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Old 01-24-2002, 12:11 PM   #26
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<font face="Verdana, Arial" size="2">Originally posted by LivingRoomPornstar:
I'll bet you that there aren't any further discounts on that 5.4%. Most banks will give you a full one percent off the posted 5 year fixed rate. That puts the difference at .45%.</font>
first of all, dan, you're making assumptions on what those other lenders offer. second, even if the difference IS only 0.45%, if you multiply that by a $100,000 loan and then multiply that by a 5 year mortgage term, you have a savings of $2,250.

i have a very large mortgage so for me, getting the best rate (while not giving up any rights) was the most important factor in choosing a lender.

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<font face="Verdana, Arial" size="2">I'm just wondering Will, I know you're not in the industry, but when you looked for your mortgage, did you go straight to the broker? Or did you speak to someone at your bank first??</font>
i spoke to a CIBC rep (my bank), a royal bank rep, a scotiabank rep, and then my broker who set me up with MCAP. each of the banks gave me their "best deals" (and full amortization schedules) and none of them could match MCAP's offer.

i also reviewed MCAP's charge terms and learned that they are more borrower-friendly than those of the larger banks.

bottom line - if you go to a broker, he/she can tell you what ALL the lenders offer (big banks, smaller lenders, etc.) if you go directly to a bank, you are limiting yourself to that bank's specific programs.

hey, like i said, if you have doubts, do both (like i did). go see your bank rep and then go see a broker afterwards.
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Old 01-24-2002, 12:16 PM   #27
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will, you're bang on...shop around & get the best deal possible...everyone wants the business & often brokers end up going to banks...both sides have positives, especially if you have a good relationship with an excellent advisor like dan @ the best FI

jc
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