OT~ Freaking out just a little

[dancin Disney style]

Our mortgage maturity date is coming up in 2 weeks. About 3 weeks ago I called them and asked what was going on since I had not received any documents. They told me that they had no idea and it would be passed on to a manger and that person would call me within 24hrs. Well a week later I had to call them again because they had not called me. I got the exact same answer as the first time. So I'm starting to get nervous and I called the broker that got us the mortgage in the first place. He tells me to go on his website and fill out a mortgage application. Which I did. Another week passes and I haven't heard from him. I sent him an email and reminded him that we have a little over 2 weeks left. He called and gave me a few excusses...whatever...but then says that we are approved and tells me all the particulars. What he failed to tell me was that we would have to go to our lawyer to have it all done since it a NEW mortgage. What the heck??????

Just to make things even better yesterday, our exsisting mortgage company (GMAC finacing) calls and says to me 'we are calling your loan'. Well didn't that make me feel like a deadbeat. There was no explaination at all other than to say that they were not giving a renewal. I asked for a manger and she told me nothing either and then when I asked for an updated mortgage statement she said it would cost me $25. I have to assumme that it has to do with GMAC no longer doing auto finacing or any finacing for that matter.

But like thanks for the short notice. I now have 14 days to arrange for a mortgage and I'm going to be out of pocket some money for a legal fees. What is wrong with these people?

VENT....VENT.....VENT..... feel better now

 

[CdnCarrie]

GMAC does mortgages?

I have mine with RBC and have never had a problem.

 

[dancin Disney style]

GMAC does mortgages?

I have mine with RBC and have never had a problem.

Yep...they used to do all sorts of financing. We have used the same broker twice with great results so we just went with what he said was the best. Now we are a few years older and more informed on mortgages and financials. Although, I still don't totally get how variable rates work.

 

[Ted in Halifax]

I used a mortgage broker as suggested above. I have 3.89 for 5 years fixed ... got it in May. Best way to do it ... get a broker .. doesn't cost you anything.

 

[ferris198]

Never heard of Gmac going private insurance.

 

[amberg@eastlink.ca]

i agree get a broker- or a new one. we renewed this fall. got 4 yrs at 3.99 percent. rolled all of our debt and borrowed on the equity to do renos. but it was not a fast process! between hubby being away and my broker takign a bit longer to get things done, we did lapse abotua month for $$$ owing to resmor. they did call me and said yep this time tomorrow you'll have your payout. i think they got it three days later but it was done. its a very stressfdul time for sure!

my old company just presumed we'd go with them and mailed me out info. a few times! but when this was going on they never offered the fact that i could do all the above. im very thankful to my broker who rolled our credit card and vehicle loans all on. all my lawyers fees were rolled into this whole process as well. seems someone made a ****oo there and doesnt want to own up to it. seems like they have you by the short and curlys. i hope you can get someone to help you muddle through it.

our was called a new one as well- i think thats just how they do it.

 

[dancin Disney style]

I'm feeling a little less stressed at the moment. I spoke with our bank manager last night and again just now. She is offering us 5 yrs at 4% and they will do a simple transfer rather than a whole new mortgage transaction. All the legals will be done in house for $400. Which is far better than our lawyer would charge. I'm still not sure we will go this route, but more than likely. She also said it can be done in about 10 days. Now my biggest probelm is finding both our NOA's for the last 2 years. It's funny that I have almost every important paper for the last 10 years but can I find what we need to do this?????

I have to say I'm still really angry about the way this whole thing was handled.

 

[Alderbrook]

We work with a broker & renewed our mortgage last Dec. We used a new company & didn't need a lawyer. As long as you are just continuing on, you don't need a lawyer, but if you are adding to or making changes, you need a lawyer. You need a lawyer when the 1st mortgage is going to be discharged - unless things have changed since Dec 2008. You will be contacted by FinTrac though which is sometimes thru a lawyer, but that didn't cost us anything either.

Call a new broker, I work in real estate & sounds like your broker isn't doing his job. If you need a recommendation I can help too as I know quite a few good ones in the Hamilton/Burlington area of Ontario.

 

[lizzyb]

I would call your bank. Banks are much more competitive today and you know who are dealing with.

 

[Disney Fanatic]

We too have RBC and never had a problem

Call them, they may switch your mortgage over and even pay the fees.
Its worth a try!

Good Luck