Community Trust Reviews 

Extremely disappointing and frustrating experience with Community Trust

I am extremely disappointed with my overall experience with Community Trust. I am currently in the process of switching my mortgage to another bank, and the fees and costs involved have been extremely frustrating.

During my time with Community Trust, I feel that I paid a higher interest rate than I would have preferred, and I also put approximately $170,000 toward my mortgage/property before starting the mortgage. After making such a significant financial commitment, I expected much more transparency and a better overall experience.

Now, while trying to switch my mortgage to another bank, I am being told about a $500 annual mortgage maintenance fee as well as mortgage discharge fees. These additional costs are extremely frustrating when you are simply trying to move your mortgage to another lender.

For a mortgage that involves such a large amount of money, I believe customers should be given very clear information about interest costs, annual maintenance fees, discharge fees, and all other charges before committing.

This experience has seriously damaged my confidence in Community Trust. I strongly recommend that anyone considering a mortgage with them read every single condition carefully and get every fee in writing before signing.

Very disappointing experience. After everything I have paid and the financial commitment I made, I expected much better transparency and customer service. I would personally think very carefully before choosing Community Trust again.

Unbelievably horrific experience as a mortgage agent and client. 43 days in and still asking questions about basic income that was submitted in the notes. The original underwriter Laura Morrissey has to be the laziest and most incompetent person. She made so many mistakes(including but not limited to instructing the file to the lawyers before it was approved) that I'm genuinely surprised she still has a job.
Her supervisor Christian showed absolutely no signs of authority or accountability for his inept team. He made nothing but excuses and disregarded our condition of finance timelines with arrogance.
The Ontario BDM John has zero conflict resolution skills, especially for the main point of contact for brokers. He made so many empty promises I lost count. I'm not sure how anyone gets any deals funded if they all have to go through him.

On top of this complete shit show of an experience, I now have to pay $150 to get the appraisal transmitted to the lender who actually approved us in 7 days.

I hope this saves someone else from a horrendous experience

IF THERE WAS THE OPTION TO LEAVE NO STARS I WOULD. THIS COMPANY IS TERRIBLE. ABSOLUTELY TERRIBLE. GO ANYWHERE ELSE! BORROW FROM ANY OTHER COMPANY BUT THIS ONE.

I would leave this company a -10 but unfortunately I couldn't. Trust me, don't ever use them for anything. They charge outrageous fees for everything. They will take legal action against you for nothing. When you call them it's like talking to robots. If anyone is thinking about using them for a mortgage...DON'T!!! You will regret it. Easily the worst mortgage company on the planet.

If I could give MINUS 10 stars, trust me, I would.

This company wasted my entire summer. I don’t even know where to begin. I went to a broker to find a lender to consolidate my debt and they brought me to community trust. This was back in June. Right off the bat, they asked for a crazy amount of documents, but I was fine with this as I keep records of EVERYTHING, so I had everything handy. But then they kept asking for more, and more, and more. Stupid things. The CRA print out of my notice of assessment wasn’t enough, they needed something with my name on it. Fine. We got that. Then the NOA wasn’t enough, they needed the T4s. Then the T1 generals. Then, on top of the letter of employment and pay stubs, they needed to see the money going into my accounts. Fine, I sent them six months of bank statements. That still wasn’t enough, they called my husband’s employer and my business partner and asked the most ridiculous questions - what time do they clock in/out? How many hours do they work? Etc etc (for context, my husband is super senior at his job and is on salary, while I own my own business and have investors). Then they wanted to see all my business documentation - my articles of incorporation, my business bank statements for 6 months, my shareholder agreement etc. then for their “interview” with me, they started asking ridiculous questions like, where are my products made? What is my factory’s NAME in china who makes them? Like, are you kidding me? No way do they need to know this information for a personal, home equity loan.

Moving on, I started to get really sketched out by this whole experience and one month ago expressed this to my broker - I had read the reviews online and saw that they’ve backed out of deals on closing day. I got very worried.

Fast forward a month. Everything is “approved” and we meet with the lawyers to sign everything. Then they mention, “oh yeah, they want to do another appraisal on your home” because apparently the $500 I paid for the first one wasn’t sufficient. They took 5 days to even book it, then another week to review it. During that time, they started harping on some old business visa that has been closed for a year with a $15 balance on it (apparently). Went back and forth for days showing them it’s a closed account and it was an error on my credit report.

Finally comes the day - today - where they (as I feared) back out of the original deal and offered us 30% less. We knew they’d do this all along and should have listened to the other reviews and truthfully, our gut. A complete JOKE of an organization- the absolute most atrocious company I have ever had to deal with. Thanks for wasting my entire summer stressing over this. But trust me, if I can do a service to anyone it’s to share this in as many platforms as possible to keep this from happening to anyone in the future. Please learn from my mistakes and just don’t deal with them.