Mortgage Brokers...

If your credit is OK and you are dealing with your bank, then you need not enlist the help of a broker. Shop your mortgage around to the major banks and go in armed with knowledge about what the best rates are.
 
Im an employee with a bank, credit top notch, our broker still got us a better rate at the time, Canwise

I dealt with Ahjaz...

http://www.canwise.com/
 
I used ahjaz as well better rate than I could get from the bank

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I've tried dealing with brokers before and none have ever beat the bank rate from BMO that we got. They can match it, but they've never been able to beat it.

Check with the major banks first. Maybe get a good rate, and then shop around to see if you can get better.
 
I used mortgage intelligence broker. I am not experienced enough to say choose a bank or a broker BUT, The one thing I did really like is that my broker set me up with a mortgage with first national Bank and they offer a home warranty type deelio with the mortgage. I ended up using it 4 times in my first year of home ownership and it saved me about $3500 roughly. 3 sewer line 'snaking s' and replacing sewer line to the street. Well worth it. Oh ya, and get your sewer scoped when you inspect the house. Hehe
 
defeater905 said:
I used mortgage intelligence broker. I am not experienced enough to say choose a bank or a broker BUT, The one thing I did really like is that my broker set me up with a mortgage with first national Bank and they offer a home warranty type deelio with the mortgage. I ended up using it 4 times in my first year of home ownership and it saved me about $3500 roughly. 3 sewer line 'snaking s' and replacing sewer line to the street. Well worth it. Oh ya, and get your sewer scoped when you inspect the house. Hehe
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Guy I forwarded to Chaos is from Mortgage Intelligence.... stand up guy and their rates are very competitive.
 
I used to use them and I stopped. In today's market you can shop around yourself and get the same rates, banks realize it is better to just give you the good rate instead of giving points to the broker. One thing I do is look at Monster Mortgage, etc. rates and use these as a baseline to take to the banks to get equal or better.

I also find I would rather deal directly with the bank and build the relationship than to have a middle man. I have also found the process easier for me to deal directly through the bank, when dealing with the broker it always seemed to be a bigger hassle to get all the proof of income etc. done.

If you have credit issues things may be different.
 
One problem that I know of when using unconventional financing that a broker sometimes lines up is flexibility. A friend of mine used a broker and wound up with Zurich life insurance as the mortgage holder. He then bought another house and it had an earlier close than the one he sold. Zurich told him that they don't do bridge financing, they just hold a simple mortgage. It was really stressful on the guy and he ended up going to the bank. Never again he said.
 
I have not heard of anyone in the last 8 or so years who got a better rate from a big bank, opposed to a broker ..... Why would the bank go for it, they will get the business anyways through the broker's back door, no? OR am I missing something?

The bank will not give you options, while a good broker will ....
 
mxs said:
I have not heard of anyone in the last 8 or so years who got a better rate from a big bank, opposed to a broker ..... Why would the bank go for it, they will get the business anyways through the broker's back door, no? OR am I missing something?

The bank will not give you options, while a good broker will ....
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The bank will match the rate if they want your business because it costs them more if you go through a broker. If they deal directly they are not giving any "points" to the broker. They just do not advertise those rates, you just need to be informed of the deals on the street and they will usually match them...

Special circumstances may be different like poor credit, etc. the brokers have access to alternate banks that are may have more flexible rules.
 
thanks everyone for the links. will be starting the process shortly.

i am likely going to go variable. i can be convinced to go fixed, but i don't anticipate any wild spikes in interest rates for the next few years. i think variable will be fine.
 
I am on variable with Tangerine (prime minus 0.7 maybe?). They have broken the implied social contract though. Everytime prime drops by 0.25, they drop their rates by 0.1 to 0.15. I will be shocked if a 0.25 raise doesn't result in a 0.25 increase on my end. I am sure the wording allows this, but why go variable when you get half the downs and all of the ups? Just something to keep in mind.
 
GreyGhost said:
I am on variable with Tangerine (prime minus 0.7 maybe?). They have broken the implied social contract though. Everytime prime drops by 0.25, they drop their rates by 0.1 to 0.15. I will be shocked if a 0.25 raise doesn't result in a 0.25 increase on my end. I am sure the wording allows this, but why go variable when you get half the downs and all of the ups? Just something to keep in mind.
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Because when you do the math, 10 out of 10 times, you pay less with a variable OVERALL. However, everyone's situation is different and some prefer stability and predictable payments.

What you can always do is start with a variable, and if your life situation changes or the rates spike, you can lock in with a quick phone call to your provider.
 
nfq said:
Because when you do the math, 10 out of 10 times, you pay less with a variable OVERALL. However, everyone's situation is different and some prefer stability and predictable payments.

What you can always do is start with a variable, and if your life situation changes or the rates spike, you can lock in with a quick phone call to your provider.
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Stability was the key for us. We could have gotten a better rate for a shorter term, but at the time, a 7 year term made the most sense with us. Took us through pregnancy, mat leave and daycare. We knew where we stood. Yes, we paid a little more for that privilege, but we slept better.

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Joe Bass said:
Stability was the key for us. We could have gotten a better rate for a shorter term, but at the time, a 7 year term made the most sense with us. Took us through pregnancy, mat leave and daycare. We knew where we stood. Yes, we paid a little more for that privilege, but we slept better.

Sent from a Samsung Galaxy far, far away using Tapatalk
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I think there's an option of variable with a fixed payment. However should there be a swing then the payment can change but it has to be enough of a swing that it makes sense for them to change. I've looked into those before, but in my case it didn't sit well.

Having a heavy mortgage I'm ok with Fixed simply because I wouldn't want the swings to affect cash flow on an investment property.
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