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I need help with my mortgage from ICICI bank
July 18, 2016
9:21 pm
Scout
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I was looking for good mortgage plans and my Mortgage broker Canada mortgage Suggested me a good plan from ICICI bank. I don't have any previous experience on banking with ICICI. Please share your Mortgage experience with this bank. I only know that ICICI is one of the most trending banks in the banking sector and they are well established and has roots from India.

regards
Scout sf-cool

July 18, 2016
9:24 pm
Scout
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I am little bit confused about the bank, Don't know much about this foreign lender. I know a friend having Morgage from a European lender. He told me sometimes they charge some hidden fees sf-yell

July 18, 2016
10:02 pm
Scout
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July 18, 2016
11:03 pm
Loonie
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If you have doubts, get your lawyer to go over the mortgage agreement before you sign it.

July 19, 2016
9:36 am
MG
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Hello Scout,
Those rates offered by ICICI Bank do not appear to be very good. Has your mortgage broker not looked at First National? A good broker can usually get better than the posted rates which are here: http://www.firstnational.ca/mo.....gage-rates

Suggest you also look at True North Mortgage here: http://www.truenorthmortgage.ca

Good luck!sf-smile

July 20, 2016
4:13 pm
SavingIsGood
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Why do you need 'mortgage broker'? You know English? You do speak English? Read/write? Know how to use Internet?
Just go (not Call!) GO to few big banks (well, call if you want money from on-line banks) and talk to them. NEGOTIATE.
Most important with mortgage is to be able to pay before the term with no penalty. If you 'lock' for 25 years that is not 25 year sentence. Pay early.
Mortgage broker... What is next? Personal trainer? Personal shopper? Ass wiper?

July 20, 2016
4:30 pm
kanaka
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SavingIsGood said

Why do you need 'mortgage broker'? You know English? You do speak English? Read/write? Know how to use Internet?
Just go (not Call!) GO to few big banks (well, call if you want money from on-line banks) and talk to them. NEGOTIATE.
Most important with mortgage is to be able to pay before the term with no penalty. If you 'lock' for 25 years that is not 25 year sentence. Pay early.

I kind of agree with most but not all that SavingIsGood is saying. A broker is making a commission and not all things are the same for a mortgage purchased using a broker and from what I have seen and read....not all brokers are honest and doing the contract in the most professional way possible. "COMMISSION" remember???? COMMISSION is the brokers driver.....not customer satisfaction.

See what the broker has to offer and document then go to the big banks and/or credit unions and do your OWN shopping. What are the penalties for moving a mortgage to another institution? (<=portability?) What prepayment options are there to you at no cost etc. What are the renewable terms etc. And what about insurance for the mortgage......which I DON'T recommend doing through the bank. Buy a policy for each you and your spouse to cover the mortgage in full or to a partial amount you are happy with and have the policy for ever after.
Don't forget mortgage insurance with the bank is over when paid off and try to get an insurance policy for $5000,00 when you are 55?

July 20, 2016
8:27 pm
MG
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kanaka said

SavingIsGood said

Why do you need 'mortgage broker'? You know English? You do speak English? Read/write? Know how to use Internet?
Just go (not Call!) GO to few big banks (well, call if you want money from on-line banks) and talk to them. NEGOTIATE.
Most important with mortgage is to be able to pay before the term with no penalty. If you 'lock' for 25 years that is not 25 year sentence. Pay early.

I kind of agree with most but not all that SavingIsGood is saying. A broker is making a commission and not all things are the same for a mortgage purchased using a broker and from what I have seen and read....not all brokers are honest and doing the contract in the most professional way possible. "COMMISSION" remember???? COMMISSION is the brokers driver.....not customer satisfaction.

See what the broker has to offer and document then go to the big banks and/or credit unions and do your OWN shopping. What are the penalties for moving a mortgage to another institution? (<=portability?) What prepayment options are there to you at no cost etc. What are the renewable terms etc. And what about insurance for the mortgage......which I DON'T recommend doing through the bank. Buy a policy for each you and your spouse to cover the mortgage in full or to a partial amount you are happy with and have the policy for ever after.
Don't forget mortgage insurance with the bank is over when paid off and try to get an insurance policy for $5000,00 when you are 55?

Actually, the process for obtaining a mortgage these days has changed considerably from the 80s and 90s when I got my first ones. I recently secured a mortgage through a broker and got better than any posted rates at the banks, as well as better than the posted rate of the FI who supplied the mortgage. Everything was done via email and I mean everything. In the end, I insisted on meeting the mortgage broker to sign the final documents - however, no face to face was required. I suspect a lot of millennials are doing their entire mortgage shopping using their cellphones! Having worked for one of the big 5 banks, I was well aware that the banks view mortgage brokers as simply another distribution channel. And yes, the brokers can provide a better rate (even with commission) since they are not paying for the bricks and mortar and other overhead of the big bank. The terms received were standard - meaning opportunity to pay 15% every year with no penalty, increase payments, double-up, etc. The market is very competitive. And, get this, there is no penalty for "porting" your mortgage as long as you don't change the amount financed. By the way, there was no pressure to buy mortgage insurance. I am one satisfied mortgage broker customer! sf-cool

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