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Originally Posted by westopher
I'm organizing all the mortgage stuff in the next couple weeks as we are now 6 months from possession date for our place. Does anyone have any suggestions for banks to go with? My Mom works for BMO, but she says she has no pull as far as rates for me, so to just go for whoever is cheapest and easiest. Anyone have any good experiences recently? Suggest going for mortgage broker or just shopping around.
For reference sake, we have 15% down and are applying for a mortgage that is about half of what we can afford according to the affordability calculator (which is fucking retarded by the way. I'd jump off of the lions gate if I had that little money left over after mortgage each month.)
Anyone go through Vancity? They seem to have some aggressive rates.
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The broker channel can be helpful, but I think their margins are shrinking because there are many new lenders that are not major financial institutions that are willing to give competitive rates on the spot. Have you checked RateHub to get an idea of what's out there?
Also, it's not just about the rate. If you want other options, such as skipped payments, cash accounts, or higher prepayment options, you might have to give up a few percentage points. Or, if you want something fancy, like a home equity line of credit so you can borrow on your home to invest, that will factor into your rate also.
One more thing - some credit unions and banks (like TD) only offer collateral charge mortgages.