Mortgage renewal?? - Page 2
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Thread: Mortgage renewal??

  1. #11
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    I tried to explain a little better in my first post


  2. #12
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    Yes, but the explaination is missing a lot of important details and only gives your side of the story which you admit you don't understand. Understanding comes from knowledge.

    I've tried to tell you how to get the answers you want and why we can't give you the answers you're looking for...yet you don't seem to understand that.

    Find your documents or talk to the bank it's the only way you can get a definitive answer, anything else here would just be a best guess.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

  3. #13
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    Quote Originally Posted by Bender View Post
    My mortgage came up for renewal here on the 5th of Jan 17 my payment came out on the 6th Jan. Now up to the 5th I was locked in at 3% but my payment came out at 7%. That's 200$ more by weekly that being said how can they charge interest on the days I was locked in as apposed to just the one day at 7%.? In other words I just paid 7% intrest for 14 day for wich 12 of those days were locked in at 3%
    The new rate should apply on the 5th and up. Now I'm no mathematician and there were no other charges. So my figures add up to me paying intrest as of December 22.

    All other matters are resolved.
    Its a strait forward mortgage 5 year fixed 3.690% 25 year with a payment of 500+- renewal date 5th payment MADE on the 6th payment = 640+- the ONLY thing I'm not understanding is that I did indeed pay intrest from the 22 of dec. I have all of my papers in front of me. I'm not on any one side. I m thankful for your help. Understanding the mortgage is not the problem understanding how and why an intrest rate can come into affect prior the renewal date has me stumped.
    Last edited by Bender; 2017-01-08 at 12:23 PM.

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  5. #14
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    A fixed intrest rate #1 = ??? A by weekly payment #2 = ???. a maturing date #3 =jan5th. Does the fixed rate apply up to but not exceeding Jan 5th. That's the question.
    Last edited by Bender; 2017-01-08 at 12:47 PM.

  6. #15
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    Quote Originally Posted by Just a Guy View Post
    It would be best to actually read the terms of your mortgage instead of asking an anonymous message board to try and figure out what's going on.
    That's why I stayed out of this one when I first saw Bender's initial post, with no replies yet. Now there's a multitude of replies, but not a whole lot of light shed on the matter.

    We still do not know what type of a lender we are talking about, we have not seen the mortgage terms and, in truth, we are working in a vacuum.

    Bender, why not start first by asking the mortgagee how it has come up with the numbers it has? I suspect that JAG is right, that there would have been some advance notice in writing about the mortgage coming up for renewal, what options would be available and what would happen if you did nothing.

    Not trying to give you a hard time here, but I think your queries could be better directed elsewhere at present. Depending on the response you get, you might come back here for some thoughts on the response and the way forward.

  7. #16
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    Quote Originally Posted by Bender View Post
    Its a strait forward mortgage 5 year fixed 3.690% 25 year with a payment of 500+- renewal date 5th payment MADE on the 6th payment = 640+- the ONLY thing I'm not understanding is that I did indeed pay intrest from the 22 of dec. I have all of my papers in front of me. I'm not on any one side. I m thankful for your help. Understanding the mortgage is not the problem understanding how and why an intrest rate can come into affect prior the renewal date has me stumped.
    What is your payment schedule on the mortgage?
    Also, it seems to me your mortgage renewed on the 5th and because you didn't tell the bank what you wanted it auto renewed into a 6.9% open mortgage and the payment that came out would have reflected the payment for that.

    Like it has been posted previously, go to your lender and ask. And next time you receive documents regarding mortgage renewal - pay attention!

  8. #17
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    There also may have been fees and penalties that increased your costs but not your actual interest rate. For example you may have had a $X00 fee for registering the new open mortgage, or to discharge the old one, or as a fee for not having renewed on time...making your first payment seem like 7% when, in reality, it's not.

    Not to say banks don't make mistakes, they do, but we on this board have no idea. Each transaction has a myriad of possible explainations, I just don't understand your reluctance to actually ask your lender and ind out from someone who could really answer.
    I'm not JustAGuy (without spaces), or Donald, or <insert name here>.

  9. #18
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    In the past I have found that I have overlooked many details. Never been one to dispute a fault due to having faith that they know what there doing. This time it just does not work out its not a odd amount it equals the amount to the cent at 7% exactly.

  10. #19
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    I'm not reluctant to. My appointment with them Is on Monday. I just need to know that I'm on the right track.
    Last edited by Bender; 2017-01-08 at 01:52 PM.

  11. #20
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    Thank you Mukhang I have read the terms. I have posted a new thread on a more to the point question. I try always to trust my gut. When something is troubleing me I tend to follow up and most of the time I'm not wrong being my fault or someone else's I find the fault. With that I learn.

    Last edited by Bender; 2017-01-08 at 02:09 PM.

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