I have a lovely mortgage with a bank.
I sold my home.
I bought a new one.
I'm sticking with the same bank, and transferring my unpaid mortgage over to my new mortgage.
La-la-la, I go on with my life, thinking "good rate at nice bank. Me happy."
But!
Oh, my dear, but!
The nasty buggers are charging me $600 as a penalty--for transferring my mortgage! From the same bank! How hard is it to type in "put old mortgage into new mortgage?" Surely not $600 worth of anyone's time.
So this finger's for you, bloody bankers!
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Hey Teenie--heck, you should be thankful that you can even transfer the mortgage at all. In the U.S., that option doesn't exist to the best of my knowledge (though I've always thought it should). The closest thing, back in the early '90s, was an "assumable" mortgage, which meant that the person buying your house could assume *your* mortgage if it was at a good rate. But as the seller, you were back to square one.
ReplyDeleteWhat province are you in? We're in New Brunswick for a year-long stint, a bunch of Arizona desert rats having a grand old time in the Maritimes! Next week, headed to Quebec City for the Victoria Day weekend...
Apparently moving is an open invitation for everyone to pick your pocket. I've got fees I'd never have imagined digging into the small profit I made on the sale. Yeesh!
ReplyDeleteI'm in the province next door--good ol' QC. Never been to New Brunswick, but I hear the beaches are lovely. And you're going to fall in love with Quebec City--it's breathtaking. I never get bored of visiting.
And welcome to Canuckistan!