Posted on: 12-03-07 20:21:53
Hi
I was wondering if people on this forum can share their good or bad experience with FirstLine Mortgage.
Thanks
Quote:
Originally posted by arcrave
Hi
I was wondering if people on this forum can share their good or bad experience with FirstLine Mortgage.
Thanks
FirlstLine Mortgage and FirstLine Access Mortgage are brokering arm of CIBC.
The first one is for people with good credit and satisfactory income while the other one is for people with less than perfect or bruised credit or some income issues.
You have to use a professional mortgage broker to get mortgage through them. FirstLIne Mortgages offer a range of mortgage products with competitive rates. Service is also generally good. I have had couple of clients who have had mortgages through FirstLine Mortgage and they did not have a bad experience.
The one thing I do not like about FirstLine Mortgage is their RATE DROP policy. On Fixed Rates Products , If the rates go down before the closing, they only give you the lowest rate only up to 7 days before closing and not till the date of closing.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
Thanks Pramod for responding quickly. Actually yep, I am going thru a broker and have checked all the condn and rates. We were planning to go with MCAP earlier but due to some last minute hiccups decided to take Firstline. Since I had not heard about this and were time pressed I had to put an "urgent" in the subject line.
Thanks for the info though
Quote:
Originally posted by arcrave
Thanks Pramod for responding quickly. Actually yep, I am going thru a broker and have checked all the condn and rates. We were planning to go with MCAP earlier but due to some last minute hiccups decided to take Firstline. Since I had not heard about this and were time pressed I had to put an "urgent" in the subject line.
Thanks for the info though
You are welcome and heartiest congratulations on buying your own home in Canada.
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
As I am going thru the commitment letter there are few things that I would like people to keep an eye on and 'course folks are welcome to share their opinion.
- Lock in condition says "interest rate will be the current posted rate for the term selected". In my opinion it should be "best discounted rate".
- Also lock in shud have been without any fees, I see them mentioning that borrower will pay any admin fees, processing fees etc etc
- Again for lock in there is something like "if you are Adjustable rate mortgage then mortgage can be converted to one that we offer for National Housing Act insured loans" .. Not sure what that means ??
- Pre-payment is 20% which is good but if you are pre-paying entire amt its based on 3 months interest penalty and the interest is CIBC prime rate ( is 3 months interest penalty better than interest rate differential ?? )
- commitment letter is full of spelling mistake ( sloppy work )
Any idea how tax is calculated on the first page of the letter ?? and is it one time ??
Also on statement of mortgage for some reason the total cost of borrowing says 5.133% which is way more than my interest rate ( not sure how that is calculated)
Thanks
Quote:
Originally posted by arcrave
As I am going thru the commitment letter there are few things that I would like people to keep an eye on and 'course folks are welcome to share their opinion.
- Lock in condition says "interest rate will be the current posted rate for the term selected". In my opinion it should be "best discounted rate".
- Also lock in shud have been without any fees, I see them mentioning that borrower will pay any admin fees, processing fees etc etc
- Again for lock in there is something like "if you are Adjustable rate mortgage then mortgage can be converted to one that we offer for National Housing Act insured loans" .. Not sure what that means ??
- Pre-payment is 20% which is good but if you are pre-paying entire amt its based on 3 months interest penalty and the interest is CIBC prime rate ( is 3 months interest penalty better than interest rate differential ?? )
- commitment letter is full of spelling mistake ( sloppy work )
Any idea how tax is calculated on the first page of the letter ?? and is it one time ??
Also on statement of mortgage for some reason the total cost of borrowing says 5.133% which is way more than my interest rate ( not sure how that is calculated)
Thanks
HI Arcrave,
Are you taking a variable rate? Because this condition would apply for variable rate mortgage. Some times the commitment letter lists conditions for all types of mortgages but not all would apply to you.
If your closing has not taken place and you are in GTA and would like to call me to discuss the same, you are welcome. You can get my contact numbers from clicking here http://www.pramodchopra.com" rel="nofollow">LINK
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Pramod Chopra
Senior Mortgage Consultant
Mortgage Alliance Company of Canada
I was with First Line, when I bought my townhouse in 2002. Last year, I moved into a house and they gave me a pretty good variable rate. Overall, no complaints in the 5 + years of dealing with them.
