Best Bank for Mortgage, first and second.

[thetransporter]

Best Bank for Mortgage, first and second.

Not too much into the brokers as they do way do way too many credit checks - when they hand it off -

I hear scary things about TD -

Your thoughts.

Thank you.

[ExtraSlow]

Not sure I understand your objection to mortgage brokers. How many credit checks do you think they are doing? You should talk to one. beyond has one or more that are sponsors.

As for "best" that's pretty hard to define. As long as the prepayment terms are reasonable and it's a good rate, it really doesn't matter who you get a mortgage from. it's not like an investment or insurance where you need to make sure they stay solvent for years to come, with a mortgage, you get the money up front.

Maybe clarify and some of the more knowledgeable beyonders can help out.

[Weapon_R]

My personal opinion is that any of the big banks offer the best terms with respect to the actual mortgage itself. The smaller lenders (street capital, mcap, anyone associated with FNF capital) seem to have a lot of additional obstacles for financing and the terms are less than ideal. The big banks are also easier to deal with if you forget a payment or need an issue resolved.

[ExtraSlow]

I have pretty limited experience with mortgages, I've only had two mortgages, but one of the big banks managed to royally screw me on a prepayment penalty, and then after six months of trying to get it explained to me, they stopped returning my calls. I have to assume that's not typical. My next mortgage I will be actively seeking out smaller lenders.

[sputnik]

Originally posted by thetransporter
I hear scary things about TD


Define "scary things".

I have had a mortgage with TD for over 10 years and haven't had any issues.

[TimLacroix]

Interesting thread...

thetransporter - mortgage brokers only need to pull credit once however, there is a possibility that the lender does an additional credit pull (Scotia is one that does this) but the credit pull done by the lender has no impact to your credit.

As well, if it is High Ratio (less than 20% down payment) - the insurers also check credit but usually this is done with the other credit facility (TrasnUnion) as most mortgage brokers pull Equifax bureaus.

Weapon_R - Flexibility with bank vs. other lenders is not that special with just the banks. In fact, with the other lenders, the broker can be your point of contact and we facilitate your requests, issues, etc. This can be very useful...

With that said, there is a place for each client at either a bank or other mortgage lender. It really comes down to your situation and not one mortgage or lender fits all...

If you want and need a bank, brokers have access to most of them including credit unions.

If you are unsure if you have a solution that meets your needs at a bank or with a broker... I am sure the Beyond mortgage sponsors can provide you with an unbiased 2nd opinion!! Anytime, hassle free and no obligation!!!

[tpurcell4]

^^

That is very true.

Also, keep in mind if you are afraid for some reason of the smaller institutions, such as MCAP, their investors are not small entities or individuals with a bunch of cash to invest. Their investors are the major banks. MCAP receives it's money from BMO.

TD invests with almost every other small lender with a few exceptions.

RBC has their money invested in most companies affiliated with paradigm (Merix, Canadiana, DLC, Lendwise, etc) and many others.

The biggest concern with the statement, "Not too much into the brokers as they do way do way too many credit checks - when they hand it off - " if you do your homework and choose just one broker who has access to the spectrum of lenders you should only have your credit checked once by that broker. If they are servicing you properly and determine the best option for you after reviewing your application is to go somewhere such as Scotiabank, ATB, RMG Mortgages, etc. where they pull their own bureau on top of the one we pull you it will be explained to you that as long as you are having less than 5 hits on your credit report in a 6 month period the effect on your credit is relatively minimal (once you are above that number it starts to take a toll).

Also, a good mortgage professional does not send your application to every lender and wait to see what comes back. They do their homework first and narrow down the lenders that are the best fit before sending your application in. Therefore if a broker does their job you should only have 1, maybe 2 credit checks (if they use a lender that pull their own bureau) at most in a 120 day period.

Alternatively, if you decide you want to go directly to a major bank, they will check your credit. If you do not fit their box and you have to go to another bank, the new bank will also check your credit. If your situation is unique and simply does not fit the mold the major banks have and you then approach a mortgage broker then you are looking at having anywhere from 3-5 hits on your credit by the time the broker is involved.

My advise, run your scenario by a reputable broker. Either Tim, myself or friend of a friend. Pull you own credit bureau through www.equifax.ca first and request they do not pull their own bureau until you are certain you want to go ahead. Let them tell you what options may be available to you. After that if you decide you like and trust them... use them. They will look after your best interests from there. If you do not trust them talk to someone else at that time. You will have no hits on your bureau in this situation. You should have some great advice at the least and have a better understanding as to what your options are.

If you simply ask which bank is the best you will hear a horror story about all of them and people who will be loyal until they die (many of the horror stories you will hear will be from people who had all their accounts with one bank for their entire life, 10, 20, 30 years or more. Once something goes wrong for these people they are completely disillusioned and pull all their accounts from that bank. And I have heard this about all 5 of the major banks and the smaller ones as well). Remember, bankers are people and brokers are people and every encounter will be different.

I will end my rambling here. Cheers and I wish you the best in your search!

Todd

[timdog]

I think if you don't go through a broker you are really setting yourself up for some regrets down the road. not only can a broker potentially get you the best rate, but they know most of the banks (small and large) very well. you can give them your set of criteria and they can match you up with the best bank that fits your needs. they *usually* provide better hands-on customer service as well, and they will answer any of your questions throughout the process, and usually even years later if you have another question about your mortgage. and it doesnt cost you a dime.

[Xaroxantu Zero]

Originally posted by tpurcell4
RBC has their money invested in most companies affiliated with paradigm (Merix, Canadiana, DLC, Lendwise, etc) and many others.

So is Merix safe to deal with? Anyone recommend or against them?

[carson blocks]

For what it's worth, one of my mortgages is through the same bank that's had all my non-mortgage business for over 20 years now. My broker got me a better rate through that bank than the bank would give me directly.

[TimLacroix]

Originally posted by Xaroxantu Zero


So is Merix safe to deal with? Anyone recommend or against them?

Merix Financial is very safe to work with. Excellent customer service.

[Akumaz]

Originally posted by thetransporter
Best Bank for Mortgage, first and second.

Not too much into the brokers as they do way do way too many credit checks - when they hand it off -

I hear scary things about TD -

Your thoughts.

Thank you.

i personally have had a bad experience with TDs Mortgage specialists, and will never deal with them again

for one, they pulled my credit report with out me signing anything, or letting me know

and secondly, some of them do some shady (unethical) behind the scene deals

[CapnCrunch]

All things being equal, I'd prefer to use the same bank as I use for my regular banking. I like being able to see my mortgage listed when I go into my online banking. It's also simpler when making lump sum payments/or increasing payments.

A quick 5 minute google search will tell you the best rates/terms out there. Take that info to your bank and ask them to match it. If they say no, find a good mortgage broker.