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Wajahat Khan, Apr 20, 2011
Mortgage contract break
Worse experience of my life is to get home mortgage from scotiabank, eventhough i have several other accounts with this which moved already to different institution due to hard time they gave me while I tried to break mortgage contract 6 months ahead of time. I wanted to pay lump sump down payment of 47000$ towards in order to bring down penalty. When I talked to one officer he said you can only pay 22000$ because you put 25000$ on 31 Dec 2010 and you anniversary date 29 Dec 2010 while as the other officer said you can pay only 38834$. They both have same access to client database and transactions but both came with different figures first they asked me why you want to break mortgage we can negociate the conditions (which was not even close to the other bank's offer).So I stuck with 2 days anniversary date. None of the other bank does that they have yearly end dates like 1 January - 31 Dec. If you paid lump sump amount on 31 Dec 2010 it will count in 2010 not in 2011.Becareful with SB.
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