TD vs CIBC mortgage, which is better?

ronragus wrote: ↑ Hi all! Thanks in advance for your help! First time home buyer here!

- 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?

Thanks

Jeremyl007 wrote: ↑ @masarwar your comment regarding "Also at renewal time CIBC and TD will both match outside competition to keep your business so thats a bonus."

Outside competition meaning only the big 5 or also through the broker channel where they are offering 2.49% or even less depending on insured or uninsured for 5 years these days?

niche54 wrote: ↑ TD gave me a 2.6% 5 year fixed, 25 year amortization and 2k back. Try getting that. Prepayment: 15% annually plus up to double payments.

toradian wrote: ↑ Wow that is a really rate. Did you have to put a 20% down payment if you dont't mind me asking? Also, did you have to bring an offer from another bank at 2.6% for TD to match it?

Jeremyl007 wrote: ↑ @masarwar your comment regarding "Also at renewal time CIBC and TD will both match outside competition to keep your business so thats a bonus."

Outside competition meaning only the big 5 or also through the broker channel where they are offering 2.49% or even less depending on insured or uninsured for 5 years these days?

masarwar wrote: ↑ I can answer CIBC as i work for them. Are you getting a mortgage or a Home power plan? the home power plan would have a LOC on it and that would be collateral charge. Straight cibc mortgage will be a standard charge. CIBC has better prepayment options (double up on payments but TD might have better annual prepayment as cibc is 10%). Good luck and beautiful place to buy a house!