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.
- Last Updated:
- Mar 6th, 2021 10:38 am
Tags:
- SCORE+3
- MortgageMaster [OP]
- Newbie
- Feb 17, 2021
- 9 posts
- 9 upvotes
51 replies
- hoob
- Deal Fanatic
-
- 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...
Do not choose a coward's explanation, that hides behind the cause and the effect...
- ozzie16
- 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.
- hierophant
- 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?
- dc200
- Deal Addict
-
- 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.
Don't know if it's just me, but my lender (TD) seems a lot slower now than they were before.
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- goob3r
- 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.
- synthetic1
- Sr. Member
- Jan 13, 2021
- 790 posts
- 1950 upvotes
The payments
- JayLove06
- Deal Expert
- Feb 29, 2008
- 17741 posts
- 15393 upvotes
- Tarrana & The Ri…
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?
- H8TR
- Sr. Member
-
- Apr 7, 2007
- 758 posts
- 574 upvotes
- Toronto
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?
- clutch31
- 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.
- dougboswell
- Deal Addict
- Jul 11, 2010
- 1264 posts
- 306 upvotes
- Toronto
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?
Doug Boswell
intelliMortgage Inc. Brokerage #12326
FSRA #MO09002332
intelliMortgage Inc. Brokerage #12326
FSRA #MO09002332
- hybridfx2
- 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.
- JayLove06
- Deal Expert
- Feb 29, 2008
- 17741 posts
- 15393 upvotes
- Tarrana & The Ri…
- Cheapo-Findo
- Deal Guru
-
- Mar 9, 2007
- 14784 posts
- 10997 upvotes
- Think of the Childre…
Going to the bank 200 times.
WOULD SOMEBODY THINK OF THE CHILDREN!!!
- jeeva86
- Deal Fanatic
-
- 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?
- lolbeast
- Deal Addict
- Apr 29, 2010
- 1229 posts
- 2380 upvotes
- GTA
- bg8055
- 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
.
- bg8055
- Sr. Member
- Oct 30, 2019
- 552 posts
- 1229 upvotes
- Langley, BC
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.
.
- ozzie16
- Deal Addict
- Oct 27, 2012
- 2720 posts
- 4370 upvotes
- Toronto/San Francisc…
- hierophant
- Deal Fanatic
- Feb 4, 2010
- 6043 posts
- 5264 upvotes
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.