Has anyone use True North for Mortgage?

[jasonchen2201]

their mortgage rates seems pretty low. any pitfalls?

 

[ndesautels]

First, welcome Jason as a new member! I believe there is tremendous value in working with a mortgage broker or internal mortgage representative at a financial institution who specializes in investment properties. Before talking to True North or any other mortgage brokerage, do yourself a favour and talk to one of the Vine Group / Peter Kinch representatives or any other mortgage expert who is a verifiable specialist in investment properties. Then compare that experience to a meeting with True North. You need to take into account much more than the lowest mortgage rate. If True North provides more value for your current and future investment portfolio than a specialist at the Vine Group or with Calum Ross's team, good for them and good for the free market. However, you will likely find that the relationship you need is with an investment property mortgage expert and it will not be easy to find one at True North.

By the way - I do check the True North website on occasion as a benchmark of what typical mortgage rates are on that day. They tend to post rates as good or nearly as good as what you can expect to get if your credit and resources are excellent. If I'm doing analysis on a potential investment property and I need a number to put in for the mortgage rate I use information from their website (I also run the numbers at 1.5% higher interest rate than the 5-year rate to stress test the investment).

I know I'm just saying here what the REIN team says many times per year at their monthly and ACRE meetings (i.e. work with the right expert) but it could not be more true. Good luck with your real estate investing business and welcome to the community.

Cheers, Noel

 

[jasonchen2201]

Thanks Noel.

 

[KeithnCalgary]

Hi Jason:

One of the most important things you need to know is that the rates that your are seeing from True North are the lowest rates available based on a high ratio insured mortgage with great credit and know other variables involved. The rates for rental property uninsured mortgages are not the same as these low rates and with recent changes rental properties are usually charged a premium by the lenders.

What you need as a Mortgage Professional like myself that is an investor is focused on the relationship and not just a transction. I would love to discuss your financing needs with you. Please give me a call or drop me an email.

Keith Uthe, REIA
Mortgage Professional
Mortgage Alliance Enrich Mortgage Group
403-614-8843
[email protected]