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9 Questions to Ask Your Lender When Getting a Mortgage

By
Mortgage and Lending with Brent Irving - Dominion Lending Corp. British Columbia


For most people, obtaining a mortgage is likely the largest financial transaction their lifes. It is important to have as much knowledge as possible to make an informed decision. We have compiled a list of nine basic mortgage questions. Ask your Lender these questions and sit back and listen to the answers. It probably wouldn't hurt to write down the answers. We would be happy to help you make an informed decision with your mortgage.

  • How is the interest on my calculated? What is the difference between monthly and semi-annual compounding?
  • Is the mortgage portable? Is the mortgage assumable?
  • Am I still responsible if someone assumes our mortgage?
  • What are mortgage interest rates based on?
  • When the Bank of Canada changes interest rates, how does this impact my mortgage?
  • What penalties would I pay if I wish to move to another Bank or payoff this mortgage?
  • Is there a way to avoid or reduce mortgage penalties?
  • How are these penalties calculated? What does interest differential mean?
  • Is there a method to make this mortgage tax deductible?
Don't hesitate to contact us at 604-764-6336 if you have any mortgage financing questions.

We will help you get the best mortgage at the lowest possible rate.
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Anonymous
Paul Fraser

RBC Bank President Gordon Nixon - Salary  $11.73 Million 
                                                             

$100,000 - MISTAKE (FISHERMEN'S LOAN)
                                                                                               

I'm a commercial fisherman fighting the Royal Bank of Canada (RBC Bank) over a $100,000 loan mistake. I lost my home, fishing vessel and equipment. Help me fight this corporate bully by closing your RBC Bank account.

There was no monthly interest payment date or amount of interest payable per month on my loan agreement. Date of first installment payment (Principal + interest) is approximately 1 year from the signing of my contract.
Demand loan agreements signed by other fishermen around the same time disclosed monthly interest payment dates and interest amounts payable per month.The lending policy for fishermen did change at RBC from one payment (principal + interest) per year for fishing loans to principal paid yearly with interest paid monthly. This lending practice was in place when I approached RBC.
Only problem is the loans officer was a replacement who wasn't familiar with these type of loans. She never informed me verbally or in writing about this new criteria.

Phone or e-mail:
RBC President, Gordon Nixon, Toronto (416)974-6415
RBC Vice President, Sales, Anne Lockie, Toronto (416)974-6821
RBC President, Atlantic Provinces, Greg Grice (902)421-8112 mail to:greg.grice@rbc.com
RBC Manager, Cape Breton/Eastern Nova Scotia, Jerry Rankin (902)567-8600
RBC Vice President, Atlantic Provinces, Brian Conway (902)491-4302 mail to:brian.conway@rbc.com
RBC Vice President, Halifax Region, Tammy Holland (902)421-8112 mail to:tammy.holland@rbc.com
RBC Senior Manager, Media & Public Relations, Beja Rodeck (416)974-5506 mail to:beja.rodeck@rbc.com
RBC Ombudsman, Wendy Knight, Toronto, Ontario 1-800-769-2542 mail to:ombudsman@rbc.com
Ombudsman for Banking Services & Investments, JoAnne Olafson, Toronto, 1-888-451-4519 mail to:ombudsman@obsi.ca

http://www.corporatebully.ca
http://www.youtube.com/CORPORATEBULLY

"Fighting the Royal Bank of Canada (RBC Bank) one customer at a time"

Dec 08, 2008 02:04 PM
#1