TD vs CIBC mortgage, which is better?
- What is the purchase price? $945k detached house
- How much is the down payment? 375k
- Where is the property located? Port Moody BC
- When is the closing date? Sept 25, 2019
- Will the property be owner-occupied or a rental? Owner
-Annual combined pre-tax income ($108,000)
- Approved by TD for 570k at 2.7 5 year fixed 25 year amortization + $2k cashback
-Approved by CIBC for 580k at 2.69 5 year fixed 25 amortization + 2k cashback
- Contacted True North Mortgage, they are useless cant match bank rates at all
- Contacted another broker that uses First Canadian- cant match mortgage amount
Still not sure about TD vs CIBC, or whether there are other choices. Is TD a lot more costly come renewal time to switch to another lender vs CIBC? Which bank offers more competitive renewal rates historically?