Hi all,
I was wondering if anyone can explain the difference between the two, and why brokers seem to be able to lend at a lower rate?
Just spoke to a mortgage specialist from RBC, and they gave me (what I thought) was a ridiculous 5 year fixed closed rate. 4.15%. I immediately called a broker who is currently offering at least 3.75%. This is for a quick close of 30 days or so.
Both seem to have the same features, i.e 20% prepayments, portable mortgages, etc. So how come they lend at a lower rate? and who here has gone with a broker over a bank? your thoughts?
My only concern is that the company is based in Toronto, and I'm in Winnipeg. Other than faxing over info, I don't see why I shouldn't go with them, especially at a 0.4% difference.
cheers,
I was wondering if anyone can explain the difference between the two, and why brokers seem to be able to lend at a lower rate?
Just spoke to a mortgage specialist from RBC, and they gave me (what I thought) was a ridiculous 5 year fixed closed rate. 4.15%. I immediately called a broker who is currently offering at least 3.75%. This is for a quick close of 30 days or so.
Both seem to have the same features, i.e 20% prepayments, portable mortgages, etc. So how come they lend at a lower rate? and who here has gone with a broker over a bank? your thoughts?
My only concern is that the company is based in Toronto, and I'm in Winnipeg. Other than faxing over info, I don't see why I shouldn't go with them, especially at a 0.4% difference.
cheers,