There is a bank in HRM I dealt with for more than 15 years. They will steal wherever and whenever they can out of my account. Yes, I am calling it stealing. To make a long story short, we remortgaged our home and when you finally get the paperwork to have a chance to go over it, lo and behold, the COST of this transaction is 10,000.00. Which puts our mortgage right where it was 5 YEARS ago. Thieves every one of them! I am going to find a new bank! Thank God my mortgage is open. —One pissed off customer
This article appears in Nov 11-17, 2010.
the best bank you can find, is the one in you undies drawer o.p.
Try the grocery store’s financial institution. Been with it for years now and never a prob.
OP, how much did you mortgage against the value of your home? If your mortgage amount is over 80% of the value of your home, then you are being charged mortgage insurance, which every bank has to charge.
LS, but that’s the first place B&E artists looks. I suggest a boobytrapped box. How you boobytrap it is up to you. Oooh I wrote booby twice, oh oh now three times. LOL.
… Not to mention taxes and legal fees associated with appraising the property, redrawing the documents, CMHC fees (BRoc alluded to these), etc. If you also moved your mortgage from another institution, there are significant penalties that you have to pay as well.
I’d also like to warn you OP, an open mortgage isn’t a free ticket. Sure you can pay it off anytime (usually without penalty), but your interest rate floats much higher than a closed 5 year term. In this day in age of being able to double your payments, and being able to make payments of 10 to 20 per cent on your principal each year without penalty, closed terms are much better. Open mortgages are only good for short term real estate investments, not financial planning. But hey, banks are thieves, right? You’re so dumb you don’t see the forest for the trees.
And as far as the “undies drawer” as an investment strategy is concerned, that’s the worst thing you can do. Thanks to inflation, you lose about 2% a year on it. At least with a low yield TFSA, you’re protecting it against inflationary pressure. Usually free too.
I wish more people would fire their bank. Canadian banks are in collusion and suck!
Those fees should have been explained up front, or in the T&Cs of the paperwork. The banks are in the business of making money (think casino) so you need to find ways to avoid that.
If one actually reads one’s mortgage papers, it’s all there. The problem is people do not read.
Yeah lifesucks, good advice dumbass. Just how do you get a mortgage from your underwear drawer?
Life Sucks is gonna get you, Juggalo Harper.
Insufficient information.
I don’t know if you are a liar or just incapable of providing more details.
I think the bank should fire lousy customers …starting with you.
I don’t think I have much to worry about with lifesucks, he’s probably too busy watching an old episode of pimp my ride to defend himself intelligently. What’s he gonna do? Are his words gonna beat up my words?
You seem to think your words are doing that to his words lol.
The other day I went to the bank to get my cash back limit upped because I only have $200 and I get paid by cheque (and I don’t work close to a branch of my bank and I work past closing anyway) and they made me make an appointment and wanted to do a credit check. A CREDIT CHECK. hahaha. I was with another bank a few years back an was being paid by cheque and they upped my cash back limit from a big fat zero to 2k with no problem. I laughed an am shopping around for other banking options because I’m not taking a hit on my credit score because this bank demands a credit check to up my cash back by a few hundred bucks. Not when I can get my mom to cash my cheque for me and not when there are other banking options out there.
Pretty Kitty – they wanted to do a credit check for an obvious reason: cashing a cheque is a form of extension of credit if they release funds right away. They don’t know for a few days if the cheque’s any good, so the limit on what they’ll let you take without a hold is a function of your creditworthiness, period.
As for the OP, please, as if the costs weren’t disclosed to you before the deal was done. Guess what, they’re in the disclosure docs. What they are varies, but I’m pretty sure they told you what you needed to know.
what’s a mortgage?