Real Estate

Mortgage Rate Error on Documents

  • Last Updated:
  • Sep 4th, 2020 8:30 pm
[OP]
Newbie
Nov 29, 2018
1 posts

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
17609 posts
4592 upvotes
Toronto
I doubt many had such an error, I would speak to your Real Estate Lawyer.
Real Estate Agent, MAcc, CPA, CA
Deal Addict
Nov 23, 2003
1884 posts
417 upvotes
Hmm is there even a rate close to 1.22% available right now?
Deal Fanatic
Jul 3, 2011
5768 posts
2931 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
2745 posts
2878 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
Sr. Member
User avatar
Oct 24, 2016
884 posts
748 upvotes
ON
In which document is the 1.22% mentioned? Is it on the mortgage commitment letter?
Isn't it great to live in the 21st century where deleting history has become more important than making it.

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