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Financing, Mortgages and Insurance What options are best for you and your situation?


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Old 2010-07-09, 06:09 PM
nessiesens nessiesens is offline
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Default Multiple Mortgage Applications

Just curious.

My house is technically still scheduled to close on time (Oct. 14) however I am being told I'm actually 3 months ahead of schedule (and short of saying I do want an early close, I am sticking with normal close time).

Now that I'm 3 months away from closing, I figure I should be looking into different mortgage options (other than the one I'm currently locked into with RBC for 18mths).

That being said, is it bad to apply to different banks at the same time for mortgage rates to see who would do the best for me? Does that appear on your credit report and look shady?
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Mattamy: Fernwater End - Fairwinds North
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Old 2010-07-09, 08:26 PM
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SHARKMAN1 SHARKMAN1 is offline
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Its only bad if you actually do an application. Everytime a bank pulls your credit you loss 10 points ( if I remember correctly, i am a former banker) That being said...3 months out ask RBC what rate they will be willing to give you. the post 5 yr average is 5.79 and most bank will discount 1.3-1.7 off of that (if you have good credit). You can always google local brokers and tell RBC you expect them to match or come close enough if they really want your business. Good luck.
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Old 2010-07-09, 08:31 PM
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Quote:
Originally Posted by nessiesens View Post
Just curious.

My house is technically still scheduled to close on time (Oct. 14) however I am being told I'm actually 3 months ahead of schedule (and short of saying I do want an early close, I am sticking with normal close time).

Now that I'm 3 months away from closing, I figure I should be looking into different mortgage options (other than the one I'm currently locked into with RBC for 18mths).

That being said, is it bad to apply to different banks at the same time for mortgage rates to see who would do the best for me? Does that appear on your credit report and look shady?
If your in Ottawa, Mattamy also deals with National Bank and their rep can ussually beat RBC's rates. His name is Kevin Mckeown, lok him up and let him know what you have and what you want, maybe he can help!
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Old 2010-07-09, 08:55 PM
MikeOh <3 KayKay MikeOh <3 KayKay is offline
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what a timely question/thread! thanks =) we're closing in < 50 days and i had the same thought

we are preapproved w/ RBC as well (4.2%)
i called CIBC to schedule an appointment for something else entirely and they asked about mortgage stuff - they mentioned they could beat RBC...so they booked another appointment for me to 'talk' w/ one of them. i asked about the credit hit and she said they don't actually put a real application through just a place holder of sorts
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Old 2010-07-09, 10:28 PM
England England is offline
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Quote:
Originally Posted by SHARKMAN1 View Post
Its only bad if you actually do an application. Everytime a bank pulls your credit you loss 10 points ( if I remember correctly, i am a former banker) That being said...3 months out ask RBC what rate they will be willing to give you. the post 5 yr average is 5.79 and most bank will discount 1.3-1.7 off of that (if you have good credit). You can always google local brokers and tell RBC you expect them to match or come close enough if they really want your business. Good luck.
This is correct, you want to avoid having your credit rating looked at numerous times. We managed to snag our 3.47% fixed for 5yrs, and you are not going to find anything lower than that
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Old 2010-07-09, 10:32 PM
nessiesens nessiesens is offline
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Quote:
Originally Posted by SHARKMAN1 View Post
Its only bad if you actually do an application. Everytime a bank pulls your credit you loss 10 points ( if I remember correctly, i am a former banker) That being said...3 months out ask RBC what rate they will be willing to give you. the post 5 yr average is 5.79 and most bank will discount 1.3-1.7 off of that (if you have good credit). You can always google local brokers and tell RBC you expect them to match or come close enough if they really want your business. Good luck.
All I'm trying to figure out is if I go to CIBC and get them to do a 120 day lock in (though I'm already locked in with RBC) is that a dock on my credit report? I'm not saying I'm going with either but just trying to see which might give me better rate.
__________________
Mattamy: Fernwater End - Fairwinds North
Closed: Oct 14, 2010
Sold: Jan 27, 2014
---------------------------------------------------
Valecraft: Marseilles II End - Trailwest
June 12, 2014



覧覧覧覧覧覧覧覧覧覧覧
Caivan: Series 1, Plan 2
June 4, 2020


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  #7  
Old 2010-07-10, 09:52 AM
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SHARKMAN1 SHARKMAN1 is offline
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Quote:
Originally Posted by nessiesens View Post
All I'm trying to figure out is if I go to CIBC and get them to do a 120 day lock in (though I'm already locked in with RBC) is that a dock on my credit report? I'm not saying I'm going with either but just trying to see which might give me better rate.
If you know your credit is good then go see CIBC and ask them NOT to pull your credit but to just to done your info and book you the rate until you decide. This way your rate is booked if they go back up.Most bank will do this for you without a problem.
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Old 2010-07-10, 10:15 AM
nessiesens nessiesens is offline
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Quote:
Originally Posted by SHARKMAN1 View Post
If you know your credit is good then go see CIBC and ask them NOT to pull your credit but to just to done your info and book you the rate until you decide. This way your rate is booked if they go back up.Most bank will do this for you without a problem.
Ok that's all I really want until I actually have to sign for a mortgage. Just get what other banks could offer me. Then I can decide to apply there for sure prior go my closing
__________________
Mattamy: Fernwater End - Fairwinds North
Closed: Oct 14, 2010
Sold: Jan 27, 2014
---------------------------------------------------
Valecraft: Marseilles II End - Trailwest
June 12, 2014



覧覧覧覧覧覧覧覧覧覧覧
Caivan: Series 1, Plan 2
June 4, 2020


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  #9  
Old 2010-07-10, 04:43 PM
MelMen82 MelMen82 is offline
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We signed with TD a few months before closing. Since then they have lowered our interest rate twice.

Since we had originally planned on sticking to a 5% deposit and Mattamy were requesting more we will be getting the balance back on closing day. Because of this all of our closing costs are already paid for... and we get money back.

TD were offering us a 1% cash back on the price of the house. I think we actually got a good deal with them
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Old 2010-07-10, 08:15 PM
minto_home minto_home is offline
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One suggestion I heard once was, you get your own credit report with the credit score (this is not the free one but costs about $20). Then whenever you go shopping for mortgages, they dont need to do a check again. They can just use the info you provide them from your report. Ofcourse they'll want to do their own check when you're actually ready to sign the papers.
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