Butler Mortgage VS Banks

lamboman wrote: ↑ Has anyone used Butler mortgage for their house? I see that they offer 1.89% on 5-year fixed and 1.69% on variable, as bank was offering 2.5% on fixed and 2.69% on variable for 5 years.

From my understand they are a brokerage firm, so they deal with close to 350 other institutions. How is their customer service and their dealings?

Check out the mortgage thread. Many have similarly low rates. What kind of customer service do you imagine is worth up to a full point higher interest rate?

Go with the best rate...period!

Who chooses their mortgage lender based on "customer service"? It's not like you will be talking to them every week. In almost all cases your interaction with them will be negotiating the mortgage, signing it, years of no communication (just making your payments), and they offer to renewal (probably), which starts the cycle over again.

Go with whoever offers you the best deal.

lamboman wrote: ↑ Has anyone used Butler mortgage for their house? I see that they offer 1.89% on 5-year fixed and 1.69% on variable, as bank was offering 2.5% on fixed and 2.69% on variable for 5 years.

From my understand they are a brokerage firm, so they deal with close to 350 other institutions. How is their customer service and their dealings?

Keep in mind, the 1.89% 5-year fixed is for insured purchases only.

CdnRealEstateGuy wrote: ↑ Keep in mind, the 1.89% 5-year fixed is for insured purchases only.

5 years fixed dropped to 1.83% now.

https://www.butlermortgage.ca/

1.83%.....for a 5 year fixed.....my goodness I want to buy another home just to get that rate. We're still qualifying people (stress test) at what? close to 5%?

And bears wonder why RE is going up?

lamboman wrote: ↑ Has anyone used Butler mortgage for their house? I see that they offer 1.89% on 5-year fixed and 1.69% on variable, as bank was offering 2.5% on fixed and 2.69% on variable for 5 years.

From my understand they are a brokerage firm, so they deal with close to 350 other institutions. How is their customer service and their dealings?

Compare the T&C's as well just in case if you go for a fixed rate how much will it cost to break the mortgage if you decide to upgrade in a couple of years. If you plan on living in the house for a long time then yes it would make sense to go with a 5 year fixed with the lowest possible rate.

JayLove06 wrote: ↑ 1.83%.....for a 5 year fixed.....my goodness I want to buy another home just to get that rate. We're still qualifying people (stress test) at what? close to 5%?

By stress test are you referring too APR rate? If so, looks like Butler is doing it at 1.89% APR. Please correct me if I'm totally wrong lol

This mortgage is not for me but for my cousin. I got my mortgage done at BMO for 2.3% at 5 years fixed and have about 1 year left before renewal, might consider this as well for my renewal.

lamboman wrote: ↑ By stress test are you referring too APR rate? If so, looks like Butler is doing it at 1.89% APR. Please correct me if I'm totally wrong lol

This mortgage is not for me but for my cousin. I got my mortgage done at BMO for 2.3% at 5 years fixed and have about 1 year left before renewal, might consider this as well for my renewal.

You have to qualify at the higher of the BOC qualifying rate or the contract rate +2%. I think BOC rate is 4.89% so you have to qualify at that....which is asinine when the bank rate is 1.89%.

Any news on what their prepayment penalties are like? Standard 3 months interest/IRD?