u/flyinghippos101

Mortgage Payments quoted higher by a lender than online mortgage calculators - what gives?

I'm in the process of a renewal with a 470k mortgage and was quoted an accelerated bi-weekly payment $50 more than what we calculated on the FCAC's website and another bank's mortgage calculator. Is our lender trying to pull a fast one, or is there another reason for this?

Edit: Should add that the mortgage calculators I use are based on the exact same payment scenario, same mortgage and same rate, etc

reddit.com
u/flyinghippos101 — 4 days ago

Mortgage Payments quoted higher by a lender than online mortgage calculators - what gives?

I'm in the process of a renewal with a 470k mortgage and was quoted an accelerated bi-weekly payment $50 more than what we calculated on the FCAC's website and another bank's mortgage calculator. Is our lender trying to pull a fast one, or is there another reason for this?

Edit: Should add that the mortgage calculators I use are based on the exact same payment scenario, same mortgage and same rate, etc

reddit.com
u/flyinghippos101 — 4 days ago