Quote:
Originally Posted by blkgsr
ya they'll just transfer it into an open mortgage (no term) at a much higher percentage (probably like 3.5+%) till you sell/CLOSE on the condo
not a big deal (and probably not a lot of money difference over the short term)
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Always double check and read the fine print, Scotia will lock you in or at least try to. I had my closed variable come due with them, I was trying to get them to match RBC's rate at the time on a 5 year fixed, I had some meetings long story short due date came and they rolled it over and locked me in for 5 years at posted rate, I was under the assumption they would move me into an open variable. After the fact I read the contract and sure as shit it was in little print on the back. It took a lot of heated words but I eventually got them to reverse it then I pulled everything out of there, the Mortgage, RSPS, RESPS, cancelled all my credit cards and all my day to day banking I will never step foot in Scotiabank again and my wife and myself both banked there for 20 years.
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