CIBC basically telling me to go away after I got pre-approved for a mortgage

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Mar 30th, 2016 12:47 pm

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Mar 24th, 2016 1:30 pm

hurric [OP]: Jr. Member; Dec 9, 2005; 144 posts

Mar 24th, 2016 1:30 pm

CIBC basically telling me to go away after I got pre-approved for a mortgage

I got pre-approved for a mortgage about few months ago which expires in Apr 1st and I got a 2nd pre-approval for a fixed rate which expires in May.

I got an accepted offer yesterday and went to bank to get my mortgage at the promised rate. The person I was dealing with is apparently on short term disability leave. I was assured multiple times there's no problems and I can be approved within days. I spent 2 hours explaining my situation (my wife and I both on the title so she has to be on the mortgage but she's out of the country now and coming back in 3 weeks) and my closing date is may 1st.

Basically they acted like they don't know me at all. I have another mortgage with them with $120K left and I will be getting rental income from my current place and my new mortgage is $350K and I have a high enough income to support that. The first associate was completely clueless. After talking to her for 2 hours, I talked to the manager and he basically told me they can't start the process because my wife is not here and not guaranteed I get a mortgage until they submit my application and see what I get approved for. I was promised prime - .4 rate and they say they can only give prime - .2 IF I GET APPROVED.

I'm extremely astonished, frustrated and in total shock that stupid CIBC AFTER MY PREAPPROVAL says now that we can't start the application until your wife get here and they hinting me I don't get approved. I said ***** it and I have to start looking for a mortgage AFTER acceptance because I've been looking for a place for months and finally got an accepted offer and my bank is giving me this trouble now and I have to start all over again. I am extremely frustrated, worried now that if I will get approved (I have no debt, no back credit, and neither does my wife which only her name is on there). I don't know what to do

26 replies

Mar 24th, 2016 1:39 pm

Anikiri: Deal Guru; May 1, 2012; 10571 posts; 11409 upvotes; Toronto

Mar 24th, 2016 1:39 pm

Ya basically don't bother. Pre-approvals mean nothing by the way. It's just a piece of paper that tells the seller that you potentially can get this money... maybe... because you were somewhat vetted.

Tell them to eff off and go to a broker or another bank. Whatever you feel best. Lots of good brokers on this forum.

+1

Mar 24th, 2016 1:43 pm

BIGSJK: Newbie; Mar 1, 2016; 48 posts; 10 upvotes; Toronto

Mar 24th, 2016 1:43 pm

Dave Currie, Monster Mortgage - I HIGHLY recommend him, he is awesome.

Mar 24th, 2016 1:50 pm

BinaryJay: Deal Expert; Oct 19, 2003; 20292 posts; 8424 upvotes; Toronto

Mar 24th, 2016 1:50 pm

Anikiri wrote: ↑Ya basically don't bother. Pre-approvals mean nothing by the way. It's just a piece of paper that tells the seller that you potentially can get this money... maybe... because you were somewhat vetted.

Tell them to eff off and go to a broker or another bank. Whatever you feel best. Lots of good brokers on this forum.

Pre-approvals don't mean nothing, it means you're approved. Maybe you're thinking pre-qualified which means nothing. I think the problem is that the other person who is required to be on the title isn't here, and that's not the banks fault.

+1

Mar 24th, 2016 1:51 pm

konsensei: Deal Fanatic; Mar 17, 2006; 6929 posts; 5833 upvotes; Burlington

Mar 24th, 2016 1:51 pm

I don't see why you should be pissed.

1. LEGALLY, if your wife's name is to be on the house, she NEEDS TO BE THERE to sign the paper. You can't blame the bank for doing something legally.
2. Regarding this "promised" rate, is it black and white on paper? When you do your pre-approval process, they could either: a) just give you a rate and from the words of the agent that the rate stays and you take it with a pinch of salt. or b) guarantee a rate for 90 - 120 days and it is on paper, they can't go back on that.

Now you are frustrated and pissed off at CIBC. I am sure other places are able to offer you better than. But I guarantee you 100%, they would not legally approve you and your wife when she's not here.

Mar 24th, 2016 1:57 pm

springdays: Sr. Member; Mar 23, 2016; 821 posts; 227 upvotes

Mar 24th, 2016 1:57 pm

Yes, they do need both legal owners to sign. I understand your frustration. It sounds like their service levels in this case are not what you are happy with, but they probably have their procedures to go through, and not every customer service agent (in any bank) is at the top of their game. On pre-approvals, I think if it is an official one, they do hold a rate but if it is one of those 5 minute computer generated ones, they are just an indicator. good luck.

Mar 24th, 2016 3:29 pm

kareshi: Deal Addict; Dec 28, 2002; 3295 posts; 523 upvotes

Mar 24th, 2016 3:29 pm

You need your wife to sign it or do power of attorney. However not all banks accept poa.

My feedback

Mar 24th, 2016 4:20 pm

hurric [OP]: Jr. Member; Dec 9, 2005; 144 posts

Mar 24th, 2016 4:20 pm

ok yes she needs to be there but the manager doesn't event take my documents. he doesn't know me..at least look at my salary, my T4, my tax return. I have everything ready to send but he basically refuse to accept it. can I at least start the process until she gets here and she will sign it?

also in terms of guaranteed rate, he said this is the current rate and we can give you prime - .2 . I did definitely go to someone else today. they should be happy to take my years of interest and money and they know all my RRSP, savings, etc in the same *****ing bank. they don't give a ***** about the hold rate either even though my advisor who's on leave held it for me TWICE.

Mar 24th, 2016 4:38 pm

hurric [OP]: Jr. Member; Dec 9, 2005; 144 posts

Mar 24th, 2016 4:38 pm

i didn't ask them to do something illegally. I ask them to help me. Yes my wife is now on the title..just because my advisor is away, everyone telling me to f off.

Mar 24th, 2016 5:04 pm

snow00774: Deal Addict; Dec 21, 2011; 3551 posts; 713 upvotes; Allenford

Mar 24th, 2016 5:04 pm

I do think the bank could at least start the application process with OP alone and then once his wife is back amend the application. To act like he has no business even being in the bank is a bit stupid.

Mar 24th, 2016 5:17 pm

kiz5: Deal Addict; Apr 13, 2006; 1138 posts; 329 upvotes; Oakville, ON

Mar 24th, 2016 5:17 pm

Where are you located around?

And, did you want assistance to try and see if something can be done on CIBC's side?

Let me know. I do work for CIBC, and can get a specialist in contact with you to make it work at CIBC if you'd like.

Mar 24th, 2016 11:47 pm

hurric [OP]: Jr. Member; Dec 9, 2005; 144 posts

Mar 24th, 2016 11:47 pm

thanks. I'm in Vancouver and I am waiting til next week to hear back from the other advisor. Today I went back to CIBC to get some of my funds out of my investment to use as down payment and explained the situation. This time other people were nicer but I'll wait til next week if my application is not done then I'll go back to CIBC.

Mar 25th, 2016 9:19 am

kareshi: Deal Addict; Dec 28, 2002; 3295 posts; 523 upvotes

Mar 25th, 2016 9:19 am

try other branches as well as noting down the names that rejected you. file a complaint through their hotline. banks usually have a customer satisfactory rating system that the branch got dented on their bonus if things go south. i am sure many banks would like your business too so do consider that.

i agree that the bank should explain to you about your situation if they think otherwise. they should have access to the pre-approval, or if you have a letter then it should help. good luck!

My feedback

Mar 25th, 2016 9:29 am

Jon Lai: Deal Expert; May 30, 2005; 49333 posts; 10691 upvotes; Richmond Hill

Mar 25th, 2016 9:29 am

OP, what do you expect them to do to "start the process"? They can't submit the papers to the mortgage department without your wife signing the papers.

Once the papers are submitted, your wife's credit is checked, and it will affect her credit. Would you want your spouse to be able to affect your credit and put a big mortgage under your name before you sign the papers?

Tons of things for sale!
Silver Coins and Numismatics | Heatware

+1

Mar 25th, 2016 3:52 pm

hurric [OP]: Jr. Member; Dec 9, 2005; 144 posts

Mar 25th, 2016 3:52 pm

Jon Lai wrote: ↑OP, what do you expect them to do to "start the process"? They can't submit the papers to the mortgage department without your wife signing the papers.

Once the papers are submitted, your wife's credit is checked, and it will affect her credit. Would you want your spouse to be able to affect your credit and put a big mortgage under your name before you sign the papers?

she's a new PR but she lived here before. I'm not doing anything behind her back. Shouldn't it banks job to at least explain this stuff to me instead of tell me to go away. I'm going to give them 30 years of interest, i think they can at least TRY to honour their rate, give a better service. what's so wrong about it?

Mar 25th, 2016 4:20 pm

UrbanPoet: Deal Expert; Jan 27, 2004; 53758 posts; 19523 upvotes; ONTARIO

Mar 25th, 2016 4:20 pm

hurric wrote: ↑she's a new PR but she lived here before. I'm not doing anything behind her back. Shouldn't it banks job to at least explain this stuff to me instead of tell me to go away. I'm going to give them 30 years of interest, i think they can at least TRY to honour their rate, give a better service. what's so wrong about it?

Depends... Two sides of the story. occasionally customers want me to do somethinf criminally illegal. The customer just thinks "what do you mean you cant do it? Cant you just do it and my wife sign later? After all i've been with you for 67 years!"
"Sorry sir... We can't withdraw $900,000 from the account and give it to you in 100 bills.... Because we don't physically have that much cash... Plus the account says "all account holders to sign"...."
"But its my money! Can you accept this note scribbled on a napkin? Its signed! Its a legal contract!"
"No...."

Sometimes customers are blinded from whats really going on because they don't get what they want.

I DOnt know what you conversation was like. Perhaps they could have explained better, or perhaps you could have understood better.

But bottom line... They can't do anything without your wife present.

P.s. You unintentionally made yourself look like a hard core scammer/fraudster. So thats why they wouldn't touch you with a 10 foot stick.

You mentioned in your o.p. You spent 2 hours telling them the situation. Possibly Meaning they also spent 2 hours explaining why they couldn't do it.

All my threads are upvote parties! All positive vibe post get upvotes.

+3

Mar 26th, 2016 3:18 am

hurric [OP]: Jr. Member; Dec 9, 2005; 144 posts

Mar 26th, 2016 3:18 am

UrbanPoet wrote: ↑Depends... Two sides of the story. occasionally customers want me to do somethinf criminally illegal. The customer just thinks "what do you mean you cant do it? Cant you just do it and my wife sign later? After all i've been with you for 67 years!"
"Sorry sir... We can't withdraw $900,000 from the account and give it to you in 100 bills.... Because we don't physically have that much cash... Plus the account says "all account holders to sign"...."
"But its my money! Can you accept this note scribbled on a napkin? Its signed! Its a legal contract!"
"No...."

Sometimes customers are blinded from whats really going on because they don't get what they want.

I DOnt know what you conversation was like. Perhaps they could have explained better, or perhaps you could have understood better.

But bottom line... They can't do anything without your wife present.

P.s. You unintentionally made yourself look like a hard core scammer/fraudster. So thats why they wouldn't touch you with a 10 foot stick.

You mentioned in your o.p. You spent 2 hours telling them the situation. Possibly Meaning they also spent 2 hours explaining why they couldn't do it.

I wasted my time explaining my whole situation to a new jr associate who was filling in for my advisor. Then the next day I talked to the manager. What makes me so upset is that I have a time limit on when I can get my mortgage because I had got an accepted offer and these guys instead of helping me (because they know my ENTIRE HISTORY) weren't helpful at all and told me to f off.

Mar 26th, 2016 6:49 am

JayLove06: Deal Expert; Feb 29, 2008; 22988 posts; 23048 upvotes; Tarrana & The Ri…

Mar 26th, 2016 6:49 am

Are you dealing with the branch? They are utterly useless when it comes to new to mortgages. Most of the time they have some of the more clueless people doing them. Go with either a broker or their actual Mobile mortgage people who don't work out of a branch. They do mortgages for a living. Not someone at a branch who is probably trained on mutual funds or something.

Mar 26th, 2016 6:51 am

JayLove06: Deal Expert; Feb 29, 2008; 22988 posts; 23048 upvotes; Tarrana & The Ri…

Mar 26th, 2016 6:51 am

hurric wrote: ↑I wasted my time explaining my whole situation to a new jr associate who was filling in for my advisor. Then the next day I talked to the manager. What makes me so upset is that I have a time limit on when I can get my mortgage because I had got an accepted offer and these guys instead of helping me (because they know my ENTIRE HISTORY) weren't helpful at all and told me to f off.

Go with a broker if time is of the essence and you want someone who knows what they are doing.

Mar 26th, 2016 11:35 am

Anikiri: Deal Guru; May 1, 2012; 10571 posts; 11409 upvotes; Toronto

Mar 26th, 2016 11:35 am

Be careful with CIBC mortgages. Some of their products are now Collateral Charge mortgages. Their HBP mortgages, for example, are collateral charge.

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