Posted on: 31-08-16 22:45:02
I want to ask, my desi mortgage guy approved my mortgage on 5% but he put mortgage insurance $117 but from my office I got Life insurance $500,000 in $70 dollar. When I signed the paper he waived my mortgage insurance but when I went to Lawyer before closing I saw mortgage insurance $117 still there.
I called my mortgage agent said everything has been in system now , dont touch right once deal is closed , we will remove it. Is it possible you can remove it. Please
Other thing he said he will charge 1/2 percent of approved amount but desi are so greedy he asked me $600 extra for his extra efforts. Plus he said if you get mortgage incentive which is $1000 he said he paid for this money. bank will deposit you in your account at time of closing. Is he making me fool or incentive is really mine. We never talked about it before . He gave me high rate 2.79% at 5% on five year term.
Please help.
Quote:
Originally posted by adnancanada
I want to ask, my desi mortgage guy approved my mortgage on 5% but he put mortgage insurance $117 but from my office I got Life insurance $500,000 in $70 dollar. When I signed the paper he waived my mortgage insurance but when I went to Lawyer before closing I saw mortgage insurance $117 still there.
I called my mortgage agent said everything has been in system now , dont touch right once deal is closed , we will remove it. Is it possible you can remove it. Please
Other thing he said he will charge 1/2 percent of approved amount but desi are so greedy he asked me $600 extra for his extra efforts. Plus he said if you get mortgage incentive which is $1000 he said he paid for this money. bank will deposit you in your account at time of closing. Is he making me fool or incentive is really mine. We never talked about it before . He gave me high rate 2.79% at 5% on five year term.
Please help.
Mortgage Insurance is a cash cow for banks. Its a horrible product. Maximum commission to sell it to, hence they push that. Its there mostly to protect the bank and not you.
Lot of buyers think its mandatory and a condition to get the mortgage, but its not. They also confuse bank mortgage insurance, with CMHC insurance, which is a totally different.
Agents/Brokers get commission from the bank and not you, so why is he charging you ? Could be some cash back mortgage (incentive) he is talking about. But they are all priced into the mortgage and calculated gimmicks, so indirectly the customer ends up paying for it.
You can cancel it any time without penalty. But why even pay it for the first month ?
They cannot deny you mortgage because you refuse to take that mortgage life insurance from the bank, that's illegal. Your mortgage was approved based on your income, credit history, credit score,job stability, house appraisal, your debt levels, not because you took the insurance from the bank. This insurance is similar to the credit card minimum balance and protection, credit card companies try to sell to you.
CMHC insurance is different, in some cases where the down payment is low, its mandatory, but bank mortgage insurance is not.
Quote:
Originally posted by rajcanada
Quote:
Originally posted by northyork_desi
I have seen some of the weirdest posts from adnancanada and Panasonic. They post queries and disappear for days without any response or follow up. So this could be a troll post. Also, what are the chances that Panasonic and adnancanada have mortgage related queries on the same week.
The OP got some serious responses from valued members, Hope those help OP to make a decision.
Both IDs are same person, both posts are pretty much same (one with deposit, one without deposit, one in talks about house in Guelph, one talks about house in Brampton).
Anyway, I have seen people mention 30 and 35 years' mortgage. For CMHC secured mortgage, maximum term is 25 years. Is longer term still available if you put 20% or more in down payment and avoid CMHC insurance?
