Street Capital Financial Mortgage - August 9th, 2011 | Mortgages | Discussion forum

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Street Capital Financial Mortgage - August 9th, 2011
August 9, 2011
10:05 am
Jenna
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As of August 9th, 2011, Street Capital Financial's 5-year fixed/closed mortage is 3.69%. They do not offer a 10-year rate. The rates are not available online, and they must be offered through a mortgage broker. However, when I called into Street Capital, the representative did tell me that 3.69% is the current rate that their existing clients are paying on a 5-year fixed/closed rate. She did suggest that I get the information from a broker.

So, Street's 5-year rate is more competitive than any of the big banks, PC Financial and ING Direct…but not better than First Calgary Savings (3.49%).

Doing a little bit of research, I discovered that Street Capital just launched Online Mortgage access for customers in January of this year. I think this is a great idea and here are the features that the online mortgage access offers:

•Check your balance, payment, remaining amortization, and property tax account
•Calculate the effect of pre-payments
•Access annual statements
•Change your payment date
•Lock in your variable rate
•Change payment frequency
•Increase your payments
•Schedule lump-sum pre-payments in advance, etc.

August 9, 2011
8:14 pm
Doug
British Columbia, Canada
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Hi Jenna,

I'm not sure, but I think I may have read a press release that stated that Street Capital may have outsourced the servicing of the mortgages on its books (i.e., administering payment collection, providing payout statements, collecting fees, etc.) to a mortgage servicing unit of First National Financial and, presumably, their online access would be similar to FNF. Have you been able to confirm that? Perhaps a follow-up call with Street Capital might be worthwhile?

Cheers,
Doug

August 10, 2011
11:33 am
Jenna
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Doug, I will look into it. I did read that Counsel Corp had a planned acquisition of Street Capital in January of this year.

August 11, 2011
7:21 am
Jenna
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Street Capital may have outsourced the servicing of the mortgages on its books (i.e., administering payment collection, providing payout statements, collecting fees, etc.) to a mortgage servicing unit of First National Financial

Doug, yes I called Street Capital this morning and they did confirm the outsourcing of the aforementioned services to First National.

presumably, their online access would be similar to FNF

Yes, they are using the same online template as First National.

August 13, 2011
7:42 pm
Doug
British Columbia, Canada
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hey Jenna,

Cool. Wow, a mortgage lender that is actually willing to disclose to whom they are outsourcing certain services over the phone, that's refreshing. I have no problem with them outsourcing such services, maybe that's not the business they want to be in and prefer just to in the business of underwriting and funding mortgages. That's cool. If I were looking at a mortgage, I'd definitely consider them or First National.

ATB Financial supposedly cut their five-year fixed rate to 3.09%, which is a huge cut I believe, according to Canadian Mortgage Trends. RBC also has a four-year fixed rate at under 4%, something like 3.19 or 3.99% (can't remember which).

Cheers,
Doug

August 14, 2011
4:28 am
Jenna
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Doug, I saw the rate of 3.09% posted a few days ago and believe it is a typo — as ATB's website posts rate is 4.09% (as of Aug 14th 2011), see here below. They call it their "Extreme Discount" mortgage. Correct me if you don't believe this is a typo:

http://www.atb.com/Pages/Dev/m.....rates.aspx

They last updated their website rate in mid-July.

August 15, 2011
10:34 am
Doug
British Columbia, Canada
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I'm not sure, if it was a typo, then a lot of mortgage brokers on the Canadian Mortgage Trends website got taken in by it. However, their website does seem to indicate it as 4.09%, still a great rate. :)

Cheers,
Doug

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