Any recommendations for a mortgage broker in Montreal?
November 11, 2023 11:28 AM Subscribe
I am looking to buy my first home and I have been advised to get a mortgage broker to help navigate finding the right lender and terms. Can anyone recommend a mortgage broker who works in Montreal (if it matters, I am looking in the south west)? Also, if you have any wisdom about working with a mortgage broker versus a bank directly, I would love to hear it!
Best answer: I purchased my first home this summer, moving from NDG to a condo in the Village. I did consider a broker, but I was very happy with the mortgage specialist my financial advisor recommended at the TD Bank (I did not have an account there).
I still did get pre-approval quotes from other banks -- National Bank (my bank) and RBC. The initial TD quote was the lowest.
I was very happy with her and she worked hard to find the exact right time to lock in the mortgage, given that the interest rates were going up and down like a roller coaster as I was finalizing the purchase (and ultimately lower than the original quote). And since this was my first time buying and sometimes almost a nervous wreck, I really appreciated her patience and certitude.
Me-mail me if you would like her contact info.
posted by mephisjo at 12:44 PM on November 12, 2023 [1 favorite]
I still did get pre-approval quotes from other banks -- National Bank (my bank) and RBC. The initial TD quote was the lowest.
I was very happy with her and she worked hard to find the exact right time to lock in the mortgage, given that the interest rates were going up and down like a roller coaster as I was finalizing the purchase (and ultimately lower than the original quote). And since this was my first time buying and sometimes almost a nervous wreck, I really appreciated her patience and certitude.
Me-mail me if you would like her contact info.
posted by mephisjo at 12:44 PM on November 12, 2023 [1 favorite]
Best answer: I filled out a form on RateHub and got connected with one of their CanWise brokers (it's the same company) who turned out to be great to work with. Excellent communication and stuck with me through a longer than normal process, holding best rates as they continually changed. I got a $500 rebate for going with the notary they recommended, although I had to ask about the money a few months after the purchase was completed. Me-mail me if you'd like contact info.
For mortgage broker vs bank, it seems like the smaller lenders will often have better rates than the big banks. A broker will have access to multiple lenders, your bank will only sell you one of their products. The mortgage rate my bank (CIBC) offered me when I asked was about a percent higher than other options at the time.
posted by Gortuk at 6:56 AM on November 13, 2023
For mortgage broker vs bank, it seems like the smaller lenders will often have better rates than the big banks. A broker will have access to multiple lenders, your bank will only sell you one of their products. The mortgage rate my bank (CIBC) offered me when I asked was about a percent higher than other options at the time.
posted by Gortuk at 6:56 AM on November 13, 2023
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posted by vasi at 8:19 PM on November 11, 2023