Printable View
Hello everyone, i live in Quebec and i need to renew my mortgage next year. Going through a couple of websites , that compare mortgage rates , True north mortgage came up with pretty good interest rates. I called them and did some search online about them. I am wondering if someone has had a personal experience or what your thoughts are on this broker company. Thank you in advance.
It's important to have a broker that looks at you as an individual. If you're looking for the cheapest rate, you're likely on the wrong track. The cheapest rate usually involves serious restrictions or hidden fees/penalties.
Ask about your penalty fees in regards to banks (usually high) as opposed to lenders that deal strictly in mortgages (usually lower) You may think you'd never break your mortgage, but statistically, the chances are high that you will. It could mean (for example) a difference of a penalty for $5000 or $15000. (I just had 2 clients with comparable mortgages with this scenario)
Also if you decide on a variable rate mortgage, what kind of rate would you get if you decided to convert to fixed part way through? The "posted" rate? (not good) or the lender's current best rate?
etc. etc. etc.
A low rate may also be a regular mortgage where the brokerage is rebating money back to you after the deal closes. You might be looking at an effective rate whereas the contract rate is higher. Make sure you ask then if the rate is due to a quick 30 day closing, or is it a bought down rate or does it have special restrictions ie: cannot be broken during the term except for a sale of the house.
Thank you for your responses
Also Keep checking with rates, it is varying at least after 2-3 weeks, so make sure you should be aware of the ongoing rate at the time of availing .
Word of mouth are positive about True North service. Still make sure you check with all your queries.