Last week Marketplace on CBC ran an episode called “Busting the Banks” where they investigated disclosure of collateral charge mortgages to consumers. This is a hot topic and I have written an article previous to this about the differences between a standard charge (also referred to as conventional) mortgage and collateral mortgages. There are different pros and cons to each mortgage but with the most recent federal government regulations, the collateral may have a bigger downside than opting for a regular standard charge mortgage. I hear this a lot from consumers who are not aware or have not been throughly advised of the ramifications of choosing a collateral charge mortgage. I have an issue with this and Marketplace makes a clear example of what I have been hearing from clients. Again, it may be the right mortgage for you but it’s incredibly important to have all the facts about the single largest debt that you have before you commit. As per my previous post, both TDCT and ING only have collateral mortgages. To view the episode pertaining to this please click here
Kim Gibbons, ” Your Mortgage Superhero ®”
Mortgage Broker
FSCO lic. M08001363
416-400-8107
kim@mortgagesuperhero.com
www.mortgagesuperhero.com
