I need help with my mortgage from ICICI bank | ICICI Bank | Discussion forum

If you have doubts, get your lawyer to go over the mortgage agreement before you sign it.

kanaka said

SavingIsGood said

Why do you need 'mortgage broker'? You know English? You do speak English? Read/write? Know how to use Internet?
Just go (not Call!) GO to few big banks (well, call if you want money from on-line banks) and talk to them. NEGOTIATE.
Most important with mortgage is to be able to pay before the term with no penalty. If you 'lock' for 25 years that is not 25 year sentence. Pay early.

I kind of agree with most but not all that SavingIsGood is saying. A broker is making a commission and not all things are the same for a mortgage purchased using a broker and from what I have seen and read....not all brokers are honest and doing the contract in the most professional way possible. "COMMISSION" remember???? COMMISSION is the brokers driver.....not customer satisfaction.

See what the broker has to offer and document then go to the big banks and/or credit unions and do your OWN shopping. What are the penalties for moving a mortgage to another institution? (<=portability?) What prepayment options are there to you at no cost etc. What are the renewable terms etc. And what about insurance for the mortgage......which I DON'T recommend doing through the bank. Buy a policy for each you and your spouse to cover the mortgage in full or to a partial amount you are happy with and have the policy for ever after.
Don't forget mortgage insurance with the bank is over when paid off and try to get an insurance policy for $5000,00 when you are 55?

Actually, the process for obtaining a mortgage these days has changed considerably from the 80s and 90s when I got my first ones. I recently secured a mortgage through a broker and got better than any posted rates at the banks, as well as better than the posted rate of the FI who supplied the mortgage. Everything was done via email and I mean everything. In the end, I insisted on meeting the mortgage broker to sign the final documents - however, no face to face was required. I suspect a lot of millennials are doing their entire mortgage shopping using their cellphones! Having worked for one of the big 5 banks, I was well aware that the banks view mortgage brokers as simply another distribution channel. And yes, the brokers can provide a better rate (even with commission) since they are not paying for the bricks and mortar and other overhead of the big bank. The terms received were standard - meaning opportunity to pay 15% every year with no penalty, increase payments, double-up, etc. The market is very competitive. And, get this, there is no penalty for "porting" your mortgage as long as you don't change the amount financed. By the way, there was no pressure to buy mortgage insurance. I am one satisfied mortgage broker customer!