tag:blogger.com,1999:blog-5465015914589377788.post2223748537927943791..comments2024-03-20T09:32:16.592-04:00Comments on Michael James on Money: Unsecured Line of Credit Poll ResultsMichael Jameshttp://www.blogger.com/profile/10362529610470788243noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-5465015914589377788.post-25303342120822580982020-10-24T18:48:55.145-04:002020-10-24T18:48:55.145-04:00Big Cajun Man made the following comment:
Not a g...Big Cajun Man made the following comment:<br /><br />Not a good reason, but all the "published" big banks rates are negotiable, just ask a Mortgage Broker. You can negotiate yourself too, just be willing to walk away and you'll be fine.<br /><br />I'd rather not have "Guido the Killer Pimp" holding my mortgage, but most other folks are ok.<br /><br />--C8jMichael Jameshttps://www.blogger.com/profile/10362529610470788243noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-49983565890198195782008-05-02T17:08:00.000-04:002008-05-02T17:08:00.000-04:00To add to preet's comment, I've had a big bank tha...To add to preet's comment, I've had a big bank that shall remain nameless give me the "well we could give you a better rate if you had your mortgage with us" line, when applying for a line of credit. This same bank had everything but by mortgage (15 years of business, RRSP, credit card, etc).<BR/><BR/>That being said, your mortgage is going to be the biggest interest expense by far, rates should be the #1 concern. PC Financial is simply a division of CIBC anyway...Warrenhttps://www.blogger.com/profile/00586650821846362670noreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-21271525190851365572008-05-01T07:27:00.000-04:002008-05-01T07:27:00.000-04:00I'm just about finished my mortgage negotiations, ...I'm just about finished my mortgage negotiations, and surprisingly will be sticking with my big bank. <BR/><BR/>I started by going to a mortgage broker and was offered a rate that I through the bank would never match. <BR/><BR/>I had already been contacted by my bank to set up an appointment, so I kept it, out of curiosity. <BR/><BR/>Much to my surprise they initially matched the offer, and after a little more negotiation beat it, and added some free banking and a lower rate on my line of credit. <BR/><BR/>I gave the mortgage broker a second chance but they couldn't do enough to match what the bank finally offered. <BR/><BR/>My feeling is that the competition from the mortgage brokers is starting to pinch so they are changing their policies to be more competitive. <BR/><BR/>That said, they won't give you anywhere need the best rate until you've had a better offer from somewhere else. It really does pay to shop around.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-5465015914589377788.post-65202077578976752322008-05-01T01:28:00.000-04:002008-05-01T01:28:00.000-04:00I've always wondered what the logic is behind the ...I've always wondered what the logic is behind the posted rates since not many people pay posted. I think 1% off of posted is almost a given if you just walk through the door. <BR/><BR/>Depending on the client, the big banks can match rates on occasion. I know of someone who had their ING rate matched by one of the big five, with little hassle.<BR/><BR/>I know they have quotas, but sometimes they will eat further into the rate if it means your company's business accounts are held at the bank (or you hold your RRSP at the branch where they get a cut of the MER). So that's one reason - but you might be losing out elsewhere. <BR/><BR/>I have no retail banking experience so I can't say for sure, but I believe that if you go in end of month you might get a better rate as quotas have to be met. Even better is if you go in end of October at the fiscal year end for all the banks.WhereDoesAllMyMoneyGo.comhttps://www.blogger.com/profile/09185007666460707356noreply@blogger.com