The increasingly hot topic of collateral mortgages continues to make headlines and with more lenders forgoing a standard charge mortgage (also known as a conventional charge mortgage) for the collateral charge – we thought it was time to give an update and a refresher.
The bank to lead the way on making all mortgages collateral was TDCT. Since then, other banks have changed their policy to only have collateral mortgages. These include:
- National Bank of Canada
- Tangerine
- Scotia branches (the Mortgage Broker channel still offers both a standard mortgage as well as a collateral mortgage)
It is important to note that Credit Unions also only provide collateral mortgages and have done so for quite some time.
Want to know the differences and how this may affect you? I wrote an article awhile back and although the amount of lenders have increased the pros and cons remain the same. Please click here to read the article…
Feel free to drop us a line or call our office should you require our help. We provide full disclosure and ensure that you understand your mortgage options and provide you with choice and advice to help you make the right decision for you.
Kim Gibbons, Your “Mortgage Superhero ®”
Mortgage Broker
FSCO lic. M08001363
416-400-8107
www.mortgagesuperhero.com
