Real Estate

What is the most frustrated thing with your mortgage application?

  • Last Updated:
  • Mar 6th, 2021 10:38 am
[OP]
Newbie
Feb 17, 2021
9 posts
9 upvotes

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.
51 replies
Deal Fanatic
User avatar
Jan 6, 2002
6269 posts
6620 upvotes
Toronto
The lack of consistent seriffing on the fonts used within legal documents.
As someone long prepared for the occasion, in full command of every plan you wrecked---
Do not choose a coward's explanation, that hides behind the cause and the effect...
Deal Addict
Oct 27, 2012
2720 posts
4370 upvotes
Toronto/San Francisc…
Down payment verification if you move funds back and forth between accounts all the time.
Deal Fanatic
Feb 4, 2010
6043 posts
5264 upvotes
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?
Deal Addict
User avatar
Mar 30, 2010
3403 posts
1390 upvotes
Greater Toronto Area
Turnaround time.

Don't know if it's just me, but my lender (TD) seems a lot slower now than they were before.
<removed>
Deal Addict
Aug 19, 2002
3463 posts
882 upvotes
Having to pull together 3 months worth of statements from 20 bank and investment accounts. Maybe worse fo the the mortgage guy at the bank who had to review them all.
Deal Expert
Feb 29, 2008
17741 posts
15393 upvotes
Tarrana & The Ri…
dc200 wrote: Turnaround time.

Don't know if it's just me, but my lender (TD) seems a lot slower now than they were before.
TD seems to be slow from past experience. Ridiculously slow.

My frustrations would be that and just all the extra things required especially if you own multiple properties. Gotta have your paperwork in order. Anything that’s not straight forward is a lot of questions. BTW, I don’t have a problem with the bank verifying all this stuff I just think it can get silly. My home bank can’t check to see rental income going into my account for the last 10 years?
Sr. Member
User avatar
Apr 7, 2007
758 posts
574 upvotes
Toronto
ozzie16 wrote: Down payment verification if you move funds back and forth between accounts all the time.
goob3r wrote: Having to pull together 3 months worth of statements from 20 bank and investment accounts. Maybe worse fo the the mortgage guy at the bank who had to review them all.
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?
Sr. Member
Mar 14, 2018
860 posts
792 upvotes
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.
Deal Addict
Jul 11, 2010
1264 posts
306 upvotes
Toronto
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?
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.
Doug Boswell
intelliMortgage Inc. Brokerage #12326
FSRA #MO09002332
Member
Jan 19, 2009
255 posts
156 upvotes
As others have said, just the amount of questions and proof you need to show if you have multiple accounts and multiple properties. In addition to that, try being self-unemployed.
Deal Expert
Feb 29, 2008
17741 posts
15393 upvotes
Tarrana & The Ri…
hybridfx2 wrote: As others have said, just the amount of questions and proof you need to show if you have multiple accounts and multiple properties. In addition to that, try being self-unemployed.
Seriously some of the stuff I was like “how am I supposed to have that?”
Deal Guru
User avatar
Mar 9, 2007
14784 posts
10997 upvotes
Think of the Childre…
Going to the bank 200 times.

WOULD SOMEBODY THINK OF THE CHILDREN!!!
Deal Fanatic
User avatar
Jul 4, 2005
7651 posts
1558 upvotes
Ottawa
The slowness of the entire process. Why can’t it be as fast as applying for a cc?
Deal Addict
Apr 29, 2010
1229 posts
2380 upvotes
GTA
jeeva86 wrote: The slowness of the entire process. Why can’t it be as fast as applying for a cc?
Bro a CC is like $10k. A mortgage is 50-100x the amount
Sr. Member
Oct 30, 2019
552 posts
1229 upvotes
Langley, BC
proving a down payments was a pain, the mortgage guy didnt even know you could hold securities in a TFSA so I had to ELI5, lol
.
Sr. Member
Oct 30, 2019
552 posts
1229 upvotes
Langley, BC
clutch31 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.
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 commission
.
Deal Addict
Oct 27, 2012
2720 posts
4370 upvotes
Toronto/San Francisc…
bg8055 wrote: 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 commission
That's fraud.
Deal Fanatic
Feb 4, 2010
6043 posts
5264 upvotes
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.
Thanks! Are you a broker? I have a follow-up question.

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