Canada Wide Financial - Shady Mortgage Practices

Posted on Thursday, January 30th, 2014 at 6:38am CST by w p.

Product: Mortgage

Company: Canada Wide Financial

Location: TORONTO, ON, CA

URL: http://www.canadawf.com

Category: Business, Finances

Stay away from these guys. They are a bunch of liars and cheats

DO NOT..I REPEAT DO NOT LET ANYONE OTHER THEN A RECOGNIZED BANK ARRANGE YOUR APPRAISAL

IF YOU HAVE TO GO TO ANYONE OTHER THEN A PRIME LENDER MAKE SURE YOU GET A LIST OF APPROVED APPRAISERS AND MAKE ALL ARRANGEMENTS YOURSELF TELLING THE APPRAISER YOU ARE GOING TO SHOP AROUND BASED ON YOUR APPRAISAL

My story goes like this.

My existing mortgage broker had approved me for a 2nd mortgage at a rate I was quite comfortable with, however I wanted to find a line of credit secured with the equity in my home solely to remove the only entry on my credit rating. I called Canada Wide Financial (aka Mortgage Central http://canadawf.com) and spoke with a broker named Ron Goodfellow. I gave him the authority to do a credit check. He called back and said my credit was good but agreed that the entry on my rating would force me to use a subprime lender but assured me that he could arrange a line of credit in as little as 3-5 days. He then put me in touch with an appraiser for my home. I told the appraiser, when I was ready to have it done I would contact them. I wanted to wait because the responses I was getting from Ron Goodfellow didn?t seem to be totally forthcoming. The next time I spoke to Ron at Canada Wide Financial (aka Mortgage Central http://canadawf.com) about 3 days later he told me he had a rep from the financial institution in his office at that very moment closing the deal on a line of credit and the only thing needed to seal the deal was my home appraisal coming in at the amount needed. So I called the appraiser and gave them the go ahead to come and appraise my home. When asked who to send the appraisal to I said Ron @ Canada Wide Financial (aka Mortgage Central http://canadawf.com). The cost of the appraisal was incurred by me 100%. Now the only reason I went ahead with the appraisal is because I was told by Ron Goodfellow at Canada Wide Financial (aka Mortgage Central http://canadawf.com) that this appraisal was the only thing holding up the signing of docs with this financial institution. I called Ron the next day and told him to expect the appraisal in the next few days. For 3 weeks after that I kept calling wondering what was going on. After all he already told me the line of credit was approved as long as the appraisal came in at the needed amount which it did. I got the same crap every time I called him. We are working on it...there are paper work issues..1 story after the other. 4 weeks after the initial contact with these guys I get an email from someone else in the office by the name of Morgan Clark with a pdf attachment. This PDF was an offer from Canada Wide Financial (aka Mortgage Central http://canadawf.com) for a 2nd mortgage. Why would they be sending me an offer for a second mortgage, when I was looking for a line of credit? Even though I told him within the 1st 2 minutes of our initial discussion on the 12th of April that I had an offer from my existing mortgage broker for a second mortgage. Now get this. The offer included 7K in fees plus $500 fee for any NSF(does this almost sound illegal to you?) and was at 25% interest!!! Imagine these losers actually thought that I would consider this when I was being told all along a Home Equity Credit Line @ 9% interest max had already been approved. I basically laughed at them a said forget It. Now here is the kicker. THEY WONT GIVE ME THE APPRAISAL I PAID FOR AND ARRANGED!!! Even though they got the appraisal under false pretenses they refuse. So now if I want to move ahead with my existing mortgage brokers offer I will have to shell out $400 for a second appraisal.


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