We recived our loan papers and guess what .... the interest rate was 5.24% and not 5.04% as we had discussed with our broker. At the time of applying for the loan we were aware that CBCHS was changing the loan discount from 0.7% to 0.5% from 20th March. However, we had submitted all our papers and land contract before that date and had been advised by the broker that our rate will be 5.04%. This is in the broker agreement we signed.
When we asked our broker about this today he said that this discount will show up on the account once the loan has been established ... (I dont think so... should show up on the papers cos thats what we sign on). Because of the tight timeline we said that we will sign the papers but asked him to send us an email.
He wrote " I will request the bank to change the discount to 0.7%. This should be done before settlement".
Am not too happy with the response. Am i being too fussy ?? Should this be acceptable and will we be able to contest this later on if the need arises ??
Any opnions welcome.
Shud we sign the documents as we dont have much time before settlement ?