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Business Profile

Mortgage Broker

Canada Wide Financial

This business is NOT BBB Accredited.

Find BBB Accredited Businesses in Mortgage Broker.

Complaints

Customer Complaints Summary

  • 3 total complaints in the last 3 years.
  • 2 complaints closed in the last 12 months.

If you've experienced an issue

Submit a Complaint

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.

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Complaint status

Complaint type

  • Initial Complaint

    Date:02/01/2025

    Type:Order Issues
    Status:
    Unanswered
    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.
    In November 2022 *** ********** identifying as Mortgage Broker of Canada Wide Financial, ******** ******* *********** ******** ****** ***., brokered a 2nd mortgage of 120,000 with private lender on my BC home which included $20,000 fees.
    The lender was named as **** *** ******** ******* with the address ******** ****** *** ********* *******.
    We agreed to pay the private lender monthly interest only payments of $1099. *** ********** assured me, as long as all monthly interest payments were made as agreed, the mortgage was renewable. All interest payments were paid as agreed by post dated cheques sent in the names **** *** ******** ******* to the office of *** ********** at Canada Wide Financial.
    On November 19, 2023 I received a call from **** ********** of Canada Wide Financial who misrepresented himself as paralegal. His paralegal license had been revoked. He notified me that the lender was willing to renew the mortgage with a renewal fee of $7200. I told **** ********** I did not have $7200 but wanted to renew the mortgage as planned. **** told me he was willing to finance this renewal fee with 6 additional cheques of $1200 to his personal name.
    I wanted to contact the named lenders, the *******. I was told, “They are elderly and speak little English. They won’t talk to you.”
    I contacted the lawyer who wrote the mortgage; ******** * *******. He referred me back to the ***********. I was blocked from any communication with the *******. I received a demand letter from **** ********** on December 21, 2023 and foreclosure in April 2024. The foreclosure lawyer ***** ******** also blocked all access to the ******* continually referring me back to *** **********.
    I filed complaints with BC FSA and FSRA Ontario. Investigations have confirmed *** ********** acted against regulators in operating a business in BC. He defied the Mortgage Brokers Act by not disclosing his relationship with the lender. He did not have a right to charge fees for ******* activity.

  • Initial Complaint

    Date:04/03/2024

    Type:Billing Issues
    Status:
    Resolved
    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.
    My wife and I have had a loan through a company (******** ******* **********) for the past 2 years. Every month for the past 2 years, we have paid $757.79 bringing the total of all payments to $18,186.96. To date, none of that money has gone towards the principle as apparently the payment were only covering the interest on the loan…… how is this possible??
    The gentleman we have been dealing with is **** ********** whom I believe is a lawyer and the Lender is a gentleman named ******* **********. At the request of Mr. **********, they had us send out 12 monthly post dated checks for each year as well as paying approx $4000 in fees each year to process their agreement. We weren’t allowed to set it up for a multi year term and we had asked this question at the onset of the loan. They told us it could only be done annually. Now, since we have not received a balance statement and we have not sent more checks, they are telling us that we have to pay back the $65,000 in 1 payment plus and additional $500 in fees……. We are unable to do this….. we simply are not in a financial position to do this……. Do we have any other options available to help us get through this??? We didn’t think this was how this was supposed to work when we signed up for a debt relief loan through the website……
    If someone could please review this and give us a call with some possible options, it would be greatly appreciated.

    Customer Answer

    Date: 11/03/2024

    Please be advised that the company had reached out to us and the issue has been resolved. 


    Regards,

    ****** *****

Canada Wide Financial is NOT a BBB Accredited Business.

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