Re-Finance with Home Trust - Any Feedback?

[Nir]

Hi All,



My friend has a unique financing situation and was only approved by Home Trust.

Their interest is higher but this was expected. The other thing he noticed is they charge more for different items - for example around $500 on renewal (most banks do not charge for that after being approved first time).



I wanted to ask if any investor or mortgage broker here has any feedback on working with Home Trust?

I heard they are actually a reputable company/bank. Any specific things to watch for in the mortgage commitment or tips regarding working with Home Trust and the conditions my friend can expect?



THANKS & REGARDS.

 

[dplummer]

We had a mortgage at one time with Home Trust & found them great to deal with. When the mortgage renewal came due we told them we could get a better deal from TD. They matched it. When we sold the property they told us if we purchased another property within a year they would refund the penalty for paying out early.

Doug

 

[kanabel]

TD is currently reimbursing penalties as well, if within 1 year.



Dejan

 

[Nir]

Thanks for the feedback!



However, if I recall correctly, just as an example the commitment he got says you simply can not transfer mortgage early - no option to even pay penalty! In other words you must stay with them until the end of the 3 years term (only exception is if you sell). Things like that I just haven't seen before(?)



Again, he was not easy to approve. I guess that's why Home Trust used their "worst" mortgage commitment" version for this client.



Regards,

N.

 

[Scott Lyall]

Hi,



I too had a mortgage once with Home Trust.



I found them great to deal with . I know I paid a little more in interest and certain fees but definately was worth while .



Scott

 

[Selanders]

Home Trust is a great lender for many of your owner occupied and rental property financing options.

If your friend has a "unique" financing situation and is subjected to a higher interest rate etc, then he is most likely on the "B side" of Home Trust's product line. Alternative financing options if you will.

Shawn.

 

[Vishal]

I had a client who had a mortgage with Home Trust, couple things to note:

- When they renew their mortgage and if you are on a three or five year term, they will only allow you to break the mortgage after a given time period so be sure to ask them about this

- watch out for fees that they just add so ask them to notify you on any charges they add to your principle



Other then that, I've heard no other complaints about them.



Thanks!