Called this bank about the rising interest rate earlier this year, apparently they did not have the lock option at all for the mortgage, and the guy on the phone said there was nothing they could do.
Now after Bank of Canada raised interest rate 7 times, hitting the pressure ceiling, this bank finally wants you to lock your mortgage interest rate at 6%, the highest since 2008, with a measly $1000 bonus. Meanwhile, my interest rate had tripled to almost $3000.
Be carefully taking out a variable interest mortgage with this bank. read more