True story: client listed property, was waiting for pre-approval for 3 weeks from Royal Bank mortgage rep so they could port their old mortgage. Turns out they did not qualify with RBC. But they qualify with another lender. And it turns out RBC penalty is $16 000! With many non bank lenders, the penalty would have been $6 000! Clients decided that $16 000 is just too big a hit and are not moving now. Moral of the story: it is not just about the rate, but it is the entire mortgage contract that matters. A mortgage broker (as opposed to a bank rep) would have prevented this situation.
Posted on: Fri, 14 Jun 2013 16:19:10 +0000
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