TD sucks at mortgage refinancing

[Redwagon]

My wife and I recently wanted to take advantage of the low interest rates and refinance our house early. We still had about 30 months left on our old mortgage at 5.49%.

When we went to TD, they wouldn't let us refinance unless we took out an extra 20K on top of what we owed. So if we had $250K remaining, they wouldn't refinance unless the new mortgage was for $270K even if we paid their penalty.

Needless to say, we were confused and a bit mad that TD didn't want to give us the lower (rate was about 4.19% for a 5 year fixed) even though we were going to pay the penalty.

So we went to BMO, they approved us without having to take out a larger loan, and since this was a month later from our visit at TD, we got an even lower rate of 4.05%.

Don't know if anyone works at TD but they should really change this policy cause they just lost a mortgage customer for life and will continue to lose more if they continue with this.

[narou]

I am with TD and honestly they suck at everything! There policy's are all rubbish!

[theken]

haha Scotia would let me refinance, dropping my interest rate to 4% instead of 4.75%and i would be adding $18,000 to it as well......the kicker $19,000 penalty :thumbsdow :thumbsdow

that's like taking 9 dicks

[NoFlo]

Originally posted by Redwagon
...We still had about 30 months left on our old mortgage at 5.49%...
...So if we had $250K remaining, they wouldn't refinance unless the new mortgage was for $270K even if we paid their penalty.

Needless to say, we were confused and a bit mad that TD didn't want to give us the lower (rate was about 4.19% for a 5 year fixed) even though we were going to pay the penalty...


hmm...doesnt sound right! did you at least crunch the numbers? ur penalty fee should be based on that "incremental blahblah" amount.

we just got out of ours from td as well...had ~$200k remaining at 5.40% with 28 months remaining...so very similar to yours...at that time (2 months ago) BoCanada prime was 1% (where as it is 0.25% now)...our penalty was ~$4500.

also you should have considered a variable rate (not sign another fixed one)... www.myctfs.com (one-and-only account) was offering 3% at that time. we are now at 2.50% (next month will be 2.25%).

our biggest mistake was signing a fixed rate 3 years ago. we are so glad to be back on a variable.

when it is said and done we will recoup the $4500 in about 10 months (or less) ...and our current obligation to this myctfs.com account is practically nil...$200 penalty to get out of it and we can get out anytime we want.

[JEFFRIX]

i had 5 year locked mortgage through 1st calgary for 5.xx%, still had 3 years left. then got one from Royal bank for 3.95% my penalty was only 6k to break the contract... I can pm u the person's info that helped me if ur interested. saved me a lot of money and years of mortgage.

[alloroc]

All banks suck.

Mortgage brokers have a wider product line and usually can get better rates and options.

[JEFFRIX]

i remember when i got frauded for 800 bucks through t.d. and they refuse to do investigation co'z its under 1000 dollar policy shit. Wtf i was a student 800 bucks is everything.. Never again.

[Redwagon]

Originally posted by NoFlo



hmm...doesnt sound right! did you at least crunch the numbers? ur penalty fee should be based on that "incremental blahblah" amount.

we just got out of ours from td as well...had ~$200k remaining at 5.40% with 28 months remaining...so very similar to yours...at that time (2 months ago) BoCanada prime was 1% (where as it is 0.25% now)...our penalty was ~$4500.

also you should have considered a variable rate (not sign another fixed one)... www.myctfs.com (one-and-only account) was offering 3% at that time. we are now at 2.50% (next month will be 2.25%).

our biggest mistake was signing a fixed rate 3 years ago. we are so glad to be back on a variable.



Our penalty was $9000. We felt that 4.05% at a fixed rate was pretty good. Wife is the cautious type with money, she wouldn't handle a variable rate very well.

Everything was ok with TD except they wanted us to take a bigger loan to refinance which is so stupid cause we want to pay down the mortgage, not make it bigger.

[Sorath]

my car loan is through td and they`re great, for my mortgage i signed at .9 below prime whereas td was offering .8 below prime. so its not that bad imo? :dunno:

[Sugarphreak]

.

[Celica TVS3]

Somewhat off topic, I just met with a leander at BMO. On a 5-Year fixed they could match True North's 3.79%.

[ExtraSlow]

Yeah, You should be able to get something matching at least ING's posted rate, which is 3.89 as of yesterday.

[modded46]

When I first got a mortgage in Calgary I was banking with TD.. I called them 3 times to get someone to call me back so I can get an approval for the house I found.. No one called me back so I went to ATB, got a mortgage and who knows how much interest they made off me but eventually I switched all my banking to ATB including a credit card.. All because some moron at TD definitely feel like calling me back..

Dumb.

[el-nino]

I'm a mortgagebroker. Pm me if you want to see if I can help out or not.

[Canadian 2.5RS]

Originally posted by theken
haha Scotia would let me refinance, dropping my interest rate to 4% instead of 4.75%and i would be adding $18,000 to it as well......the kicker $19,000 penalty :thumbsdow :thumbsdow

that's like taking 9 dicks

I checked it...his math is good. It is exactly like taking 9 dicks.:nut:

[dezmarez]

Originally posted by Redwagon
My wife and I recently wanted to take advantage of the low interest rates and refinance our house early. We still had about 30 months left on our old mortgage at 5.49%.

When we went to TD, they wouldn't let us refinance unless we took out an extra 20K on top of what we owed. So if we had $250K remaining, they wouldn't refinance unless the new mortgage was for $270K even if we paid their penalty.

Needless to say, we were confused and a bit mad that TD didn't want to give us the lower (rate was about 4.19% for a 5 year fixed) even though we were going to pay the penalty.

So we went to BMO, they approved us without having to take out a larger loan, and since this was a month later from our visit at TD, we got an even lower rate of 4.05%.

Don't know if anyone works at TD but they should really change this policy cause they just lost a mortgage customer for life and will continue to lose more if they continue with this.

that honestly doesnt make sense at all!!
maybe the amount they were talking about was putting the MTG penalty amount as part of the mortgage amount?


Originally posted by JEFFRIX
i remember when i got frauded for 800 bucks through t.d. and they refuse to do investigation co'z its under 1000 dollar policy shit. Wtf i was a student 800 bucks is everything.. Never again.


really???
i got double charged for an $80 abm withdrawal and they investigated it and reversed the charge

[Legless_Marine2]

Originally posted by dezmarez


that honestly doesnt make sense at all!!


Makes sense to me. Don't underestimate TD's amount of suckiness.

[06civic]

Originally posted by dezmarez
[B]

that honestly doesnt make sense at all!!
maybe the amount they were talking about was putting the MTG penalty amount as part of the mortgage amount?


I believe OP is talking about early renewal. Refinance means adding more to your MTG. Maybe thats why they want OP to add more because he keep saying he want to refinance.

[Redwagon]

Originally posted by 06civic



I believe OP is talking about early renewal. Refinance means adding more to your MTG. Maybe thats why they want OP to add more because he keep saying he want to refinance.

Wrong. Refinance is getting a new loan with different loan terms, either a different interest rate or a different maturity rate.

http://www.investorwords.com/4115/refinancing.html