RMG Fixed Mortgage Consumer Reviews

We've had nothing but issues. We were initially placed with RMG through a mortgage broker (seems to brokers go to). Their interest rates are always higher. They do not have any portability in their mortgages you pay high penalties even if you stay with them. You are made to jump thru hoop after hoop even after they give you approval, they tried to change our penalty last year when we moved from the agreed upon amount to one $4000 higher at close......talk about stress. We left them this year good riddance to them, our new mortgage company wasn't given the penalties and paid the amount they were told was due on payout, 2 days later I go into seeing if it was all paid, it was not the penalty RMG charged was still owing because it was not given to our bank (I doubled checked the paperwork). I called RMG to discuss this matter I was told we were in arrears and put thru to the collection department (nice) who informed me it must be paid that day (today) I had to transfer them the monies owing immediately to avoid further penalty. They don't care about their customers, they don't care about anything except how much money they can make. No personal service, customer service is awful and beware of paying your taxes with them, the first year was fine the second year they wanted to raise the monthly tax portion to over $400 per month our taxes are under $1500 per year. I do NOT recommend RMG their practices are questionable as is the way they treat customers!

If I could give zero stars, I would. Their customer service is terrible and their practices are sneaky. Not only do they give the runaround trying to set up a mortgage and constantly changing what they require, they sneak in practices that benefit them financially. They used our down payment as a bridge loan (fine), but then two days before closing they tell us they need that mortgage registered against the property. This means we have to pay the discharge fee of $380 twice (once on the current mortgage and the second to discharge the bridge loan). Our lawyer was the one who told us this. Now it's closing day and they are still giving our lawyer the runaround on outstanding items they say are due to the broker (confirmed nothing is outstanding with the broker). I would never recommend doing business with this lender.

Be aware of RMG Mortgages and their poor customer service! We recently sold our house and wanted to PAY OFF OUR MORTGAGE with RMG. We asked for 2 days of bridge financing so that our move to a town an hour away would be a smoother transition for us. Not only did we have to pay 3% to break the mortgage ($2865.00), but RMG refused to bridge finance for us unless we took out a new $50,000 mortgage that we did not need! The Account Manager was so inflexible with our needs. The only solution he offered was for us to renegotiate our closing dates so that all transactions lined up on the SAME DAY! With all of the other fees, including $380 for discharging the mortgage, we are paying $3368.00 to pay off this mortgage. They are great at taking your money but gouge customers when you close out accounts. When I first spoke with the manager and told him that we were paying off the mortgage, he said “Good for you, bad for us!” If I knew this was the attitude, I would have shopped for a mortgage somewhere else!

They charge a 3% fee for breaking your mortgage before renewal even if it’s one day. In this case, we got hit with an unexpected $7000 fee. My Lawyer was even shocked and never seen this before. The broker never disclosed this and also came to me last minute with my approval before closing which took him over a month to do, I highly don’t recommend this bank and I think they’re a bunch of thieves. On their website, there is a fee page it doesn’t even disclose the 3%.