Banks

[sledneck__11]

Not with scotia it dont matter, i was a extremely low risk and had more the needed to put down on our acreage. Worst experience i have ever had with any financial institution.

It’s been my experience that the treatment you get from a bank depends on how your financial solvency is. If you owe lots for your income level and come looking for anything, they’re pretty reluctant. If you’re in a strong position financially they fall all over themselves trying to get more business from you.
They base their decisions on the numbers. I too have had problems with bank staff, be it their attitude or poor service, and a quick conversation with the branch manager has almost always rectified the situation.

 

[Cyle]

It’s been my experience that the treatment you get from a bank depends on how your financial solvency is. If you owe lots for your income level and come looking for anything, they’re pretty reluctant. If you’re in a strong position financially they fall all over themselves trying to get more business from you.
They base their decisions on the numbers. I too have had problems with bank staff, be it their attitude or poor service, and a quick conversation with the branch manager has almost always rectified the situation.

That's not really true. Different banks have different criteria. For credit cards, they want to compete and if you have numerous cards as long as you make minimum payments they will compete for business there. There's no profit in someone who pays them off every month. For mortgages it's little things that differ between banks on how they lend. I remember trying to get my first mortgage for example, one lender found out I worked for family and pulled the approval on the spot, nothing else mattered. While other lenders don't care. Personal loans it's all pretty much the same. Other then credit cards, all banks want to know that the person is able to pay back the money but they based that decision off of different things.

 

[Cyle]

Not with scotia it dont matter, i was a extremely low risk and had more the needed to put down on our acreage. Worst experience i have ever had with any financial institution.

RBC by far was the easiest for a mortgage IME they hardly asked for anything, at least for the the first one, the second one was the hardest mortgage to get ever.

 

[SHREK1]

With the ATB for the last 6 years, with CIBC prior to that for 30 years, back bone with the CIBC is very soft, i have great credit, my manager retired and went down hill from their, tried to correct the problems but fell on deaf ears, moved to the ATB and have no complaints. Would recommend to anyone.

 

[X-it]

When RBC did a credit check on me 3 weeks ago it was 875. So not being loyal to anyone does not hurt your credit one bit....just the opposite.

 

[Cableguy]

Any bank is only as good as the manager
complete banking experience is dependent on who is steering the ship

 

[Bikeswithtrax]

I have found HSBC to be the best bank by far....the TD and Scotia are absolutely terrible!

 

[Lunch_Box]

Well we have a meeting with RBC next week as well as ATB. Both my wife and I have excellent credit rating and have never had an issue for a loan. All the issues have arose when doing our self build for our house. I know im just a small person in the scheme of things but still in the 1% of top earners and we came into the build with our land fully paid for as well as a healthy savings account. We currently have close to as much invested into the house as the bank, but trying to get draws to get to completion is like pulling teeth.

 

[X-it]

Haha brings back some old memories but at least i got enough money on the draws to continue building, i cannot remember at what state they released money, sorry, i am a carpenter so that helped a lot. Maybe ATB will give you enough money to finish, johnny on the spot. Go through them first.

 

[Luke The Drifter]

TD and National Bank Financial are hands down the worst I’ve ever dealt with. I learned the hard way being young, dumb and having an itch for toys...

I’ve been with ATB forever and they’ve treated me very well. Besides doing my regular banking with them, I did my mortgage and various loans through them with minimal pain. Just have to keep in mind that no matter how buddy buddy and warm and fuzzy they want to make you feel, they’re still out to make money on you.

 

[X-it]

All banks suck not sure why anyone would belong to bank, with a few exceptions. Those that are divisions of a credit union or the Canadiantire bank.

 

[papajake]

The Scotiabank has to be the worst everything is done out of the east haven’t got a clue about the west

 

[LUCKY 7]

I have used Scotiabank for many years. No issues at all. My investments is with ScotoaMclead. Top notch 100%. On a side note Anyone use a mortgage broker? I thought why would anyone use one? but my buddies wife is a broker and really gets better deals compared if you go on your own

 

[lilduke]

I have used Scotiabank for many years. No issues at all. My investments is with ScotoaMclead. Top notch 100%. On a side note Anyone use a mortgage broker? I thought why would anyone use one? but my buddies wife is a broker and really gets better deals compared if you go on your own

I'm not sure why anyone wouldn't use a broker.?

they find you the best deal and they do all the work.

 

[LUCKY 7]

and you don't pay them, the banks do.

I'm not sure why anyone wouldn't use a broker.?

they find you the best deal and they do all the work.

 

[NoBrakes!]

I have used Scotiabank for many years. No issues at all. My investments is with ScotoaMclead. Top notch 100%. On a side note Anyone use a mortgage broker? I thought why would anyone use one? but my buddies wife is a broker and really gets better deals compared if you go on your own

Lots of guys don't have the 1 million in liquid to start with ScotiaMcloed.... me included!

 

[X-it]

Not sure why morgage brokers work but they do, especially with guys with bad credit. But in this case it might get really tricky when he is taking draws as he goes. But once a morgage broker gets you a better rate then when you renew it is back to same sh!t different day. Bank are there to make profits, credit unions are there to break even. They even have prizes for people to attend their annual general meetings.

 

[LUCKY 7]

either do I

Lots of guys don't have the 1 million in liquid to start with ScotiaMcloed.... me included!

 

[Cyle]

Not sure why morgage brokers work but they do, especially with guys with bad credit. But in this case it might get really tricky when he is taking draws as he goes. But once a morgage broker gets you a better rate then when you renew it is back to same sh!t different day. Bank are there to make profits, credit unions are there to break even. They even have prizes for people to attend their annual general meetings.

They make it easier for everyone. Find the best rate and options without having to look around yourself. I don't bother with them at renewal time, just negotiate with the bank. I've found they will match the rate of any other bank without too much hassle. I bet you like 1% of people have a perfect scenario where they can get approved by any lender. Virtually everyone has things that a certain lender won't like. Credit is only a part of an approval. You can have the best credit score in the world but if you started a new job a few months ago a lot of lenders won't even look at you. Or self employed, etc etc.

 

[Cyle]

Well we have a meeting with RBC next week as well as ATB. Both my wife and I have excellent credit rating and have never had an issue for a loan. All the issues have arose when doing our self build for our house. I know im just a small person in the scheme of things but still in the 1% of top earners and we came into the build with our land fully paid for as well as a healthy savings account. We currently have close to as much invested into the house as the bank, but trying to get draws to get to completion is like pulling teeth.

Getting a self build mortgage through a bank is incredibly tough. I personally just got land financed with ATB and private financing for the build. Yea the interest rate is a lot higher but you save so much hassle in that you can get a draw anytime you want and have money in a few days. One thing that you could have did if you have that much equity would have been to get financing on the land up to 75% before you start building, then you have a good chunk to start with and no BS dealing with draws. Problem with banks is they don't look at it as common sense equity so no matter what it's a hassle.

Funny enough I know a doctor doing a self build in windermere, no problem getting CIBC to finance a 3+ million dollar build because of their income. But odds are the house will be in foreclosure before it's ever finished.....