Mortgage Experience NOT with the Big Five?

Millions

Inspired Forum Member
Registered
Oct 6, 2007
180
3
18
Calgary, Alberta
#1
Hey everyone,

Just wondering if anyone has any experience with RMG, MCAP, Street Capital, Merix, Lendwise, ICICI and/or Marathon?

My mortgage with Scotia is coming due and so I had a mortgage broker look around to see if I could get better rates. It seems these lenders are willing to offer me half % point less than Scotia. Roughly 2.95% as five year variable. Scotia is around 3.5.

Just wondering if it's all the same or if there's stuff to watch out for....

Matt!
 

kfort

Senior Forum Member
REIN Member
Sep 1, 2010
1,542
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#2
If I remember correctly it was my mcap mortgage that was a massive pile of paper. I’m talking easily 3/4” stack of standard printer paper... lotsa stuff that isn’t even legal in my province (but is in Ontario for example). Fun times.

Keep and eye on prepayment privileges, penalties, and all that standard jazz.

And, if you haven’t already, seriously consider an automatically re-advancing mortgage.... so nice to have a down payment accrue every 18 months or so with even a small portfolio based simply off principle pay down.


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Millions

Inspired Forum Member
Registered
Oct 6, 2007
180
3
18
Calgary, Alberta
#3
Interesting. Hadn't heard about a re-advancing mortgage before.

I'll find out more about that other stuff. I know they said it's a 3-month penalty interest if I cancel the mortgage early. That's les than $1,500 so not bad...

Prepayment I'm not sure, although it's a rental so I don't typically do that. I'll check though.

Thanks
 
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Millions

Inspired Forum Member
Registered
Oct 6, 2007
180
3
18
Calgary, Alberta
#5
Okay, sounds good!

I had never heard of any of those lenders before so just wanted to make sure they weren't sketchy in some ways...



Money is very fungible. Take the lowest rate that suits your ownership & investment goals !!

I have an MCAP mortgage with a rate higher than that. Switching soon.


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Cameron11567

New Forum Member
REIN Member
Apr 10, 2017
4
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#6
I had street capital before and one of my current mortgages is with Merix. They seem pretty good my only complaint is that they charge you for paper statements if you need to request them when qualifying for other mortgages. Otherwise they seem to be the same as the big banks.

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JC Vincent

New Forum Member
Registered
#7
Hey everyone,

Just wondering if anyone has any experience with RMG, MCAP, Street Capital, Merix, Lendwise, ICICI and/or Marathon?

My mortgage with Scotia is coming due and so I had a mortgage broker look around to see if I could get better rates. It seems these lenders are willing to offer me half % point less than Scotia. Roughly 2.95% as five year variable. Scotia is around 3.5.

Just wondering if it's all the same or if there's stuff to watch out for....

Matt!
Hi Matt,
Former mortgage agent. These lenders are all legitimate options. As noted here, look for the best rate, but also keep an eye on prepayment privileges (if those are important to you), early payout costs and the like. It is true some lenders have different paperwork expectations; if paperwork is an irritant for you, check with whoever your agent is for advice in that area.

Also had a note this morning from my former broker, Marko Gelo (Vancouver, but they have agents in Alberta):

If your mortgage is coming up for renewal, call me before you sign anything...rates have come down in the past 24 hours.
Some key points to know:
(i) you can reserve rates up to 120 days ahead of your maturity,
(ii) Your existing lender often doesn't offer their 'very best' at renewal time,
(iii) If you need more time to close on your renewal, simply ask to be placed in the OPEN Variable Term...this allows your existing term to expire and leaves you in a mortgage that is "open" (open mortgages do not have break penalties)
Call or message me if you would like to discuss more...have a great weekend!