Going To The Bank Was My Biggest Mistake

So, my mortgage was up for renewal and I knew I wanted to open a new account at one of our big five banks (for various reasons including that my RRSP loan was there, I wanted to have everything under one umbrella). I’m a completely new customer to this bank except for the one RRSP loan and thought it would be a great process to go through the mortgage process from a customer’s point of view.

What a mistake.


I’m not trumping going through a mortgage broker because believe me, I understand there are times where going to the bank may make the most sense. If my experience is anything like what other people are going through, though, then I have no idea how people actually do this without pulling their hair out.

It has been eight business days counting today that my approval hasn’t materialized. Eight. Business. Days. For those in the know, waiting 8 days for an approval is like waiting 22 weeks for Canadian Tire to put your winter tires. Ok maybe I’m exaggerating but just a little bit - not more than that.

Where does this delay come from? Here’s where it gets sort of embarrassing: Since I applied for an RRSP loan 3 years ago, this certain bank “pre-fills” my application without going over the details, submits 3-year old information and is asked by credit about properties that came off the books since then. Instead of the underwriter reviewing my application thoroughly and making sure what’s on there is accurate, they use an old application with old information and “fine-tune” this.

At this point I’ve told my existing lender I’ll continue working with them because this bank has left me high-and-dry but I wonder: if it’s this bad for me (someone who knows…

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