bank or mortgage broker for a mortgage?

[Tyler883]

We started at a broker, and he quoted a rate that the Royal Bank would not touch. But it was with some weird ass investment group that I've never heard of before.

In the end, we went with builder financing(CIBC) because our builder would pick up the cost of lawyers fees. When we quoted our best rate from the broker, the CIBC didn't have a problem matching it, in fact they beat it by .1 %.

[D. Dub]

Originally posted by Tyler883
We started at a broker, and he quoted a rate that the Royal Bank would not touch. But it was with some weird ass investment group that I've never heard of before.

In the end, we went with builder financing(CIBC) because our builder would pick up the cost of lawyers fees. When we quoted our best rate from the broker, the CIBC didn't have a problem matching it, in fact they beat it by .1 %.

Thats where a broker earns their keep...when you use a broker YOU don't have to negotiate or bang on the bank doors and you still get the best rate.

It's all about choice and convenience

[AndrewMZ3]

Can anyone recommend a good mortgage broker that works fast? I made an offer on a unit based on the pre-approval amounts that the banks' websites calculators had. The realtor I am dealing with said I should contact a broker immediately though.

[D. Dub]

I'm a broker...pm me.... I'll be on it like white on rice!!!!

[AndrewMZ3]

that was fast.

pmed.

[$lick_rYz]

How much do Mortgage Brokers earn? I know its commission based but I m jus wondering how much? b/c I'm thinking about doing the mortgage program at MRC just trying to figure out if its worth doing so.

[D. Dub]

Mortgage Brokers are like realtors.

How much you work and and how well you work leaves a wide range of salaries.

Some brokers make $20,000 a year and some make $250K or even more.

[Vr6boi]

Go with a broker, they work hard for your money and shop all lenders available to them to find you the best rate.
Brokers work for you and not the bank. The bank pays them for the service/business.
Bank mortgage agents, work for the bank and not you!!!
Better rates and service with a mortgage agent then with the banks I feel.
Personal choice I guess. SHOP AROUND

[Xtrema]

Question for brokers, I know you'll get better deal than banks. But I have the comfort knowing that major banks won't go under which these lending institute might. What happen to your mortage if lender go bankgrupt? Any protection from government?

[rockym20]

Originally posted by Xtrema
Question for brokers, I know you'll get better deal than banks. But I have the comfort knowing that major banks won't go under which these lending institute might. What happen to your mortage if lender go bankgrupt? Any protection from government?

Chances are that another lender would purchase your mortgage. Anyways, whatever had been previously agreed to in the mortgage would be binding, no matter who took it over.

[D. Dub]

Originally posted by Xtrema
Question for brokers, I know you'll get better deal than banks. But I have the comfort knowing that major banks won't go under which these lending institute might. What happen to your mortage if lender go bankgrupt? Any protection from government?

Brokers like me deal with the major banks and mortgage lenders!!!!

[Xtrema]

Originally posted by rockym20


Chances are that another lender would purchase your mortgage. Anyways, whatever had been previously agreed to in the mortgage would be binding, no matter who took it over.

That's what I thought. Thanks.

[black_2.5RS]

I'm looking for a mortgage broker too. If anyone knows any, please PM me.

[Tyler883]

Originally posted by black_2.5RS
I'm looking for a mortgage broker too. If anyone knows any, please PM me.

Read the thread, bitch.

[sputnik]

I bank with TD and they have their own "commission only" brokers in house. I dealt with one and he gave me the lowest rates that I could find on the other brokerage sites online.

It was VERY easy and I liked being able to have my mortgage with the same institution that I bank with.