200k difference in pre-approval between BMO and National Bank? Need advice on $8k penalty
Trying to figure out our best move here. We sold our house and it’s going to close in June. BMO is charging $8k to break our mortgage early (renewal is in July). They’ll waive the fee if we stay, but are only qualifying us for $1.2M
Meanwhile, National Bank is offering $1.4M at the same rate (3.5% 5 year variable).
I would like to stay with BMO to save the $8k, but I need the $1.4M for the area I’m looking in.
• How can two Big 5 banks have a $200k difference in qualification math? Both are cmhc
• Should I try to negotiate with BMO or just take the $8k hit and go with the higher approval?
u/lololo123445 — 2 days ago