Personal Finance

Which Bank for Mortgage

  • Last Updated:
  • Nov 5th, 2014 12:03 pm
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Jr. Member
Oct 3, 2012
121 posts
21 upvotes
Scarborough

Which Bank for Mortgage

I am a Premier HSBC customer so automatically I was pre-approved for 2.35% variable. I am not sure about the details with the fixed rates since my mom did communication for me. So I checked around other banks. Basically we are going for variable and BMO and CIBC are also giving me 2.35%. After I withdrawal my bank account I have a slight risk that I am not longer a premier level customer. The HSBC financial representative is checking if he can put a note in my account saying that I can still maintain my premier status at HSBC.

THe issue with CIBC is that I get the good rate because of my cousin's friend. However, if he left, I don't have anyone at CIBC to help me getting a good rate in the future. My mom's friend works at BMO, for the fixed rate it doesn't seem to be much better. My question is does CIBC offer better rates than other banks? I am debatting if I should stay go with HSBC or CIBC for mortgage.
4 replies
Jr. Member
Mar 4, 2013
134 posts
26 upvotes
Kingston
redfox2 wrote: I am a Premier HSBC customer so automatically I was pre-approved for 2.35% variable. I am not sure about the details with the fixed rates since my mom did communication for me. So I checked around other banks. Basically we are going for variable and BMO and CIBC are also giving me 2.35%. After I withdrawal my bank account I have a slight risk that I am not longer a premier level customer. The HSBC financial representative is checking if he can put a note in my account saying that I can still maintain my premier status at HSBC.

THe issue with CIBC is that I get the good rate because of my cousin's friend. However, if he left, I don't have anyone at CIBC to help me getting a good rate in the future. My mom's friend works at BMO, for the fixed rate it doesn't seem to be much better. My question is does CIBC offer better rates than other banks? I am debatting if I should stay go with HSBC or CIBC for mortgage.
Those are good rates. All banks are competitive for new business, the key is when your mortgage comes up for renewal? I've seen hundreds of bank renewals come across my desk and the average one is 1% higher than market rates. Talk to a mortgage broker, they are offering 2.20% variable right now.
Brandon Lowi - Mortgage Agent - The Mortgage Professionals - Lic.#10280
Deal Expert
User avatar
Aug 2, 2010
15196 posts
5016 upvotes
Here 'n There
Mortgage Broker all the way. They get paid by the banks to do the legwork.

I have a friend that worked for CIBC Wood Gundy for 20 years and he kept telling me he got a 'preferred rate' because of his employment but I kept telling him to check out a mortgage broker. He wouldn't because he said they are 'only for poor people who can't get credit easily'.

Years later after I kept mentionging it he finally did go to a mortgage broker and was absolutely shocked he got a better rate from another bank. He could have saved so much money if he had listened to me but it's his fault as he was not open to new ideas. Most people I know are like that to their detriment.
Deal Expert
Aug 22, 2011
41802 posts
30056 upvotes
Center of Universe
Where ever and who ever; provided you were offered the most competitive rate!
Deal Guru
User avatar
Feb 2, 2014
11233 posts
3351 upvotes
Toronto
You can get 2.10% on a 5-year variable and 2.68% on a 5-year fixed right now.
Kevin Somnauth, CFA
Principal Broker/Owner - First Toronto Mortgage - MA (Ontario #13176, BC #X301007)
Real Estate Salesperson - Century 21 Innovative

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