I read this article today. Yet another story on a potential pitful of these charges. I myself have had a couple clients fall in to this exact story. In what brokers hope is a precedent, media pressure appears to have saved a borrower from the hefty discharge costs associated with a collateral mortgage. “We asked […]
Why It's Important to Talk to A Mortgage Broker
Collateral Charge Mortgages and Visa’s
Some may think that a mortgage and a Visa would not be directly related. One being ‘good debt’ and the other being ‘bad debt’. However, in the banks world they mean the same thing and can come back to harm you in a great way. A collateral charge mortgage have a couple reasons why they’re […]
Collateral Charge Mortgages
CBC did a follow up to it’s report a little while back I had blogged about. Now I’m not saying collateral charge mortgages are the worst product out there, I’m saying that they are not for everyone and if you had a choice to not have one, then don’t as it can restrict what you […]
First Time Home Buyers Tax Credit
Introduced as part of ‘Canada’s Economic Action Plan’ to assist Canadians in purchasing their first home. It is designed to help recover closing costs such as legal expenses, inspections, and land transfer taxes so you can save more money for a down payment. The Home Buyer’s Tax Credit, at current taxation rates works out to […]
How Brokers Operate: Some Stats
This is a pretty interesting article with some interesting stats. Thankfully I’m on the good side of this and live and breath mortgages daily and have for 10 years! The vast majority of mortgage brokers recommend suitable mortgages, according to a new report from the Mortgage Broker Regulators’ Council of Canada (MBRCC). That’s vital because, […]