Scotiabank Renewal Issue - Wondering How This Works

[Millions]

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?

 

[Thomas Beyer]

It’ll be adjusted in early August as bank didn’t know July 1 what you will do.


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[Millions]

Okay, sounds good. That's what I figured but the girl I'm dealing with at Scotia doesn't say that. She seems to think I just have to pay that because of what it was on July 2nd. Then again, wouldn't be the first a Scotia rep knew less than you guys

 

[Thomas Beyer]

Okay, sounds good. That's what I figured but the girl I'm dealing with at Scotia doesn't say that. She seems to think I just have to pay that because of what it was on July 2nd. Then again, wouldn't be the first a Scotia rep knew less than you guys

Yes you may have to follow up in August and chase this through ..


Thomas Beyer, Asset Manager, Investor, Community Improver, Author, Father, Mentor www.prestprop.com