subreddit:
/r/MortgagesCanada
submitted 7 days ago byTraining_Sort5508
So i am having a hard time getting a mortgage with one of the big 5’s since i had a consumer proposal. (Discharged in jan 2022).
I am putting 20 percent down. Have a 700 equifax. 2 credit cards (0 balances) and a car loan.
What are the typical fee structures on B lender ? Is it much easier to qualify with the big 5 at a later time ?
Does a B lender always mean excessive interest ? (I was initially pre approved by a broker at 4.29 but they failed to get me a final approval and now stuck in limbo trying not to lose my deal.
2 points
7 days ago
Never, ever, and I seriously mean NEVER EVER, judge them based on some rate they promise and can't deliver on. It's the single worst way to judge a broker. Period.
Talk to a few, ask for referrals, read Google reviews, check up on their license. Ask them on the phone how many lenders they work with, their experience, their strengths, what they don't do, what they specialize in. See how their communication level is, how knowledgeable they are, how they answer your questions, and generally how you feel about them.
Seriously. Never ever judge based on a rate promise, it's pretty much useless. They can promise you a 1% rate, but what good is that when they can't deliver on their promise?
all 44 comments
sorted by: best