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Mortgage Renewals
October 5, 2016
6:48 pm
christinad
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When you renew, does the mortgage lender usually recheck your income or is that only done if you are moving to a new lender?

Does anyone know if vancity or coast capital has consistently good rates? As my income may fluctuate, i am looking at staying with one lender if it is the case they don't recheck your income.

October 5, 2016
8:13 pm
Loonie
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Unless something has changed in recent years, no, they don't recheck. The fact that you have been paying regularly (assuming you have) establishes your credit history with them. In addition, the longer the mortgage is in place, the lower is their portion of its value (normally), so they care less about you personally as they are even more certain of getting their money out of it if necessary - although that is not their preference.

October 6, 2016
7:41 am
kanaka
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christinad said

When you renew, does the mortgage lender usually recheck your income or is that only done if you are moving to a new lender?

Does anyone know if vancity or coast capital has consistently good rates? As my income may fluctuate, i am looking at staying with one lender if it is the case they don't recheck your income.

I have not had a mortgage for years and have no idea the benefits or downfalls of the variety of types of mortgages now offered. I have never had to provide wages for a renewal.

While this is my opinion only, don't be fooled by all the cute advertising that Coast Capital does and watch what is "free" and what is not as more is not. They highlight "free" and the number ATMs you can use as a way to mislead you. And their "Money Pros" folks...keep in mind that is just a job title and not indicative of their competence.

Childish business practices and lack of customer respect is prolific throughout Coast Capital.

Since you only mentioned the two I would go with Vancity.

Ps. "Was" a Coast Capital customer for 11 years now with Vancity (amongst others) for 6 months and Vancity is FAR more customer attentive.

October 6, 2016
5:29 pm
Loonie
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Watch out too, that whatever you are promised verbally is written in stone. This is particularly relevant for early pay-downs.
The only mortgage I ever had was with National Bank, and they promised generous pay-downs but did not write that into the contract. It was the main reason I chose them at the time. I forced them to add it.

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