First off, try your present institution, many times because they have your credit history at hand,they can offer some better than posted deals,however do NOT be afraid to inform your present lender,(if that is applicable)that you plan to shop your business around in the market...motivation,or the thought of losing business can often motivate your present lender to bring out the offers. If the thought of a transfer/payout penalty is on the table,ask your present lender for payout penalty details so you can evaluate your options within the necessary overall picture...come to the table knowedgeable of your present situation,IMO you will treated with a little more respect, and show the new lender you are serious about possibly doing business,provided their offer helps your situation. Evaluate the big picture...sometimes saving $10.00/mo. on a mortgage payment can not over ride the other perks,or service you already are getting...the grass is not always greener on the otherside,but it sure doesn't hurt to have a look.
While it is only a suggestion,today could be a valueable day for a few quick calls to hold some rates for either a mortgage transfer or new mortgage...it costs nothing,but your time to get a rate held, and perhaps a suggestion is to hold a rate at more than one lender(try to get written details of the rates being held and how long(often banks will hold rates 90 days) the person with that institution can make that commitment). Let or better yet make those banks/bankers work for your business...what I mean by this is treat your mortgage transaction as just that, a business deal, and keep from trying to please the bank with other commitments aside for now. Most people IMO make it far too easy for the banks to acquire "all your business", mortgage,savings accts.,gics,brokerage accts.,etc....any mortgage offer will sooner or later try to court your remaining business, and often as consumers we may soon find what we have isn't looking after our needs,other times we will learn that we are getting good service and/or pricing or rates...IMO I'm always all ears when offers come my way,it never costs anything to listen,pay attention!,(but always take the time necessary to evaluate properly "any offer"). BTW, from personal experience,I have held only a mortgage at a different bank, while not ever having to open any further accounts,ie. savings or chequeing accounts with that bank...as I say down the road offers to increase your business as well as keep your business at your previous bank will come forth.
A word of caution,making the banks work hard only works if you are accurate about your situation, and credit worthiness,the numbers(your numbers/income/credit rating) are not always treated the same by each lender,be honest about your situation to avoid the disappointment of losing your dream house or roof over your head in the final outcome.
RBC started the rate hikes early this morning,TD I believe has jumped on RBC's lead, and others may follow today,or likely tomorrow.http://www.mortgagethoughts.com/
As with all my suggestions,please do your DD, and treat your DD as education, even if it reaps no immediate dividends...life is long and we will all hold typically more than one mortgage or term period, and the lending market is always changing,stay informed....don't give up,kissing a few frogs may reveal a prince of deal when you least expect it.
July 20,2010...second increase in prime since March 2010... http://www.stockhouse.com/News/FinancialNewsDetailFeeds.aspx?n=13542918&src=cp
PS, one of my former business managers always said "you don't get, if you don't ask"...try it!