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 […]
Not Always About Interest Rates
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 […]
Another not always about rate post.
An email I received this morning from a lender sparked this one. They’re calling this a ‘great promotion’. I choose to differ… 2.95% for a five year mortgage! Sounds good and will most likely get the phone ringing. However, I would run, fast, away from this extremely restrictive product. Here’s the fine print which pretty […]
More on penalty calculations at the big banks
Credit for this article goes to http://www.robertkleinmortgagegroup.com and when I read it I had to share as it’s in such detail and well written. I recently had a client pay a $13,000 break fee on a 2 year old mortgage from RBC. As you can imagine the client was not impressed. By factoring in an […]