What is the most frustrated thing with your mortgage application?
Find the best rate? Find a suitable term or a good lawyer? Or struggle to understand the terms on Commitment?
Let me know your story.
Let me know your story.
Feb 19th, 2021 2:55 pm
Feb 19th, 2021 8:32 pm
Feb 19th, 2021 8:37 pm
Feb 19th, 2021 8:49 pm
Feb 19th, 2021 9:20 pm
Feb 20th, 2021 12:09 am
Feb 20th, 2021 3:23 am
Feb 20th, 2021 6:51 am
TD seems to be slow from past experience. Ridiculously slow.
Feb 20th, 2021 7:46 am
What they said. I move money around all the time. Which makes me think so Canadians simply leave thousands in savings accounts earning 1/100th of a penny on the dollar?
Feb 20th, 2021 1:31 pm
Feb 20th, 2021 1:32 pm
Lenders will hold rates up to 120 days. If you used a mortgage agent, he/she should be contacting you around 120 days from your renewal date to discuss renewal options. Lenders may sent renewal notices out 5 or 6 months before renewal offering you an "attractive" rate. What they are doing is trying to get you to sign then so they keep you for a client. However, before signing, check rates sites or ask a mortgage agent how good the rate is compare to the current rates. It may be in your interest to wait until 120 days out to get a better rate. If waiting, keep your eye on the rates to make sure that they have not started to rise. If you renew with your current lender you can sign the lender. If you are looking at switching to an ew lender, you will have to be requalified.hierophant wrote: ↑ Not so much frustrating but I would like to understand how renewal process works. For example, if we used a mortgage broker will they contact us? If yes, when? Will the current lender offer a renewal? Is it better to stick with the same lender if the rates are comparable or is it better to start from scratch? Do we have to resubmit all our info (e.g. proof of employment) if we use the same broker and/or lender?
Feb 20th, 2021 1:36 pm
Feb 20th, 2021 1:44 pm
Feb 20th, 2021 1:47 pm
Feb 21st, 2021 7:32 am
Feb 21st, 2021 1:16 pm
Feb 21st, 2021 1:19 pm
Feb 21st, 2021 1:22 pm
you could easily doctor anything with a pdf editor but why would you, live within your means... there must be some shady brokers out there just to get the commissionclutch31 wrote: ↑ Some of the audit checks are really stupid... they asked me for proof that I have enough funds for the closing and I told them that I already sent the closing funds to my lawyer. They wouldn't accept the money order receipt and the confirmation email of the fund's deposit from my lawyer as proof. They rather wanted to see my bank account statements, which someone could have easily doctored.
Feb 21st, 2021 1:23 pm
Feb 21st, 2021 1:27 pm
Thanks! Are you a broker? I have a follow-up question.dougboswell wrote: ↑ Lenders will hold rates up to 120 days. If you used a mortgage agent, he/she should be contacting you around 120 days from your renewal date to discuss renewal options. Lenders may sent renewal notices out 5 or 6 months before renewal offering you an "attractive" rate. What they are doing is trying to get you to sign then so they keep you for a client. However, before signing, check rates sites or ask a mortgage agent how good the rate is compare to the current rates. It may be in your interest to wait until 120 days out to get a better rate. If waiting, keep your eye on the rates to make sure that they have not started to rise. If you renew with your current lender you can sign the lender. If you are looking at switching to an ew lender, you will have to be requalified.