delete post
Thanks for the help everyone. Mods please delete this post.
Last edited by SteveShin on Oct 27th, 2020 12:56 pm, edited 6 times in total.
Oct 23rd, 2020 11:43 am
Oct 23rd, 2020 12:11 pm
Not sure what you want from people in here. If the lender says they don't offer an open mortgage, it doesn't really matter if someone here tells you that doesn't "sound right". And why should a lender "have to" offer any particular solution?SteveShin wrote: ↑ Hello,
My friend is in a weird situation so im posting here for advice. His mortgage is up for renewal in a couple weeks and he wants to switch lenders. He asked his current lender RFA to put him an open mortgage to complete the switch process. RFA stated that they do not offer an open mortgage term and he would have to pay various penalties to break the closed. Does this sound right? I thought all lenders would have to allow an open mortgage term. Any help is appreciated.
Oct 23rd, 2020 12:31 pm
Good points. Thanks for the advice.CNeufeld wrote: ↑ Not sure what you want from people in here. If the lender says they don't offer an open mortgage, it doesn't really matter if someone here tells you that doesn't "sound right". And why should a lender "have to" offer any particular solution?
My advice... Get your friend to try to escalate it within RFA to see if there's any other options, or get him to talk to a mortgage broker about getting a switch done earlier.
C
Oct 23rd, 2020 1:16 pm
In hindsight he should have started the process to get approval with the new lender several weeks ago, and not waited so last minute.SteveShin wrote: ↑ Hello,
My friend is in a weird situation so im posting here for advice. His mortgage is up for renewal in a couple weeks and he wants to switch lenders. He asked his current lender RFA to put him an open mortgage to complete the switch process. RFA stated that they do not offer an open mortgage term and he would have to pay various penalties to break the closed. Does this sound right? I thought all lenders would have to allow an open mortgage term. Any help is appreciated.
Oct 23rd, 2020 2:46 pm
Oct 23rd, 2020 3:33 pm
Unfortunately yes, some lenders do not do OPEN mortgages.SteveShin wrote: ↑ Hello,
My friend is in a weird situation so im posting here for advice. His mortgage is up for renewal in a couple weeks and he wants to switch lenders. He asked his current lender RFA to put him an open mortgage to complete the switch process. RFA stated that they do not offer an open mortgage term and he would have to pay various penalties to break the closed. Does this sound right? I thought all lenders would have to allow an open mortgage term. Any help is appreciated.
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