Consumer Homes.

Question:

Just to let everyone know.  I compiled a list of 10 or so easy questions that I’ll include here as it’ll be useful for someone in the future.  When it came time to nail down the two deals the now-I-know-she-was-shady Mortgage Broker said they were too many questions and she didn’t want to do it anymore.  When I called a couple of other people they told me I shouldn’t even consider changing one of the mortgages it’s one of the best around, so I guess she was just after more commission by wanting to switch one that didn’t need switching…  Out of disrespect for her I’m going to edit out the "pleases"  and "thank-you"s . p.s. The the Ontario (Canada) Mortgage Brokers Act specifies that question one is legally required disclosure. 1.  Send  statement of Mortgage and amortization schedule for each mortgage. 2.  Confirm that the "running or current account" clause is not a part of the mortgage agreement. 3.  Re-state the product/rate options you offered in writing. 4.  Any other costs?  Could I go to my spreadsheet and get a bottom line closing total ? 5.  In the future if I lock-in,  will there be any other fees associated with that? 6.  Lock-in rate discounts ?  My friend got x% off,  can I get y% off if I lock in to a 3, 5, etc fixed term later.? 7.  Is mortgage insurance a condition of the loan? 8. Is transferring an issue? Will my payout penalty allow me to transfer and not de-register the loan (avoid legal fees) 9. If I have both mortgages with the same lender does it pose a risk?  Can one mortgage affect another?

– Hide quoted text — Show quoted text -> I live in Canada,  have two properties I’m refinancing and have met with a > mortgage broker where she’s basically told me I can choose from 1-yr respectively. > But that’s about all I know.   I got my payout quotes from my current > lenders (trust companies) and had the ugly surprise of alot of additional > Admin charges and surcharges that I don’t see in my Mortgage agreements. > I didn’t think they could put extra junk fees in unless you agreed > to it …  (What kinds of fees are junk fees anyway?) > So I’m trying to compile a list of questions to make sure I understand > whether these new mortgages are good products or not,  and so that down the > road I don’t find out I missed something. > Any suggestions would be welcome.

Response:

This is a really BAD time to be looking at adjustable-rate notes. apart from that, look at the following comparisons on the loans: 1-total of monthly payments over the expected time period that your will have the property. (If you do not expect to have the property for the full term of the loan, ignore the term and go with the number of years you will have the place.) 2-total costs of acquiring the loan. 3-add the 2 above figures and compare this total.

– Hide quoted text — Show quoted text -> I live in Canada,  have two properties I’m refinancing and have met with a > mortgage broker where she’s basically told me I can choose from 1-yr > But that’s about all I know.   I got my payout quotes from my current > lenders (trust companies) and had the ugly surprise of alot of additional > Admin charges and surcharges that I don’t see in my Mortgage agreements. > I didn’t think they could put extra junk fees in unless you agreed > to it …  (What kinds of fees are junk fees anyway?) > So I’m trying to compile a list of questions to make sure I understand > whether these new mortgages are good products or not,  and so that down the > road I don’t find out I missed something. > Any suggestions would be welcome.

Response:

I live in Canada,  have two properties I’m refinancing and have met with a mortgage broker where she’s basically told me I can choose from 1-yr But that’s about all I know.   I got my payout quotes from my current lenders (trust companies) and had the ugly surprise of alot of additional Admin charges and surcharges that I don’t see in my Mortgage agreements. I didn’t think they could put extra junk fees in unless you agreed to it …  (What kinds of fees are junk fees anyway?) So I’m trying to compile a list of questions to make sure I understand whether these new mortgages are good products or not,  and so that down the road I don’t find out I missed something. Any suggestions would be welcome.

Response: