BEWARE OF BANK RENEWALS
A new client of ours told her bank that she was not renewing with them, and that she was looking for a new mortgage. Banks have the right to put you in a 6 month mortgage, but not a 5 year closed, fixed rate mortgage like her bank did to her. When she went to pay them out, they told her she would have to pay a $9,200. penalty, She was shocked. The penalty should have been no more than 3 months.
She didn’t know her rights and she didn’t know the proper procedure. Folks when you are a client of ours, you never have to worry about stuff like this. We contact you prior to maturity and explain all your options. In short, it is our mantra to protect you from such unpleasant surprises, and to save you money at every opportunity.
As experts, we knew that the bank had made a mistake. We told her to ask them to produce ‘in writing’ anything she had signed to commit her to a new 5 year mortgage. When they could not, they said it was a mistake and apologized. We got her penalty reduced to 3 months which was all they were entitled to. Had she been an existing client of ours, there would have been ZERO PENALTY because we would have had her go ‘month to month’.
By the way, the reason she went past her maturity date was because the bank sent her their renewal letter only a few weeks left and she didn’t have sufficient time to search elsewhere. The bank offered her a renewal rate of 4.89% when she was deserved of much less since she had not missed a payment.
When it comes to the biggest financial obligation of a lifetime, it no longer makes sense to get a bank mortgage on your own when you can have a professional (independent) mortgage broker (THE PRICE TEAM) protect and look after your best interests, one hundred per cent of the time. Alone, your bank will win. With us, you will win, and we will guarantee you tens of thousands of dollars (savings) in your pocket over the longer term, all at no cost from our end, OAC.
For your next mortgage need, do yourself a favour. Don’t call your bank and don’t use a bank mortgage specialist either. Call us first. You’ll be so glad you did. Our best 5 year fixed rate is 3.74% versus the banks’ 5.39% and we are also below credit union best rates. In fact our rates are the best in the country. Our best variable rate is 2.25%. The banks are around 2.8%. Also, forget anonymous online or telephone mortgage lenders when you can deal with us face to face right here in Fergus. We open up the entire mortgage market to you and we are always on your side.