Real Estate

Managing a Relationship With Bank

  • Last Updated:
  • Jun 26th, 2021 2:01 pm
[OP]
Banned
Jun 24, 2021
50 posts
40 upvotes

Managing a Relationship With Bank

I selected a mortgage product based on two key features (even though lower rates were available elsewhere):
1. Blend and extend to a lower rate if that occurred.
2. Increase HELOC if home value increased.

Started this process 10 months ago. After numerous attempts speaking with branch staff and repeated communications with the bank manager they have not moved on either locking me in at a lower rate nor processing my HELOC increase request. We are talking 30 emails and several phone calls to branch staff, multiple discussions and emails to the bank manager, and went to the Office of the President who simply suggested I try these same people. after taking three months themselves to respond despite a dozen calls. The Director suggested I communicate with the office of the president.

I'm just being ignored. Aside from taking this to the Ombudsman any other options. I'm horrified that I'm with a big five bank with over 1.8 million in lending products, credit card, RRSP, TFSA, RESP accounts and being simply ignored. All communications were professional. Not involved with any funny business.

Questions
1. If I go to the Ombudsman will there be consequences from the branch? e.g. refuse to renew my mortgage when it comes up for renewal in three years? close my accounts?
2. Any insiders that can provide me with tips on how to get staff involved with mortgages to take action?

Don't want to mention and bash the bank but I'm here trying to find the best way out of this
6 replies
Deal Addict
User avatar
Nov 30, 2005
1812 posts
1400 upvotes
Ottawa, ON
Can you back up abit and provide some more background and context. You mentioned that they've not been responsive but what was your request?
[OP]
Banned
Jun 24, 2021
50 posts
40 upvotes
Yes, it involves blending and extending my mortgage at a lower rate originally offered. Also, increasing my HELOC as my home as increased considerably for investment purposes.
Deal Addict
User avatar
Nov 30, 2005
1812 posts
1400 upvotes
Ottawa, ON
So what was the last communication sent by the bank after you made the request? I highly doubt they just went comms silent on you.
Last edited by ZxExN on Jun 26th, 2021 11:23 am, edited 1 time in total.
Deal Addict
Jan 15, 2017
4785 posts
4526 upvotes
Ottawa
Kilarney2021 wrote: Yes, it involves blending and extending my mortgage at a lower rate originally offered. Also, increasing my HELOC as my home as increased considerably for investment purposes.
This seems like a simple request. Blend and extend is a term used when refinancing your current mortgage. Is that what you are asking the bank to do? The bank won't simply lower the rate on your current mortgage. But, if you are in fact refinancing your mortgage then it should be relatively simple to refi and increase your HELOC. This will though likely require a full mortgage application with all supporting documentation and a home appraisal.
Deal Addict
Jun 18, 2020
2033 posts
2389 upvotes
I don't know about the heloc, but the blend resistance might be related to the Martin's maneuver issue. Maybe if they suspect you'll walk after the blend, they figure ignoring you possibly prevents that.
[OP]
Banned
Jun 24, 2021
50 posts
40 upvotes
GTA12345 wrote: I don't know about the heloc, but the blend resistance might be related to the Martin's maneuver issue. Maybe if they suspect you'll walk after the blend, they figure ignoring you possibly prevents that.
Wasn't aware of the Martin's manuevre issue. However they are unresponsive to both requests which were made simultaneously.

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