Personal Finance

Mortgage Broker or on my own?

  • Last Updated:
  • Jan 21st, 2014 8:15 pm
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Deal Fanatic
May 1, 2012
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Markham
Mark77 wrote:
Jan 7th, 2014 6:40 pm
Either way, you're going to have to pay a commission. Whether you go with the in-bank-branch people (who need the commission to pay the mortgage sales staff), or a mortgage broker, who charges a commission. The only way you could really DIY the whole mortgage process is to find some people who want a secure investment, and borrow from them.
It's a funny thing, to be able to give an opinion means that you *should* know something about the topic at hand. What you are doing here is spitballing and trolling. When people who are DOING THIS FOR A CAREER tell you that you are wrong, then you are probably wrong. Don't argue otherwise.

Also good luck finding "some people who want a secure investment." This statement is so gold. The guy who has been VEHEMENTLY preaching about subprime and housing crash just called a mortgage a secure investment.

Anyway, why don't you just do both. Then go with the best mortgage that fits your needs. No one said you cannot do both together.
Deal Fanatic
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Jan 6, 2011
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GTA
@OP

What is the best rate you got so far? which bank?

2.5% 5yr float seemed to be the best I was quoted, I will have to refresh with my sources, it had been months.
[OP]
Deal Fanatic
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Oct 8, 2006
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I just went for a quote (TD and they said 2.6% Variable closed) 4% open. I think it was 3.6% for 5 year or might have been 3 year. I forget.

I just got a credit card offer to increase my limit by 3.2k. If I accept does it affect anything? it will make my credit card 10k+
Deal Fanatic
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Jan 6, 2011
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Got a call today for 2.55% 5yr floating close, TD. Broker only suggested that so no quote on other tenors...
Deal Fanatic
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Jan 6, 2011
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killoverme wrote:
Jan 8th, 2014 5:48 pm
I just went for a quote (TD and they said 2.6% Variable closed) 4% open. I think it was 3.6% for 5 year or might have been 3 year. I forget.

I just got a credit card offer to increase my limit by 3.2k. If I accept does it affect anything? it will make my credit card 10k+
Probably very little. I would not borrow anything but limit increase should be ok.

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