someone simply tell me if this is the best I can get? Is anyone getting better elsewhere? Would you do the 2 year or 5 year, given the above rates? I don't think it'll matter to me whether I can prepay 15% or 20% each year (doubt I'll have that extra dough for the next few years anyway). I'll most likely prepay 5-10% per year.
20bps make no difference. If TD is the lender you want to stick with, then accept their offer because they are within the norm. If you want even lower, opt for a 2 year fixed. But again, we're talking small bps difference and has no real impact.
Mortgage brokers have the ability to buy-down the rates through their commissioned kick-back so the search for the lowest rate possible is endless.