Real Estate

Is there a remorse period after signing a TD mortgage renewal?

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  • Feb 13th, 2021 7:52 pm
[OP]
Member
Jul 14, 2009
227 posts
77 upvotes

Is there a remorse period after signing a TD mortgage renewal?

Long story short, my parents have walked into their local TD branch and signed a mortgage renewal contract that is less than optimal.

My parents didn't ask the right questions and obviously unfavourable terms were not explained to them. When I reached out to the person they dealt within the hour that they had left, she had the audacity to tell me that I needed to be there with them (or what? You'll take advantage of them?).

The mortgage will be effective March 1... What is there to do?
22 replies
Deal Fanatic
Dec 24, 2005
5632 posts
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they can likely just say they dont want to proceed as the mortgage has not been funded yet

but really if your parents just blindly sign anything maybe you should not let them do stuff alone
Deal Fanatic
Nov 22, 2015
5734 posts
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Pretty sure it's done the moment they signed it.

What do you mean by less than optimal? They won't get the best rates on a renewal vs. a new mortgage, if you're going by rates you see on ratehub or wherever.

It's also a collateral mortgage so they dont really have much of a choice unless they are willing to eat the legal fees.

Maybe you could have saved them a few basis points but I don't see how bad the rate could be
Deal Addict
Jul 3, 2007
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mefromparadise wrote: Long story short, my parents have walked into their local TD branch and signed a mortgage renewal contract that is less than optimal.

My parents didn't ask the right questions and obviously unfavourable terms were not explained to them. When I reached out to the person they dealt within the hour that they had left, she had the audacity to tell me that I needed to be there with them (or what? You'll take advantage of them?).

The mortgage will be effective March 1... What is there to do?
signing a mortgage means nothing until it closes, they can still cancel it.....
Deal Fanatic
Nov 22, 2015
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joepipe wrote: signing a mortgage means nothing until it closes, they can still cancel it.....
Not really... It's a binding contract. You might have some luck negotiating better terms but you cannot simply cancel a contract one-sided
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Jul 3, 2007
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KanataKG wrote: Not really... It's a binding contract. You might have some luck negotiating better terms but you cannot simply cancel a contract one-sided
yes you can , its a mortgage not a contract for some business related deal....
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Jul 3, 2007
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UrbanPoet wrote: It is a contract for a business related deal.
You're dealing with a business.
lol, no its not, its a mortgage....if the mortgage has not renewed or closed, it can be cancelled, . im in RE finance for 20 years I know what im talking about....

and if you want proof, OP , go ask your question in the mortgage rates forum ....

official-mortgage-rates-thread-351105/3524/
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Jan 27, 2004
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joepipe wrote: lol, no its not, its a mortgage....if the mortgage has not renewed or closed, it can be cancelled, . im in RE finance for 20 years I know what im talking about....

and if you want proof, OP , go ask your question in the mortgage rates forum ....

official-mortgage-rates-thread-351105/3524/
So can you opt out and refuse to pay penalties for breaking your mortgage early?

Because its not a real contract ...

I would like to see some definitive proof you can back out after your mortgage is renewed. You have 20 years experience so it should be easy to find.
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UrbanPoet wrote: So can you opt out and refuse to pay penalties for breaking your mortgage early?

Because its not a real contract ...

I would like to see some definitive proof you can back out after your mortgage is renewed. You have 20 years experience so it should be easy to find.

if the mortgage has not renewed or closed, it can be cancelled


signing a piece of paper does not mean the mortgage has renewed yet, its a process , if the closing date / maturity date has not happened yet then it can be cancelled....,
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joepipe wrote: yes you can , its a mortgage not a contract for some business related deal....

A mortgage is just like any other legally-binding contract. When a home buyer and a lender sign the papers it's expected that both parties will fulfil their covenants or obligations. The documents can be complicated and difficult to grasp as a first-time home buyer.

https://www.fsco.gov.on.ca/en/mortgage/ ... tract.aspx

Mortgage Broker Regulators' Council of Canada
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Understanding your Mortgage Contract

Like most legal contracts, a mortgage can be very complicated. It is important to know and understand what you are committing to and if it’s right for you. Before signing a mortgage contract, you need to be sure that you understand all of the terms and conditions.


https://www.mbrcc.ca/UnderstandingyourMortgageContract

Check & mate. Winner winner chicken dinner.
Its ok everyone makes mistakes.


Jk no hard feelings. Thats where i was getting at.
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UrbanPoet wrote: Check & mate. Winner winner chicken dinner.
Its ok everyone makes mistakes.


Jk no hard feelings. Thats where i was getting at.
lol, ok millenial, nice try with your google search but you are wrong again..... and you obviously dont understand what I said

if the mortgage did not close yet then it doesnt matter what was signed.....

go ask the question in the mortgage forum and watch what happens.... lol
Deal Fanatic
Dec 24, 2005
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UrbanPoet wrote: So can you opt out and refuse to pay penalties for breaking your mortgage early?

Because its not a real contract ...

I would like to see some definitive proof you can back out after your mortgage is renewed. You have 20 years experience so it should be easy to find.
You are wrong.
Stop posting random stuff from the internet.

The renewal has not funded yet. You can say no.

But the OP is still wrong if he wants to blame the bank and not his parents.
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milolai wrote: You are wrong.
Stop posting random stuff from the internet.

The renewal has not funded yet. You can say no.

But the OP is still wrong if he wants to blame the bank and not his parents.
It isnt exactly fair to say a mortgage isn't a real contract either.

Thats where i’m getting at.
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Jul 1, 2005
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milolai wrote: But the OP is still wrong if he wants to blame the bank and not his parents.
This

And being helpful (not) after the fact.
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joepipe wrote: lol, ok millenial, nice try with your google search but you are wrong again..... and you obviously dont understand what I said

if the mortgage did not close yet then it doesnt matter what was signed.....

go ask the question in the mortgage forum and watch what happens.... lol
lol, ok boomer, nice try with your reply but you are wrong again..... and you obviously dont understand what I said

if a mortgage isnt a contract, why say what you said?.....

go ask the question in the mortgage forum that a mortgage isnt a real contract and watch what happens.... lol

Find me where did i say you can’t back out. I merely said a mortgage is a contract.

Check & mate. 2-0 now
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UrbanPoet wrote: lol, ok boomer, nice try with your reply but you are wrong again..... and you obviously dont understand what I said

if a mortgage isnt a contract, why say what you said?.....

go ask the question in the mortgage forum that a mortgage isnt a real contract and watch what happens.... lol

Find me where did i say you can’t back out. I merely said a mortgage is a contract.

Check & mate. 2-0 now
back to fornite kid, you got schooled
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UrbanPoet wrote:
Its a renewal though.
UrbanPoet wrote:
It is a contract for a business related deal.
You're dealing with a business.
UrbanPoet wrote:
lol, ok boomer, nice try with your reply but you are wrong again..... and you obviously dont understand what I said

if a mortgage isnt a contract, why say what you said?.....

go ask the question in the mortgage forum that a mortgage isnt a real contract and watch what happens.... lol

Find me where did i say you can’t back out. I merely said a mortgage is a contract.

Check & mate. 2-0 now
joepipe wrote: back to fornite kid, you got schooled
Way to ignore the fact i was never actually wrong.

You just assumed. Theres only maybe 6 post above so everyone can see...

The only point i mentioned was that a mortgage is a contract and should be treated as such. They should be taken seriously, researched and understood by the signing party. If the OP’s parents did that... they wouldn't have this stress.
But they treated it like you do . As. “Lol its not a real contract”. Thats why people sign things blindly.

They should have treated it as a contract. Take it home in order to be read and understood.

3-0! Back to viagara & hip replacement pops!
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Jun 18, 2020
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mefromparadise wrote: Long story short, my parents have walked into their local TD branch and signed a mortgage renewal contract that is less than optimal.

My parents didn't ask the right questions and obviously unfavourable terms were not explained to them. When I reached out to the person they dealt within the hour that they had left, she had the audacity to tell me that I needed to be there with them (or what? You'll take advantage of them?).

The mortgage will be effective March 1... What is there to do?
The replies here make me wonder. I'd have made an uneducated guess that it's done deal, but now I'm wondering.

Easiest answer is speak to someone at bank and ask. Get angry. Threaten to pull your banking services, if any, from them. Even if they don't "have" to let you break or alter, maybe they'd do it as gesture. Especially given the circumstances. I'd play the covid card. You never know.

The place to ask this question, and demand options, is the bank. Not here.

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