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Mortgage Broker News | 26 Feb 2015, 10:53 AM Agree 0
When it comes to porting a mortgage one type of lender reigns supreme, according to a recent poll.
  • John | 26 Feb 2015, 12:34 PM Agree 0
    When it comes to porting a mortgage CU's have one big disadvantage. If you have to move out province you will not be able to port your mortgage and will have to pay a penalty to break the mortgage. Also some CU's you have to live in a certain distance from the nearest branch. If there is no branch near your new home, you will not be able to port your mortgage. I will take a monoline over a bank
  • Kate | 26 Feb 2015, 02:10 PM Agree 0
    some CU's do operate in more than one province. CU's also have much more flexibility than a bank or monoline, and offer common sense, in a banking industry that has lost that.
    I have worked in for banks, credit unions, and as a broker, CU is my choice over monoline or bank any day!! If the only fault the CU has is charging a penalty and cant port, big deal!! banks and monolines still cant do what CU can do for you!!!! limitations on bridge financing, or no port option, with other lenders, turn off!! Service is what I want for my clients!! CU's give so much better service !!
  • John | 26 Feb 2015, 02:56 PM Agree 0
    I use to work for a CU. I have no problem with them but clients should be aware that you can not in most cases port a mortgage out of province with a CU.
  • Chris Murphy | 27 Feb 2015, 12:14 PM Agree 0
    Street Capital just advised they port, blend and extend. Add money, extend the term another 5 years and no penalty. Unlike Scotia, it wont be a STEP collateral so Street gets my vote and Scotia loses out.
  • John D. | 03 Mar 2015, 12:39 PM Agree 0
    For Brokers/Agents, banks should always be our last resort. They are not focussed on client's best interest, they are focussed on the Shareholders. Plus, at the end of the day the banks work against us. Monolines like Street, First National, etc. are there to service us.
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