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Reviews Mortgage Broker RMG Mortgages

RMG Mortgages Reviews (19)

One of the worst banks I've ever dealt with. As stated below, RMG actually increased their rates as *** lowered them during COVID - my renewal offer started at 2.49% and two weeks later my offer went UP to 2.79% - most banks guarantee a rate offer for 120 days. Other banks are offering 1.99% on a five year fixed. They do not offer an option for open mortgages - I needed an extra two weeks to finalize a renewal with another bank and RMG forced me into a 5-year mortgage so that I would have to pay the penalty to switch in two weeks. There is a fee for everything - $25 for emailing a letter (template) stating you are not participating in mortgage deferrals, missed payments are $150 extra, etc. Calling in to speak to someone is minimum 2 hour wait and they refuse to help with anything anyway.

Want to tell about my experience with RMG Mortgages ***
They have ridiculous penalty on breaking mortgage.
On their official website all you can see is 3% penalty on fixed mortgage, and you don't know what it is, and IRD (interest rate differential) on flexible mortgage.

What is that 3% and how they calculate it?

3% is the charge on ALL your PRINCIPAL balance on the day you breaking your mortgage.

For example, I sold my house 2,5 months before the end of the contract and my principal balance on the house at that time was $192,441 and 76 cent.
They charged me 3% interest on whole principal amount, and I paid $5,782.25 penalty, plus accrued interest, plus all the other charges and fee. All together over $6,400.

I called a customer service. They said no matter when you breaking your mortgage, in the middle of term or one day before maturity, they charge you 3%. on all your principal balance. At the end They suggested me to get a lawyer and hang up on me.

RMG did not lower interest rates following bank of Canada overnight rate reduction during covid-19 pandemic.***. Customer service response time is 2+ weeks.

+1

I think that RMG should be lower their interest rates, just like the banks have. When I phoned them, I got the response that they don't have to follow the bank, and they can do what they want. I believe if they want to keep customers, they should be following what other financial institutions are doing,.
Karla S

They have not reduced variable rate and are not even replying to customers concerns .

the rates are only comparable and NOT exceptional. but the customer service is atrocious! my guess is that they have one staff member serving all their clients. expect very slow email response with little resolution. problems with their website and no phone response. you will wait for over half an hour to speak with someone if they even answer. ive waited 1/2 hour on a number of occasions only to hang up since I wasn't getting a live person.

We had a closing date of June 1, RMG requested documents that we had already provided in March The closing date passed and our original lender( [redacted] ) informed us they would be changing us to an open mortgage at a much higher interest rate since they had not received closing instructions or a payout from RMG Because of the delay from RMG we ended up paying an extra $in interest to [redacted] RMG finally payed out [redacted] June 26, Then we received a series of phone calls from different departments within RMG telling us various dates that our MTG payment was due and extra costs associated with having our payments come out on the first of every month, even though that was our original requestI am assuming that it was different departments because when I would refer to the previous call the person said they had no knowledge of the call We have been homeowners since and have never run across such unprofessional conduct from a lender Very dissatisfied

company with very poor customer service and high rates on renewal.
This is my story: Five year mortgage with RMG was coming to end of term (in 5 weeks) and I had not received any renewal notices. I called them and they said it doesn't come till closer to the date which should have been the first sign that something was ***. Could have shopped around for other mortgages at this point but customer service said they are generally flexible to match rates for competitors.
With 21 days to my mortgage renewal date I finally received notice and it was printed 29 days prior to my date. The rate was horrible = 0.85 % over the most of the best posted rates. I was force to go to *** and negotiated 0.95 % less. RMG posts a similar low online rate through lenders but brokers can not deal with renewal. You have to deal with RMG directly and they just refused to match and would not lower their rates even when I escalated to senior advisor. In the end, I went with *** and it cost me about $700 in outside fees. This extra spend was not necessary if RMG was just reasonable.

+1

. These people put me through the wringer when qualifying me for a mortgage (I'm self employed) finally after weeks and all their probing we agreed on terms. RMG mortgages then decided to wait until the day before we were to take the keys to our new house to pull financing out from under us leaving us scrambling.

You don't want to lend someone money fine! but don't string them along when they could be looking for other options. Atrocious!

+1

They the worst lender, I been with them for five years. I decided to leave them. They will do anything to make your life harder. *** don't want go into details of what they did.

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. Buy out clause is brutal - 3% of balance not 3 months interest like most banks. They are totally inflexible and won't even let you pay 20% down to reduce the early buy out penalty unless the payment s make with a monthly payment (did not realize this clause until it was too late to the close date). They are the pawn shop of mortgages.

+1

Started early (months in advance) making sure we had all available information they requested for our refi. We were with RMG 5years previous and thought it would be the same but no....

My wife has been divorced for 19years and they wanted her separation agreement. This was asked of her 1 week prior to closing plus they also kept asking for other info in the same week leading up to closing day. We jumped through all the hoops and then, the day before closing at the very last part of the day when they close for the day we received an email stating that they had not received a lot of the requested info. So on the actual closing day when we went in to sign with the lawyer they had sent their papers with the wrong rate as well. A much higher rate then we had agreed to.

And to top it off, they charged us a much higher payment for one month even though it was their fault for making the closing date late. Now(as of July 4th) we were supposed to close today (July 5th) they sent out another message last night stating they never received my wife's separation agreement which I know is false because I was at our mortgage brokers office and watched it get sent. Plus they didn't like one of my pieces of identity which is unbelievable since it was the same 3 pieces sent 5 years ago when we first signed with them.

To say we are extremely unhappy with RMG is an understatement. I am seriously considering legal action after some lengthy discussions with our attorney that deals with this sort of thing.

+1

run around everything you do service terrible and hidden charges and overcharge

RMG Mortgages Response • Jul 10, 2019

We are sorry to hear about your experience. A manager would like to reach out to you to discuss if possible.

+1

Almost 3 months to maturity of my Mortgage with RMG mortgage. They are charging us a penalty of more then what we owe to maturity. Aprox 6200 plus their fee 380 for early discharge, etc. I would not recommend this company for a mortgage. Further, I am with its mother company on my new mortgage and they still won't budge with the penalty fee.

Just talked to one of the lady named Teresa from the RMG Mortgages collection department and she was ***. They charged me twice for the home insurance and not willing to refund for the one.

+1

Went through a broker (*** mortgage) for this lender for closing on a new construction homeLender provided my lawyers office with all closing documents days before closing, my partner and I did all the signing and provided all info as requestedThe day before closing (Friday) RMG requested a lot more information which could not be provided by the closing date MONDAYConclusion builder give us a rough time closing as RMG wanted an additional weeks LAST MINUTEMy partner and I decided to check with ** Bank on a Saturday- we completed a mortgage application and had the mortgage days after closing and waived the appraisal fee! Great service from **
Yes we had to pay additional closing funds per day which sucks-** even matched the same low interest rate with the pre-payment options etcthat RMG offered usOn top of that we had to fork out an additional over $for RMG appraisal
RMG I WOULD NOT RECOMMEND YOU AT ALL TO ANYONE!

+1

I have had my mortgage with RMG for years. Whenever I called in to ask a question or to make a lump sum payment, my call was answered within minutes. I found them very knowledgable and very helpful with any assistance I needed.

RMG Mortgages Response • Apr 18, 2018

Thank you Joy, we appreciate your feedback.

We had a closing date of June 1, 2015. RMG requested documents that we had already provided in March 2015. The closing date passed and our original lender([redacted]) informed us they would be changing us to an open mortgage at a much higher interest rate since they had not received closing instructions or a payout from RMG. Because of the delay from RMG we ended up paying an extra $380.00 in interest to [redacted]. RMG finally payed out [redacted] June 26, 2015. Then we received a series of phone calls from different departments within RMG telling us various dates that our MTG payment was due and extra costs associated with having our payments come out on the first of every month, even though that was our original request. I am assuming that it was different departments because when I would refer to the previous call the person said they had no knowledge of the call. We have been homeowners since 1987 and have never run across such unprofessional conduct from a lender. Very dissatisfied

No issues until it came time to pay out the mortgage. Moved from RMG to another bank due to re-finance and a lower rate. Request to pay out RMG 3 WEEKS before maturity was met with a demand for a 3 MONTH interest penalty. My broker and lawyer both said they had never heard of such a demand (usually lenders allow payout without penalty in the last month of the term). I waited the extra 3 weeks rather than giving them the satisfaction, but it goes to show you how little they care about their customers and how inflexible they are.

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Address: 400 - 200 King St W, Toronto, Ontario, Canada, M5H 3T4

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+1 (866) 371-0132

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