Back to Blog

Which bank is best for mortgage?

General Amritjot Saini 6 Sep

Which lender should I go to for mortgage? – Compare Mortgage Banks

No doubt the big 6 including Scotiabank, TD, CIBC, HSBC, National Bank and RBC are best in mortgage lending. But each banks have different product line and rates. Well, most recommend to just go to the bank’s website and check the mortgages section. However, this will only give you general details Plus it’s not tailored as per your requirements. Sure, banks have mortgage advisors. But they don’t know what competitors offer or sometimes, they’re not experienced in their own programs.

How do you make an educated decision? How do you compare mortgage banks? What things you should avoid discussing with the banks? How do you get firm approval at the best rate?

Well, the simple answer is it is very hard to compare the mortgage products. All lenders follow the same guidelines but do the business and underwriting differently. The best thing for you to do is to find a friend who has inside connections and will discuss your numbers to give a specific answer. All this without disclosing your identity. This is where I can help.

I am a Licenced Mortgage Agent who works for my clients. Get trusted mortgage advice and professional lending sourced from largest Canadian banks and lenders. As soon I see a deal, I know which bank will approve it from the get go. So do not waste your time and efforts in finding the right lender as it is next to impossible to know each and every guideline of every lender. Just dial (647) 568-5120 and let me tell you what will help you get the mortgage.

Avoid this:

  • Going to multiple lenders – Each time your credit is pulled, your score takes a hit. Secondly, the more inquiries you have, the more of a credit seeker you look like.
  • Applying without enough information – It’s better to know exactly which banks deal with new immigrants, work permit holders, salaried, self-employed, business owners or commerical investors. If you do not filter down the list of what your situation is and then find a lender, you expose yourself to more declines.
  • Understand rates is not everything – Getting the lowest rates is an achievement for many real estate buyers. You want to boast about your new investment at the best rate in market but when it comes to mortgages, there’s more to it. Prepayment penalties, terms flexibility, refinancing penalties and deferrals are some of the factors that most people overlook, end up paying hefty penalties.
  • Thinking you have income – You recently got hired at a lucrative package and now can afford the house you’ve always dreamed of. Banks still may say NO. The income may not be qualifying as you are on probation. I know exactly which income qualifies: fixed, variable, salaried, seasonal, contractual, business or investments.
  • Just got the down payment – You got the down payment from a loved one or just completed saving it but sorry, that’s not enough. Mostly the the down payment is required to be saved for minimum 30-90 days before you can apply for the mortgage.