From:	XXXX
Sent:	February-02-14 9:12 PM
To:	Consumer Code / Code consommateur
Subject:	XXXX Complaint

To Whom It May Concern,

I understand you are interested in hearing about banking complaints from Canadians.  I 
have a complaint with one of my banks and I would like for Ottawa to improve 
transparency for individuals getting a mortgage.

We had three meetings related to our mortgage.  

1.)We met with a XXXX mortgage broker where we agreed on a rate and 
time frame.  He roughly reviewed details about signing for the mortgage and with the 
notary.  6 months prior to acquision.
2.)We met with our bank branch about a month later where we wrote up the details of 
the mortgage, the details of the signing, and officially signed to take out a mortgage 
with them. 5 months prior to acquision.
3.)We signed with our notary and had to filfull every demand the bank required.  It was 
too late to turn around on this day without significant penalities. 1 day prior to 
acquision.

We were mislead about the expenses we would incur when we signed.

I would like to see a clearly written form that lists when you sign for a mortgage..every 
expense that the bank will require when signing for the home with the notary...which 
includes every tax, every fee and every insurance expense the bank requires.  This 
form should be expenses only and no legal terms and this is why:

When we went to notary we were informed, we knew there would be multiple taxes 
(city, school, and welcome).  We knew we had two insurance expenses (both personal 
and condo association insurances).  We knew we had notary fees which was several 
thousand dollars.  We did not have expectation of sales tax for the 7000 dollars they 
tacked on to the back of our mortgage to insure our possible default.  I understand the 
sales tax but this is sales tax on made up money.  It never occured to us and warning 
would have been appropriate.  This was 1050 dollars.  Additionally since our condo was 
new they required insurance in the event our contractor defaulted in some future 
project and someone laid claim to our condo.  This was 500 dollars and we had not 
been informed about it.  I have never met anyone else with this type of insurance even 
insurance brokers do now know what it is.  I do not understand why we would not have 
been informed about these expenses prior to both signings.  We could not refuse to pay 
for these either.  I believe this was purposeful misleading.  I made a complaint with 
XXXX and they claimed the person I saw behaved within their codes of 
behavior.  

I hope you can ask for this simple modication.  No legal terms on a excell spread sheet 
they sign and you sign agreeing to any expenses they require to issue the funds.  This 
spread sheet should match the sheet provided to the notary.  If there is a discrepancy 
and you owe them more your mortgage can be cancelled with no fees, the bank will pay 
fees related to any other parties cancelled contract fees since they committed the 
error.  I believe this is in the best interest of canadians.

Best Wishes,

 
XXXX