anyone having house mortage (need help and advice)

[blueshirt]

I need help on understanding mortgage rates why it is different bank to bank and even in same bank different for different customers.
Me and my brother are jointly planning to buy house and want to know the best rate and bank name anyone have. I am more interested in variable close mortgage rate of 5 years.

appreciate if someone reading this can just throw some lights

 

[scylla]

Different banks offer different rates - that's just how it is. You have to shop around. You can have a mortgage agent do this for you if you would prefer not to do this yourself. There are also web sites that compare rates such as these:

http://www.lowestrates.ca/mortgage

http://www.ratehub.ca/

As for why different rates are offered to different customers, if you are a customer with a high balance on deposit - you can often qualify for better rates.

 

[blueshirt]

thanks Scylla this was helpful especially the link you posted. I appreciate. I also have an issue that every time you go to different bank to check mortgage rate they always go and pull our credit history and too many time if it is pulled it can bring our credit score down. I think best is at a time to just go with two banks only and query the rate and negotiate.
if I ask you specific question about RBC and TD can you give your personal opinion on both these banks which is better in long run. RBC has been charging high fees for chequing banking account and TD has always been high on mortgage rates. so both play in their domain and dominate in the market. I see no bank in Canada as generous to customers.

Different banks offer different rates - that's just how it is. You have to shop around. You can have a mortgage agent do this for you if you would prefer not to do this yourself. There are also web sites that compare rates such as these:

http://www.lowestrates.ca/mortgage

http://www.ratehub.ca/

As for why different rates are offered to different customers, if you are a customer with a high balance on deposit - you can often qualify for better rates.

 

[scylla]

I'm going to be really honest. I can't give you an objective opinion about which bank you should use since I work for one of the big five and am biased.

Having said that, if you'd prefer to go with a specific bank, by all means try to get that bank to match the rate that another bank is willing to give you (if the other bank's rate is lower). You are free to try to negotiate - certainly no harm trying.

 

[blueshirt]

thanks I got your point
maybe someone else can also reply I just wanted a general opinion. I banked with both TD and RBC and I really see no difference.

I'm going to be really honest. I can't give you an objective opinion about which bank you should use since I work for one of the big five and am biased.

Having said that, if you'd prefer to go with a specific bank, by all means try to get that bank to match the rate that another bank is willing to give you (if the other bank's rate is lower). You are free to try to negotiate - certainly no harm trying.