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Old 2011-04-13, 12:21 PM
Raymond Raymond is offline
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Default Best Place for a Mortgage?

I am closing on a new home in Stittsville in a couple of months and wanted to know where people would recommend to go for a mortgage. I am currently with Scotiabank and they were terrible to deal with. I know of 5 other couples who have had problems on the closing date due to their screw-ups.

Is there a place you would recommend with good rates and great service?

Thanks,

Ray
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Old 2011-04-13, 12:46 PM
Natasha Natasha is offline
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What so terrible about Scotiabank? We are switching from First Line Mortgages to Scotiabank because of better rates and we can actually go to our branch and talk to them. Could you, please elaborate on this because we still have time to change our minds.
Thanks.
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Old 2011-04-13, 12:49 PM
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mc_ottawa mc_ottawa is offline
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We went through a broker both times for a mortgage.

Our current mortgage (through our broker) is with Scotiabank. I have to echo the sentiments, Scotiabank was a pain in the butt to deal with with respect to our mortgage. We had to go into the branch twice to take care of various pieces of paperwork, and they had screwed up a few basic things (like key information on our mortgage). Not only that, but they rerouted our mortgage file across the city so we had to go well out of our way to go help them rectify their mistake.

Not sure if it was just a bad experience or what, but I was not impressed.
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Old 2011-04-13, 01:07 PM
Raymond Raymond is offline
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I contacted Scotia 1 month and then 2 weeks before closing to make sure they had everything they needed. They told me everything was approved and ready to go. I found out on the day of closing that they had actually done nothing. Our new home purchase was delayed 4 days and we were almost sued by our builder. Scotia took full blame for their screw up but they really didn't care and looked at my wife and I like we were a couple of pain in the asses. At one point they even tried to tell us that we needed a co-signer...on the day of closing!!!!

They were so bad to deal with that I am breaking my current mortgage to move into a new place. Scotia offered a 20% discount on my penalty to stay with them and I have declined as I don't want the headaches.

I warned others about Scotia and they still went with them and got burned.
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Old 2011-04-13, 02:43 PM
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BrianT BrianT is offline
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Quote:
Originally Posted by Raymond View Post
I contacted Scotia 1 month and then 2 weeks before closing to make sure they had everything they needed. They told me everything was approved and ready to go. I found out on the day of closing that they had actually done nothing.
Same exact thing happened to my co-worker. The only difference in that, according to the bank, the person handling his file left and the bank didn't feel a need to look at his files.
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Old 2011-04-13, 02:49 PM
melanne melanne is offline
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We've been with PC financial for 2 mortgage terms and its been fantastic. Great rates. We were paying 1.25% for the longest time, unfortunately, these times have ended now we pay 2.25%.

Don't be afraid of an "internet" bank.... but otherwise I guess I'd go with a mortgage broker. Try Murrey Groen.
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Old 2011-04-13, 03:02 PM
bcpl bcpl is offline
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We love our ING Mortgage.

Great rates! - seriously, most consitently one of the lowest on everyt ype of mortgage

Easy to contact! even late and everything gets done by phone - although having a fax handy is nice)

Totally flexible! - add to the mortgage every payment or in a lump sum (up to 25%)

Love it! Once you go Orange, you will never go back.

(except I guess if you locked into a low interest rate with TD during the purchase agreement process - it is going to be tough to beat that rate - but we will definitely miss ING should we go Green)
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Old 2011-04-13, 03:40 PM
Dorni Dorni is offline
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I would suggest RBC. One of the best banks we have ever dealt with!
They have great rates and are very helpful and accommodating. We have our current mortgage with them and will be using them for our new home.
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Old 2011-04-13, 09:13 PM
Moodie Moodie is offline
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Default try www.valueland.ca

Quote:
Originally Posted by Raymond View Post
I am closing on a new home in Stittsville in a couple of months and wanted to know where people would recommend to go for a mortgage. I am currently with Scotiabank and they were terrible to deal with. I know of 5 other couples who have had problems on the closing date due to their screw-ups.

Is there a place you would recommend with good rates and great service?

Thanks,

Ray
Unless you want to make the big banks rich at your own expense, try www.valueland.ca - their logo is "always low rates" Once the mortgage is set up, it is pretty much on auto pilot anyways...
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Old 2011-04-13, 09:20 PM
Katharina Katharina is offline
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We went with PC and ended up getting a great rate and enough PC points to buy a flat screen TV at Loblaws...
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