Posts from the ‘Borrower Beware’ Category
What Every Canadian Borrower Needs To Know About Fixed-Rate Mortgage Penalties
Last Updated on January 10th, 2021
This post explains how fixed-rate mortgage penalties are calculated – an often overlooked detail that can have a huge impact on your borrowing cost over time.
Fixed-rate Mortgage Penalties: Why They Matter Now More Than Ever
Last Updated on July 8th, 2020
Many people think that the differences in how lenders calculate fixed-rate mortgage penalties are a non-issue now that rates have fallen to ultra-low levels. Nothing could be further from the truth.
The Americanization of Canadian Credit
Last Updated on December 14th, 2018
Today’s post highlights two new clauses to watch for in the standard mortgage charge terms being used by at least one Big Five bank. It is also a reminder of just how costly blind loyalty can be.
Interest-rate Compounding: A Devil in the Detail
Last Updated on December 14th, 2018
If you have a variable-rate mortgage, your interest rate is not really your interest rate. To find out why I say this, check out today’s post.
How to Get the Lowest Interest Rate
Last Updated on December 12th, 2018
A newly released report by the Bank of Canada called “Discounting in Mortgage Markets” gives us some very useful insights into how much lenders are discounting their mortgage rates and for whom. Today’s post summarizes the report and offers my interpretation of the results.
What’s in the Fine Print Revisited…
Last Updated on December 14th, 2018
The rise of mortgage-rate comparison websites has made “No Frills” mortgages more popular, but buyers should beware of what they are trading off.
Fixed-rate Mortgage Penalties: Paging Mr. Flaherty
Last Updated on November 9th, 2017
Today’s post challenges Finance Minister Flaherty to keep the promise he made in his 2010 federal budget, and address the lack of lender disclosure around fixed-rate mortgage penalties.
Fixed-rate Collateral Mortgages: Good for Banks, Not for Customers
Last Updated on December 10th, 2018
TD Bank will now register its fixed-rate mortgages as collateral charges and will offer you the option of registering your mortgage at 125% of the current value of your home. Should you take this offer, or run?
Why I Won’t Sell Mortgage Insurance
Last Updated on November 10th, 2017
I haven’t sold mortgage life and disability insurance to a single client (ever). Today’s post explains why.
What’s in the Fine Print?
Last Updated on March 5th, 2019
The fine print in your mortgage contract can either cost or save you thousands of dollars. Today’s post outlines the terms in your contract to watch out for.
Renewers, Have You Passed the Bank’s Laziness Test?
Last Updated on November 12th, 2017
If you have ever renewed a mortgage then you have inadvertently taken the bank’s “laziness test”. Did you pass? To find out, check out today’s post.
