Real Estate

Mortgage Rate Error on Documents

  • Last Updated:
  • Sep 4th, 2020 8:30 pm
Newbie
Nov 29, 2018
3 posts
3 upvotes

Mortgage Rate Error on Documents

Has anyone experienced an issue when there has been an error in their mortgage documents. When we signed the paperwork the mortgage rate input was 1.22% instead of 1.77%. The broker is now asking us to resign the documents at the higher rate. Is this something we have to do? Can the bank do anything now that we signed the papers?
5 replies
Deal Expert
User avatar
Feb 11, 2009
19991 posts
9658 upvotes
Toronto
I doubt many had such an error, I would speak to your Real Estate Lawyer.
Realtor (Investment Properties) - CPA, CA
Deal Addict
Nov 23, 2003
2222 posts
709 upvotes
Hmm is there even a rate close to 1.22% available right now?
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
What paper did you sign?

Did it guarantee the lower of the rate quoted or the rate at the time of closing?

Was it the mortgage document and if so is there a clause that allows for a rate adjustment?
Deal Addict
Jul 3, 2007
4149 posts
4618 upvotes
Toronto
SharonK83992 wrote: Has anyone experienced an issue when there has been an error in their mortgage documents. When we signed the paperwork the mortgage rate input was 1.22% instead of 1.77%. The broker is now asking us to resign the documents at the higher rate. Is this something we have to do? Can the bank do anything now that we signed the papers?
no chance its 1.22% , its an error, be glad you got 1.77% lol
Deal Addict
User avatar
Oct 24, 2016
1525 posts
1657 upvotes
ON
In which document is the 1.22% mentioned? Is it on the mortgage commitment letter?
”If you buy things you don’t need, soon you will have to sell things you need.”

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