Complaints

The complaint text that is displayed might not represent all complaints filed with BBB. Some consumers may elect to not publish the details of their complaints, some complaints may not meet BBB's standards for publication, or BBB may display a portion of complaints when a high volume is received for a particular business.

• Initial Complaint

  Date:29/05/2023

  Type:Customer Service Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  I had a mortgage renewal processed by mortgage broker ****** ******* of Estate Mortgages in September 2022. I made it clear to her I wanted a variable rate mortgage with a fixed payment (i.e. the proportion of funds paid to principal and interest fluctuate with interest rates, but the overall payment stays the same). ****** and I had a phone conversation where we confirmed this, so there is no doubt she understood the mortgage product I was instructing her to broker on my behalf.
  
  In the weeks that followed my mortgage renewal, I received a notice from my lender that my total payment would be increasing following an announced change to interest rates. Understanding that my total payment should not increase, per my instructions to Janice, I followed up. It turns out that ****** had erred and renewed my mortgage as a variable rate where the total payment increases and decreases with changes in the interest rate. I had relied on her expertise and services as a mortgage broker to properly execute my request, but instead was left significantly worse off.
  
  Given the number of interest rate increases since September 2022, due to Janice's error, my mortgage payments are now approximately $200 more biweekly than I had budgeted and continue to cause me financial stress.
  
  While I initially believed I had no recourse, it recently occurred to me that while I did not pay for Janice's services, money was exchanged, as mortgage brokers receive a commission from lenders. I have therefore requested that Estate Mortgages use this compensation to help rectify Janice's error. In particular, I have asked them to cover the penalty fees (approx. $6,000) from breaking the mortgage they brokered so that I can secure a new mortgage that I can afford.
  
  It has been over a week since my last message to them, and in their most recent reply, they deny having made any error. I am therefore filing this complaint in an effort to have this resolved.

  Customer Answer

  Date: 30/05/2023

  Hi-- Are you asking for a copy of an agreement or contract between myself and Estate Mortgages for mortgage brokerage services, or a copy of the mortgage commitment that was presented to me by Estate Mortgages between myself and the lender they selected?

  Customer Answer

  Date: 31/05/2023

  Hi, I was able to find the documents you're looking for in the package of mortgage documentation we signed at the time of the mortgage renewal closing.

  Please let me know if any further information is required to move ahead with my complaint.

  Thanks!

  ****

• Initial Complaint

  Date:18/08/2022

  Type:Service or Repair Issues
  Status:

  UnansweredMore info

  Complaint statuses

  Resolved:

  The complainant verified the issue was resolved to their satisfaction.

  Unresolved:

  The business responded to the dispute but failed to make a good faith effort to resolve it.

  Answered:

  The business addressed the issues within the complaint, but the consumer either a) did not accept the response, OR b) did not notify BBB as to their satisfaction.

  Unanswered:

  The business failed to respond to the dispute.

  Unpursuable:

  BBB is unable to locate the business.

  We met the broker, ***** ******, in ***** - an organization in Moncton that helps newcomers (my family relocated to Canada in Dec 2020). She was the guest for one of the English classes that my wife took. Our interaction started in Dec 2021. Right off the bat, she offered us almost 50k more than the rest of the brokers at that time with a lower interest rate, so naturally, we decided to stick with her offer and started looking at more expensive properties.
  Once we found the house that we loved, before even making an offer, we showed her a listing and she assured that both the lender and insurer approve it. So we started arranging an inspection, lawyer, insurance, and deposit. Days later all the conditions were removed except the financing. ***** rarely answered our calls and only vaguely answered some emails, usually telling that she was still waiting for a response from the insurer. At 4 pm on the very last day, she informed us that we'd need to double the downpayment (5% to 10%) otherwise the insurers won't let us have the money. She knew very well that we could not put more down, so she even suggested that we should ask someone to lend us the money. So this is how we lost that deal.
  My wife took it harder, she lost her sleep and had constant headaches for over a month because of all the stress. She felt bad to the point where we had to go to our family doctor, who prescribed a medication just to get her some sleep. Also, we're still waiting for an appointment with another specialist because she has some other symptoms.
  We talked with ******* manager, *** ********n, and he blamed the insurer. But since they won't let us speak with the insurers, it feels like they can say and do whatever they want and no one really can be held responsible. Although he agreed to cover the cost of an inspection ($460). Does this mean he recognizes that they are in a wrong?