Posted on: 13-06-09 19:52:08
Hi everyone
If someone shop around for best mortgage rate every mortgage agent or broker you visit they will run ur credit is it safe way or not so what could
be the best way.
thanks for ur suggestions in advance
Quote:
Originally posted by gkap every mortgage agent or broker you visit they will run ur credit is it safe way or not so what could
be the best way.
Each "run" will create not-so-good-impression on your history.
I agree, sometimes you have no choice.
But I would recommend to insist on NOT running any credit check. Show that agent all your financial documents - your paycheck, your bank balances, any additional doc he might ask. Ask him for an approximate rate (not range. a fixed number.). He should be able to give you. It's okay if he does not give you that rate in written. If he can't, and he *need* to run the check, well, then in that case he should be of no good use.
If he insists on a "run", in return, ask him for guarantee for best rate or to beat any rate that you can get in market. He should understand. Tell him that the "run" will impact your rating. He should understand. If he doesn't, walk away.
Take this approach. Shop around. I would suggest a "run" to be executed only by the final agent/broker.
Is it true that for mortgages , for 1 month the rating goes down by a fixed no. of points irrespective of the no. of checks .... with in a period of 1 month ?
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Fido.
If you are shopping around and you are being insisted for credit checks, it is better to have credit check done yourself (paid by you) and provide it to all... you dont lose any point for checking your own credit .... most brokers/institutions do accept this method...
Cheers!
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Vik
For those still hunting for a rate, ATB has a 5-year fixed at 3.5% (The extreme discount mortgage) which is now the lowest posted rate in Canada for a 5-year fixed and available only to Albertans. This rate is set to be raised on Monday. The big 5 have all put in the biggest rate increase this year in the past week (.4%) and based on the bond markets.
Sent you a PM.Please acknowledge.
There are many things I don't understand in Canada, bold print says one thing and fine letter says another thing.
Here I am came across an ad from WWW. Canadalend.com
quote
1st Mortgages
Prime Rate 2.25%
5 year Variable Rate 4.00%
1 year Fixed 2.90%
3 year Fixed 3.05%
5 year Fixed 3.59%
unquote
wonder why people should go to Banks?..
