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  1. #1
    emg is offline
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    Hello everyone, I am close to renewal time of my mortgage. I got sucked and im a sucker!! for signing a collateral mortgage with Scotiabank. I dont need or want the loan and I have been calling around for the best way to move out. I found out that RBC would absorb all the fees (appraisal, notary and discharge) for taking the collateral mortgage out of Scotiabank and will convert me to a conventional mortgage. They are even giving me a better rate than the one Scotiabank is offering at the moment. I was wondering if anyone has opinions or similar experiences with Rbc. It just sounds to good to be true. Thanks in advance
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  2. #2
    Senior Canuck ING_rep's Avatar
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    Hello,
    My friend just reimbursed his RBC mortgage early (he sold his house, 3 years into this mortgage) and it cost him $7000 to get out of it. I would say check what their cancellation and early reimbursement policy is, other than that, it does sound like a good deal!
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  3. #3
    Luv Saving People Money MortgageQueen's Avatar
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    I'd be curious what rate they're offering you. Nothing is for free. Especially with one of the Big Banks. Did you check to see if theirs is a collateral charge?
    Ing_rep is right about their penalty. It is one of the highest you'll pay.

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    FLA is offline
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    I have 2 mortgages with RBC. My experience with them has been good.

  5. #5
    emg is offline
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    Tanks so much all for your responses. @MortgageQueen i got an email from bank representative stating the charge is standard. They are offering a 4y for 2.54 which i imagine is where they will recover their part. The perk of going with them is that at next renewal time, I can shop around. Scotiabank is giving me a 5 for 2.79 stating that they dont see why i dont want to stay with the collateral charge Mortgage.
    Thinking of opening an ING account use this number 35728975S1 and both of us get a $50!! dollar bonus.

  6. #6
    Luv Saving People Money MortgageQueen's Avatar
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    So what they're giving you is the 5 year rate you'd get with a broker. . . so yes, they are paying themselves for the fees they describe as free.
    You can also get fees paid with certain lenders via the broker channel. . .fyi.

    Please see the post on penalties I'm about to post.

  7. #7
    emg is offline
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    Hi mortgagequeen could you please tell me what fees will be covered via broker? Thanks
    Thinking of opening an ING account use this number 35728975S1 and both of us get a $50!! dollar bonus.

  8. #8
    Luv Saving People Money MortgageQueen's Avatar
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    They vary from Lender to Lender. There are minimums when it comes to mortgage amount as well.

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