Mortgage renewal questions?

[keen_observer]

I want to sign up for a one year term mortgage with a bank. And after one year, I want to switch to a different bank for mortgage. What are the processes involved in this switch over? Do I need to hire a lawyer to do this? What are the immediate cost incuured by switching to a different bank after fulfilling the one year term?

If I decide to stay with the same bank for mortgage ? What do I need for renewal?

 

[吾言]

It is better to direct those questions to the first bank with which you are going to sign the mortgage. Some banks will charge you a fee if you leave them after the term ends. I don't think you really need a lawyer to do the switch though.

 

[oread]

吾言 said it all, it's better to direct your questions with your bank.

However, here is my share of your situation, but please don't take my words for granted, it's only from my understanding. If the TERM of your mortgage is only one year, then you can switch to another bank without penalty. However you may be charged a "dischargement fee" about $200 by the bank with whom you've dealt for your first mortgage. You would also need to hire a lawyer to finalize your 2nd mortgage, similar to what you've done with your first mortgage.

We hired a lawyer when we did a refinancing on our mortgage, it was required. Basically what you are doing is to start a brand new mortgage after a year, and I don't think that's a wise choice. And WHY? Is your bank not satisfactory to your needs? Then why not choose another bank now?

 

[keen_observer]

We are held hostage by Minto. We are buying a new home and the closing day is few months down to the road. We already paid the deposit; guess what if you can not get mortgage for closing due to unexpected loss of employment,then they are going to keep your hard-earned deposit. The only way to get protected is to opt for Minto's finance plan. If you can not get a mortgage, they will refund your money less $100 administration fee. Certainly, the interest rate with Minto plan is not the most favourable one, but it gives you the protection, and a $1650 design coupon for upgrade.
My plan is to get a short term (1 yr) mortgage and then switch to different institutions offer better rate after the term.

Anyone who wants to buy Minto (or from another builders) new house should be aware of this. Your purchase agreement should have the clause of unconditional withdraw should mortgage finance issue arise. Minto will not put this clause in the purchase agreement, the only way to get protection is to go with the Minto financial plan if you are buying from Minto.

 

[oread]

Minto: shameless thieves!

 

[fortget_it]

最初由 keen_observer 发布
We are held hostage by Minto. We are buying a new home and the closing day is few months down to the road. We already paid the deposit; guess what if you can not get mortgage for closing due to .............
................
the only way to get protection is to go with the Minto financial plan if you are buying from Minto.

For this point, I think MINTO dose a better thing than other builders. Most builders won't return your deposit and will sue you if you refuse to take the new home you have agreed to buy.

And MINTO's financial plan is really not bad, good mortgage rate with design center bonus.

There is no doubt that all the builders are trying to squeeze your pocket, MINTO is one of them, and a decent one.

 

[cy25915]

最初由 渐渐 发布

We hired a lawyer when we did a refinancing on our mortgage, it was required.

渐渐, can you please tell me how much to hire a lawyer to do refinancing?

 

[oread]

A few hundred dollars, can't recall exact amount.

 

[挺傻]

Some banks have their legal department, which will help you to do a mortgage switch. Sometimes, banks will waive your legal fees. However, it's not guaranteed.

In your mortgage agreement, it always has a place indicated discharge fees, reinvestment fees, etc. pls check your mortgage agreement for details.

 

[keen_observer]

最初由 fortget_it 发布


For this point, I think MINTO dose a better thing than other builders. Most builders won't return your deposit and will sue you if you refuse to take the new home you have agreed to buy.

And MINTO's financial plan is really not bad, good mortgage rate with design center bonus.

There is no doubt that all the builders are trying to squeeze your pocket, MINTO is one of them, and a decent one.

Good phasing for Minto not robbing me till bare!

Ottawa housing is at seller's market, no bargining power. I think it is reasonable to ask the homebuilder to add the withdrawl clause due to disapproved mortgage. I did ask Minto, but they are hard as stone. Not much we can do, since we can not afford the other area. I have heard people lose their deposit due to loss of employment and disapproved mortgage.

 

[keen_observer]

This link has some good tips about mortgage refinance and switch

http://www.secureapp.com/mbpro/telus/mytelus/78.asp

 

[keen_observer]

I agree Minto Finance paln offers peace of mind, but at the expense of paying higher mortgage rate. What really bother me is the lack of flexibility of the choosing different mortgage institutions. It is likes if you don't take their financial plan then you left your new home deposit unprotected.

 

[oread]

Hey, haven't you heard the phrase: "It's a Minto law" yet? :smokin:

最初由 keen_observer 发布
I agree Minto Finance paln offers peace of mind, but at the expense of paying higher mortgage rate. What really bother me is the lack of flexibility of the choosing different mortgage institutions. It is likes if you don't take their financial plan then you left your new home deposit unprotected.

 

[kool]

If u need help, HHQ to me , and i can give u some contact info and they will fix ur problem.

 

[keen_observer]

最初由 渐渐 发布
Hey, haven't you heard the phrase: "It's a Minto law" yet? :smokin:

This is the exactly attitude I am getting from the sale representative.