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 […]
Not Always About Interest Rates
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 […]
Another news story on penalties at the bank
Yet again a big bank mortgage penalty has made the news. In this case the CBC news. The thing is, you’re seeing this in the news maybe once a month or two, which is often. I’m seeing it almost daily and that’s no lie. Just this week I started helping out a client, who not […]
CIBC Mortgage Penalty Law Suit a Go
CIBC’s law suit against them is a go and could pose to be a very historic time for the way banks calculate their penalties. We’ll just have to wait and see! And it doesn’t just stop in 2009…it’s still happening. A B.C. court says the mortgage penalty class action against CIBC can proceed. The court […]