Discussions

What is the best place to borrow from for a first time home purchase? Things to consider:  
How much money down,  
best rates,  
Early payback option,  
Ect.  
 
Edited by ArcticKat, 2017-04-27 22:43:46

My recommendation would be to use a mortgage broker. We have gone to Centum Mortgage a couple times. The service was fantastic and they shop around to get you the best rates.

What do they charge? I'm assuming they charge more for their service then a bank would? Anybody else that has used them?

No they don't charge the home buyer anything. They make their money through finders fees, etc. from the lending companies or banks.

Is interesting. Thanks for that info. I'll definitely check them out.

I fully agree with centum mortgage. We used them to buy our second house. Went threw Naomi. She was willing to pick up and drop off papers for us. And was always just a phone call away.. even on Sunday she will help you with any questions.. I will never go to a bank again for anything mortgage related

Go with Naomi at Centum. She will help any way she can. Super nice!

Go to your own bank or research other banks (RBC, Scotiabank, etc) All banks have different rates … If this is your first home buying, lowest downpayment is 5% and you can choose 10, 15, 20, 25, 30 years. You have to make an appointment with a mortgage specialist and go from there. Prepare paystubs and employment letter!

Tangerine (the rebranded ING Direct). Very generous prepayment terms. I'm on track to have a 25 year mortgage paid off in 15. Everything is done online, very hassle-free. Renewal last year took me all of ten minutes in front of a computer.

And don't get too hung up on using a broker. I was able to find a better rate on my own (using that wonderful invention called the internet).  
Also check out PC Financial mortgages. Non-traditional banks can often offer better rates and terms.

Another recommendation for Centum here! Naomi was super helpful and made the process fast and painless. I got the lowest possible rate and didn't have to do any running around.

SH said "My recommendation would be to use a mortgage broker. We have gone to Centum Mortgage a couple times. The service was fantastic and they shop around to get you the best rates. "

I am in the fortunate position to own more than one home and can tell you that I have been to almost every institution in Brandon including Centum Mortgage. The Only place that treated me like a human and didn't just say "yes yes this looks all good" and then punch some numbers into a computer and give me the "well my computer says no" was Pattie at Westoba Credit Union. I can't even begin to tell you what a night and day difference it was. She listened to me and even helped with some other financial things that she didn't have to but again treated me like a person not just another possible new account. I currently have only one of my mortgages there but, will be moving everything over as soon as I can. Friend also had the same experience after trying to get mortgage for new home with CIBC. went to Westoba and they worked with him to make it happen.  
 
Every place had pro/con and I do have accounts with other banks for things like RSP and no fee accounts but, for me at the end of the day I want a bank that supports me and my mortgage needs, one t hat works with me. Can always PM me if you need any more info.  
 
Just my $.02

we are in the middle of buying our first home and Alica at Centum has been AWESOME! always there to answer all our questions and help us along. nothing has been a surprise. we ended up chosing a Monoline lender, which we hadn't considered before, and are very happy with our choice!!!  
I'm telling you, Alica has been soooo helpful, and of course nice, but the help is really where it matters. especially since it was a private sale!

...is who we went with. Satisfied with the results.

I need to renew my mortgage. Anyone have experience with this? My bank isn't offering the best 5 year fixed rate in my opinion but if there are legal fees or other fees associated with moving the mortgage to another bank/credit union the savings with a better rate may be lost in fees? Any suggestions or opinions are greatly appreciated. Thanks

I dealt with Centum for my first mortgage but when the time came for my next. The best place I found to deal with was RBC and while everything was being dealt with and I/we were so pleased that we completely switched everything to them and never looked back. There's benefit to have everything in one place but do some research and do what's best for you!!

RBC

Mortgages are a huge financial commitment. Everyone has different needs, just looking above we have comments from from several posters with very different needs including someone who wants to pay their mortgage down as quickly as possible, someone who owns multiple properties, someone who had difficultly qualifying for credit, etc. I used Centum many years ago when it was under different ownership to purchase my first home, and it was a wonderful experience. From what I've heard from others, they are still offering top notch service. I currently go through my bank, as I have all my financial dealings there and get a substantially better rate than their posted rate, and their mortgage terms meet my needs. If you have a longer term relationship with your bank (and good credit), that might be the way to go. If you're unfamiliar with what your options are, I would suggest a mortgage broker like Centum. They will tell you about things like prepayment options, accelerated payment options, down payment requirements, interest rate options, penalties, mortgage insurance etc. That will help you decide what best fits your needs. Good luck!