Think Financial / True North Mortgage?
Looks like True North Mortgage is the broker for Think Financial and they're essentially the same company. Has anyone ever got a fixed mortgage through Think Financial? If so what was your experience?
How are the penalties? What I'm not clear is how their IRD is calculated since Think does not post rates on their website. Are they considered a "fair penalty" lender?
How's the online portal? What's functions can you perform in the online portal?
Customer service?
Portability if I want to sell and buy a new property, can I port mortgage over to new property?
Any other details I should be aware of that you discovered after the fact?
Posted Aug 25, 2020, 9:37 PM UTC · edited
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I generally had a good experience with them. I have never broken a mortgage with them so can't help with that. I would be surprised if breakage was not reasonable.
The online portal is decent. You can change payment styles, dates, and arrange prepayments on any given month. You can see your amortization schedule and all previous payments.
Customer service when I called was good. If you get "the works", it is portable. "The skinny" is cheaper but not worth its restrictions.
The one thing that annoyed me was the requirement to get title insurance which is a blamket clause they apply to everyone, despite it being generally useless in my province. It was a one time $300 purchase.
I would use them again.
Thanks fir this super helpful post! A couple follow up questions:
In the portal can you change your regular payments, like increase or decrease it, as long as it's within the 20%?
Again in the portal, can you make lump sum payments?
On customer service, was your experience during the application process, or afterwards?
You can't increase or decrease your regular payments on the portal. You have to call, I recall that you can change your payments up, or back down to original amortization once a year for free. I think they warned the second change in the same year would cost $90.
Yes you can make lump sum payments on any regular payment date. You can also set up and cancel recurring lump sum payments, so the answer to (1) did not bother me.
Excellent customer service all the way through. This might be agent dependant.