I think in many cases it’s pick your poison. Some banks are bad with weapons, others oil, others mining (environmental and human rights esp outside of Canada)
Even credit unions go from ‘care about environment and local arts’ to ‘AI is cool and maybe we can close more branches’
Probably using his inside voice outloud, plus all the stuff plainjane said.
Also it’s probably a good financial long game but a disaster for currently alive humans for many reasons and this is why money and banks suck. I am guessing Tangerine has it’s own CEO
I don’t know if it’s the same across the country, but has anyone used a mortgage broker instead of going directly to lenders?
My mortgage is coming up for renewal in March and I’m trying to figure out what to do (I’m in BC, if that matters). I’ve always just gone straight to the bank for renewals and sales in the past. But I’m slowly trying to divest myself of RBC and I think I would prefer a credit union. I’m a little worried that changing lenders with my income stream (disability insurance) won’t be as straightforward as it has been in the past.
I’ve used mortgage brokers. I’ve had a lot of mortgages. They have been able to advise me on things that a bank/ credit union would never say out loud.
Also some have been sketchy and dropped the ball in big ways. There is no official training or governing body so they can be great or awful or anywhere in between.
Credit Unions are often easy to deal with directly.
yeah, I guess I’m worried about landing with a sketchy person! I’m might start with a meeting with the credit union and see what they say first.
K cup class action settlement form.
Real estate and budget talks? How dull.
Anyway has anyone done an assignment sale on a Condo? G did one 2 years ago and I have been on some emails and not all. So he says there is about 40k in limbo from when the condo closed.
Timeline:
Found buyers end of 2023
Agreement signed Feb 2024 - amount listed is 1xx
Have a likely deposit in March 2024 for about 100 where xx is a plausible amount of fees
Realtor is firm that things aren’t done and it’s all lawyers fault. Lawyer had a personal tragedy end of 2023 and balls were dropped/delayed but he’s generally good. He’s said things were on the developer/buyer and reached out to the buyer’s agent as recently as October. Our agent was chosen by the developer I think and always seemed sketchy to me.
Condo developer confirmed the unit closed in June 2025, which apparently is when we should have magically gotten money. But what document might list this money? What name is this money?
I’m trying to get my hands on more paperwork to find out if this money is even a thing or if the realtor screwed something up and the buyer gets to keep this 40k (in which case wouldn’t their lawyer or ours be saying that? Like why would our lawyer follow up on pretend money? He doesn’t bill by time- just standard fees)
It is more difficult switching mortgage providers when you don’t have employment income and if you don’t have much left owing (eg only 5 or 10 years amortization), but it doesn’t hurt to ask the credit union now to see what they might be able to make work.
I’ve been really happy with my mortgage broker, in Eastern Ontario. But that really doesn’t answer your question about whether to consult one in B.C. and, if so, which one.
no, it’s helpful to hear that folks have had good experiences! I’m just suspicious of everything around the money lending industry and trying to figure out if there’s some catch I’m missing!
yeah, I’m worried I definitely won’t be able to switch next time because I’ll be under 100k and then I’ll be locked in at RBC “forever”. And you’re right, it won’t hurt to ask!
I don’t know if there’s a catch, but here’s a funny anecdote. My mortgage broker was contractually required to tell me how she got paid (i.e. by the mortgage providers) and one of them paid her her in “wizard points.”
She told me this in a straight face and I just cracked up over wizard points.
She elaborated that she could use her wizard points at resorts or that kind of thing. Like PC points or any other reward program, except it was wizard points.
She set me up with a B lender (an institution who only deals in mortgages rather than a full service bank) and I really like my B lender - MCAP.
@Star was recently mentioning that her B lender hasn’t been as great for her because its website doesn’t cover everything and she’s had to be in touch with them for some transactions.
If you get a good mortgage broker, they should be able to tell you how many lenders they work with, which ones, and how they get remunerated by these lenders. Even when remuneration is in Wizard Points.
We’ve had B lenders in the past and they’ve been fine, and one of the rentals is currently with RFA, which is a B lender.
If I was in a set it and forget it phase, the B lender would be fine.
But because I am actively trying to knock down the mortgage, I’m actually in the process of going back to RBC, mostly because our chequing account is there and I know that it is Very Easy to double payments or make a one time prepayment (up to 10% of the original mortgage).
(and actually, the mortgage is with National Bank of Canada and I don’t actually think they are a B lender! I guess they just annoy me)
Yeah, I think with a good mortgage broker, they can offer insight about which lenders are better for “set it and forget it phase,” which are better for exercising pre-payment options without muss or fuss, and that kind of thing.
I see very little to lose (except perhaps a bit of time) with contacting mortgage brokers and seeing what they have to say.
I see no downside to talking with your bank, a credit union AND a mortgage broker.
Our eldest is house shopping at the moment, they will very much be in ‘set it and forget it.’
We’ve suggested they do exactly that - talk to a bank, a broker, and a credit union.
I honestly think my issue is that the bank we ended up with we have nothing else with. If we already banked with them, it would be easier to make the prepayments
For any of you with Freedom Mobile- they have an offer right now for a plan $28/month with 70gb. It’s supposed to be for new clients only but you can contact them and get it changed. SO got it set up for me, and they also gave me a 40gb bonus. So now I get 110 gb for $28. My previous monthly bill was $44 a month taxes in and now it will be $32.
Is anyone on Gander? I got my invite last week and finally set it up this morning
I signed up, and they kept sending me stuff on beta testing. I ignored it.
My kids have renamed it the strawberry store
