Many times the mortgage lender that best suits a clients needs is operating under a name that the average Canadian has not heard of.
The next logical question from clients is then, “Do I have to open up a new bank account with them as well?”.
The answer is no. The lender your new mortgage is with will more than likely offer only mortgage financing products and no other banking services. Gone are the days when you had to pick a bank and have all of your finances with that one institution. Online banking, email money transfers and pre-authorized debits make it simple to transfer money from bank to bank so that you can choose all of the products that are the best choices for you no matter which lender they are with.
If the lender your new mortgage is with does not offer banking services it is known as a Monoline Lender. There is no branch to visit and any changes or questions you have in regards to your mortgage can all be directed back to your mortgage broker who will service your mortgage for you as long as you are with that lender.
Your mortgage payments will be automatically withdrawn from any chequing account you currently have set up on the day of your choosing, with no extra work required from you!
Got a mortgage question? I have your answer!