Almost Canadian

Because they are usually for a specific term, just as they are in the UK. However, while the amortization period is usually a similar length to those offered in the UK, it is rare for the term of the mortgage to equal the amortization period in Canada.

Tangram

For a few years I was a mortgage adviser in the UK, then IFA.

scrubbedexpat091

Makes sense. I just wasnt sure since the only other country I could compare was the US.

Pizzawheel

Was that a 5-year by the way? I'm seeing some interestingly low numbers on 2 and 3 year products....

OnlineCB

I renewed my mortgage using a mortgage broker, she found a deal from a National Lender (First National out of Ontario) that was far better than my bank would match. I have been with FN for a few years and their service is far better than my experience with my bank.

With FN I received insurance coverage free for a year (then $14 a month after) which covers any plumbing and electric issues that my home insurance won't cover. I didn't know (until I found out the hard way) that your home insurance covers only the result of an accident whereas the insurance that came with my mortgage actually covers what caused the damage.

I am not sure if I explained that well but if you have a flood due to corroded pipes, your home insurance covers the flood damage - this new insurance I have actually pays to have the pipes fixed. In the last two years I have had my boiler fixed, copper pipes in my bathroom replaced and some electrical work in my rec room. All for a $50 call out fee. As a solo home owner, that's great peace of mind.

Pizzawheel

Is a mortgage broker the same as a "mortgage architect"? We talked to one of them but ultimately went direct to Scotia as the numbers were the same.

Anyone wanting to recommend a Toronto broker feel free to PM me!!!

Tirytory

We just renewed early by about four months. The bank approached us and offered us 2.1% so a bit but nots lower than the original. We just took a one year term and can reassess in 8 months time. I've also been overpaying bi-weekly and have cut our amortization by 8 years so far over the course of 20 months.. Every little helps to quote that big old UK company

Juggernaut1064

My first mortgage here was with First National, Bunch of ignorant people.
I had an extended stay in hospital and i defaulted, within 48 hours i had notices pinned to my door and people knocking trying to find out how many people lived there (assuming they where gearing up to foreclose)
When i called in to wire the money (for speed) the asian guy (accent) started shouting i was "Privileged" and should pay on time, obviously i hung up on him and the next day went to my bank RBC and they called to get details to wire the money, First National asked to speak to me so they passed me the phone, a rather ignorant girl told me that "we dont deal with RBC" and hung up on me ! Since the days i was with First National i have heard lots of bad stories about them. Likely the broker put me with them for the biggest "kick back" and being new here i didnt know any better.
Boy was i glad when i got my mortgage away from them and over to Scotia Bank. (check your interest rate with them)