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Old 04-14-2012, 11:41 AM   #19
Kristi Hyson
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Join Date: Oct 2011
Location: Calgary
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Quote:
Originally Posted by ranchlandsselling View Post
Talk to your broker.

See what the bank offers you. Tell your broker that's what they offered you and see who comes back with the best rate. The broker should understand. That said, if the bank comes back with one rate your broker beats it, then your bank matches it - maybe reward your broker, who was honest with you from the get go. Often mortgages (priced at their lowest to win customers) are loss items. Or make banks even money. They make the money of all your other accounts. If you take your mortgage elsewhere the bank isn't going to punish your other products that they make a lot of money off of.
I would recommend going to your bank to discuss rates, most financial institutions will match the rate the broker is offering, especially when you are a full service customer. If you transfer your mortgage from your current financial institution you will be subject to another application and the condition requirements to obtain a new mortgage. If your mortgage is insured you can do a straight switch to another institution for the exact dollar amount, amortization and your premiums can be ported. If it is a brand new mortgage and not a switch you will be paying premiums again if your loan to value is greater than 80%.
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