Hey everyone,
I had a Scotia mortgage that was up for renewal on June 30th. I had talked with a mortgage broker about going with another bank but due to time contraint, he recommends I go to an open term mortgage just for a few days while we worked out some paper work.
So, I went with a 7.5% open term with Scotia. However, I ended up decided to stay with Scotia and signed a 2.77% renewal.
So, basically, from June 30 - July 4, I was under 7.5%.
However, Scotia charged me the full monthly rate ($1400) on July 2nd.
My mortgage broker told me I should only be paying that added interest for the 5 days I had it, not for the full 30 days, since my 2.77 was locked in on July 4th.
What should I do?
Shouldn't I get a refund of a portion of that? or have it go towards the balance?
I had a Scotia mortgage that was up for renewal on June 30th. I had talked with a mortgage broker about going with another bank but due to time contraint, he recommends I go to an open term mortgage just for a few days while we worked out some paper work.
So, I went with a 7.5% open term with Scotia. However, I ended up decided to stay with Scotia and signed a 2.77% renewal.
So, basically, from June 30 - July 4, I was under 7.5%.
However, Scotia charged me the full monthly rate ($1400) on July 2nd.
My mortgage broker told me I should only be paying that added interest for the 5 days I had it, not for the full 30 days, since my 2.77 was locked in on July 4th.
What should I do?
Shouldn't I get a refund of a portion of that? or have it go towards the balance?