Mortgage, BMO or PC?

[carpanatomy]

It has come to a decision making point on closing up my mortgage.

I got few options.

BMO, 5.74%
PC, 5.75% + $200 PC gift certificate

I am leaning towards PC because I enjoy PC's service, but I also like the fact BMO is a physical bank.

Any second thoughts? thanks.

[superdsi]

PC is CIBC with a different sign on the door.
Why do you need a physical bank?
BMO looks at your job and your credit score.
PC looks at your job and your credit score. (at a pavillion, phone or internet)
BMO and PC will both kick you out of your house if you can't pay.
I am amazed people actually believe a person in a physical bank actually cares about them. You are a mark. The PC pavillion rep. will make extra money on your mortgage. The person at a desk at BMO will make extra money when you sign a mortgage. You will sign the 5 year mortgage like almost everyone else because you want safe. If you sign the variable mortage you will save a boatload of money but that isn't safe.
Pick PC, Maple Trust, Royal, Canadian Tire it doesn't matter, take the best deal, the perks are always a red herring the interest rate is the thing.
The person at BMO, Royal, PC will have forgotten your name as soon as you start your car in the parking lot.

[carpanatomy]

The person at BMO, Royal, PC will have forgotten your name as soon as you start your car in the parking lot.

This is soooooooo true!! hahaha! :)

[atforum]

But if a problem arises like this one

http://www.redflagdeals.com/forums/showthread.php?t=471893

it is always good to have a "physical" bank rather than try to make someone miles away understand your problem

[noodles]

Remember that the Basic mortgage at PC has no prepayment options if that matters to you.

[Evil Baby]

I've been a member of PC for 5 years or so. Recently I got a mortgage through them and it's been nothing but problems. Difficult to get in touch wiht, tbey say you can do things but when you do it only causes bigger problems. It's very annoying

[jvangilst]

I've found my PC mortgage to be great. Low interest rate, easy to do pre-payments, shows my mortgage balance and payments on their website.

[gei]

I think this is a no brainer... go with BMO.

They offer MUCH better prepayment terms... some of the best in the industry in fact. I think you also get bonus airmiles equivalent to the $200 you get with PC.

Also, take a look at the penalties if you buy out early, and see which are lower.

[ebizimage]

Remember that the Basic mortgage at PC has no prepayment options if that matters to you.

We made a decision lately on that. We picked BMO because of the prepayment option. Mind you that if you are going to break your mortgage, that prepayment option will save you a lot from the penalty.

BTW, no more air miles for mortgage, but BMO always matches others rate.

[bluedcfive]

I would rather get money at a higher rate and avoid going with PC to know I will get good service. My experience with RBC has been absolutely perfect and I have now consolidated all of my insurance and banking to RBC

PC is not the same as CIBC and you dont get the same experience. ITs a wholly owned subsidiary, so their relationship begins and ends on their financial statements.

[mirek]

I would rather get money at a higher rate and avoid going with PC to know I will get good service. My experience with RBC has been absolutely perfect and I have now consolidated all of my insurance and banking to RBC

PC is not the same as CIBC and you dont get the same experience. ITs a wholly owned subsidiary, so their relationship begins and ends on their financial statements.

I just got my mortgage with PCf, and so far I'm pretty happy with it. No complaint at all, and I like my 650,000 PCPoints.

[carpanatomy]

can I reduce my 35 years of amortization period to 30 years, or even 25 years, after i'm done with my first 5 years fix rate, and is renewing for another fixed mortgage?

[Jucius Maximus]

I've been a member of PC for 5 years or so. Recently I got a mortgage through them and it's been nothing but problems. Difficult to get in touch wiht, tbey say you can do things but when you do it only causes bigger problems. It's very annoying

I swear by PC banking and Mastercard but for the mortgates I stay away.

I went to PC with my dad when we were moving to a new home. The pavilion rep couldn't get it into his head that we needed bridge financing for the interval between buying the one house and then selling our previous house. They just couldn't figure out how to set it up.

RBC had the whole thing set up perfectly in 2 days. Very easy and convenient.