Bank vs. mortgage broker

[takkyu]

not to hijack, but perhaps I could poke my head in and ask if anyone has opinions on true north mortgage?

[VWEvo]

As far as I understand Brokers can't sell RBC mortgages. I've always found that no matter how low the mortgage you find, RBC always beats it. You just have to find out what the lowest rate you can get, then go back to RBC, and trust me, they'll beat it.

[civicHB]

Originally posted by VWEvo
As far as I understand Brokers can't sell RBC mortgages. I've always found that no matter how low the mortgage you find, RBC always beats it. You just have to find out what the lowest rate you can get, then go back to RBC, and trust me, they'll beat it.

Banks are definately getting competitive as of late, but the above statement is too outlandish. In your case, depending what business you have with them, they may have gone above and beyond, but that is usually not the case.
Banks are usually good if you already have business/are established with them, but if you have to go shop around to get them to match a rate what good is that? They should be giving their clients the best possible rate right out the gate, instead of saying they will match other rates.
Almost anyone can rate match, it all depends on wheather or not you want to build a banking relationship based on rate matching vs best rates available from the get go...to each his own I guess.

Bemnet

[tirebob]

I just got a mortgage through my broker through Scotia at 2.05% (5 year closed variable). It was really easy and he was extremely helpful getting me prepared ahead of time before formally applying.... Thanks Paulman Cheuk!

[autosm]

Originally posted by VWEvo
As far as I understand Brokers can't sell RBC mortgages. I've always found that no matter how low the mortgage you find, RBC always beats it. You just have to find out what the lowest rate you can get, then go back to RBC, and trust me, they'll beat it.

Same for me.

[HRD2PLZ]

RBC doesn't work with Brokers so therefore, they don't offer their product to Brokers. Last time I checked, BMO was going this route as well. They have decided to implement their own in-house "mobile mortgage brokers."

I've had a few mortgages and overall, you'll get better rates through a Broker. In my case, I bank with RBC so it was nice to have a mortgage through RBC so I could see it on my banking... but at the end of the day, it cost me a fair amount of money.

And +1 on the Purcell Mortgage Team... A client of mine worked with them and he (Todd) was a Broker who (I found) was willing to go that extra mile for the client.

[Masked Bandit]

Originally posted by HRD2PLZ
RBC doesn't work with Brokers so therefore, they don't offer their product to Brokers. Last time I checked, BMO was going this route as well. They have decided to implement their own in-house "mobile mortgage brokers."

I've had a few mortgages and overall, you'll get better rates through a Broker. In my case, I bank with RBC so it was nice to have a mortgage through RBC so I could see it on my banking... but at the end of the day, it cost me a fair amount of money.

And +1 on the Purcell Mortgage Team... A client of mine worked with them and he (Todd) was a Broker who (I found) was willing to go that extra mile for the client.

BMO may not run their stuff through brokers but they are the ones who back MCAP so really, that's just their broker network product. We see the same thing in insurance. Companies that write direct to clients and then own another division to see through brokers. Allstate is a good example as well as Aviva & Intact.