New poll: Porting mortgages

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When it comes to porting a mortgage who reigns supreme, monolines or banks? Take our latest poll.

“My experience is that the big banks are far superior to the monolines when it comes to porting the mortgage. Try getting a bridge loan with some monolines and their silly restrictions. Their porting restrictions are there to force the client to break the mortgage,” one anonymous commenter wrote in response to a mortgagebrokernew.ca news story. “The big banks give you up to six months in some cases to port. Good luck getting this with monolines. Further, some of the big banks allow for multiple tiers within a mortgage so that the client does not need to blend and extend like the monolines require you to do.”

Take our poll and let us know about your own experiences in the comments section below.
 
  • Christina Horvath on 2015-02-20 12:40:15 PM

    MCAP, Canadiana Financial and CMLS all have good porting options. Not the 6 month option described in the article but still quite flexible. It is sometimes a deciding factor when I place mortgages.

  • Chris Murphy on 2015-02-20 12:45:20 PM

    Scotia no longer offers 6 months. Some Big Banks have very restrictive issues in respect to probation for new employment that will break the mortgage too. 30 days works fine for 90% which most monolines offer.

  • Mike on 2015-02-20 1:03:00 PM

    Problem is most people just don't port they want to increase. Scotia used to be good but now they won't blend. Some won't increase and extend back out to a five year which then can cause a qualifying problem as you have to qualify at the MRQ. Had one client who had a mortgage at 2.99% that he had taken out 8 months prior with a big bank. He got transferred, got a raise and was buying a cheaper house but could not qualify at the MRQ rate so he had to break the mortgage, was charged a penalty and then take out a new mortgage at 3.29% so he could qualify. Thank goodness our government is protecting consumers from increasing rates.

  • Christina Horvath on 2015-02-20 1:18:38 PM

    At MCAP, Canadiana Financial, and CMLS, you can blend and qualify at the contract rate of the 5 yr fixed. Extend is not the same with these 3 lenders. But the real advantage is the qualifying at the 5 yr rate.

  • Christina Horvath on 2015-02-20 1:18:41 PM

    At MCAP, Canadiana Financial, and CMLS, you can blend and qualify at the contract rate of the 5 yr fixed. Extend is not the same with these 3 lenders. But the real advantage is the qualifying at the 5 yr rate.

  • OkanaganBroker on 2015-02-20 6:18:44 PM

    I use my local Credit Unions extensively, and having been both a bank & a credit union lender/manager/underwriter before becoming a mortgage broker, Nobody can match up with what my CU partners can do and allow...I have tried ports/blends/extends and switches with various lenders/monolines and I always end up back with my CU's. They simply have common sense & underwriters who actually have some authority to make decisions. Plus the CU CreditMaster mortgage allows for the various tiers as well, should that be needed. My monoline experiences have ALL been quite disappointing...just my 2 cents...

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