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#amortization

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An #Ottawa couple is sharing their #BuyerBeware story & importance of reading the fine print in contracts, following a shocking #PriceHike & #InterestRate adjustment for their home furnace financing.

In 2018, Sonya Rawlings and her husband, James, replaced their furnace, hot water tank & air conditioner, spending $17,000, financed through a company called #ProvincialHomeAssistance.

The trouble began in June 2024, when the #loan was renewed by a third company, #Financeit.

"Our interest rate jumped from 2.99% to 14.99% & our payment went from $60 a month to $136 a month," says Rawlings. "It's a shock. It's kind of like robbery. It's more than double the amount we were paying before."

Closer examination of the #financing details revealed the loan's original 10-year #amortization had been extended to 20 years by the second lender.

ottawa.ctvnews.ca/ottawa-coupl

Ottawa · Ottawa couple's loan payments more than double after new company takes over financingAn Ottawa couple is sharing their buyer beware story and the importance of reading the fine print in contracts, following a shocking price hike and interest rate adjustment for their home furnace financing.