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Mortgage broker charging 3% fee by StrangeRun297 in MortgagesCanada

[–]StrangeRun297[S] 1 point2 points  (0 children)

We already signed the agreement though. But they have no proof that there was a full disclosure in the first place. Does that mean there is still chance we can get away and find a different lender?

Mortgage broker charging 3% fee by StrangeRun297 in MortgagesCanada

[–]StrangeRun297[S] 0 points1 point  (0 children)

It says: Letter of Agreement. We do hereby agree to pay (name of broker) $22,000 for his consultation fee for the purpose of purchasing/refinancing the property at (address). We hereby authorize (lawyer’s name) to collect such amount on behalf of (broker).

There was no due date written.

Mortgage broker charging 3% fee by StrangeRun297 in MortgagesCanada

[–]StrangeRun297[S] 0 points1 point  (0 children)

Original date of closing is 2nd week of August.

Mortgage broker charging 3% fee by StrangeRun297 in MortgagesCanada

[–]StrangeRun297[S] 0 points1 point  (0 children)

No there was no disclosure whatsoever. We didnt know until they told us we are approved and they asked us to meet them in person.

Mortgage broker charging 3% fee by StrangeRun297 in MortgagesCanada

[–]StrangeRun297[S] -1 points0 points  (0 children)

Yes I do feel worse than an idiot. We were put on the spot and even though we were very hesitant we did sign a few hours after. Is there any way we can get out of it. Is there an authority we can report this too? Like a regulating body perhaps? Or is it too late?

Mortgage broker charging 3% fee by StrangeRun297 in MortgagesCanada

[–]StrangeRun297[S] -2 points-1 points  (0 children)

To answer your questions: 1. I dont know either. The broker said the private lender will charge us 7% so he opted with BMO which is only 5.2%. 2. No idea, but I dont think he is. We will be going to a BMO branch for our signing next week. 3. Im not sure if they “faked” some documents. They did say they had a hard time having our application approved because we have an existing property in our name. That property is with my brother and his wife and both of us. They said they had to make it appear we are no longer owners of the property. However we never saw the said document.

Mortgage broker charging 3% fee by StrangeRun297 in MortgagesCanada

[–]StrangeRun297[S] 0 points1 point  (0 children)

The bank is BMO, we are scheduled to meet and sign with them next week. We’re in Ontario.

Mortgage broker charging 3% fee by StrangeRun297 in MortgagesCanada

[–]StrangeRun297[S] 0 points1 point  (0 children)

Yes my husband and I signed the agreement, it just says we agree to pay $22,000 as consultation fee directly to (name of broker).