WHAT EVER HAPPENED TO ‘TRUTH IN LENDING?’
Truth in lending in the mortgage industry used to be based on straight forward terms
and conditions included in documents that one could easily understand.
We never hear of this term anymore and in fact a very opposite reality has become the
For this reason, getting a (bank) mortgage today has in effect, become a minefield of
potential hurt when one or two payments are missed.
The new bank mortgage product called Collateral Mortgages literally give the banks the
power to seize your house even when you may never miss a mortgage payment. Hard
to believe isn’t it?
As independent professional mortgage brokers, our job is to help you avoid this
minefield to the best of our ability, and to find you a mortgage solution which is fair and
equitable. In contrast with the banks, we go to great pains to inform and advise you as
much as possible to fully understand the mortgage documents you are signing.
In short we make every effort to protect your interests, and our service is free OAC.
Our last two articles in this paper cited many specifics about collateral mortgages of
which you need to be aware of.
Please take the time to review, discuss and share these articles with those you know.
Better yet go to our blog at: PriceTeamMortgages.ca and copy them for future reference
the next time your mortgage matures, or you are ready to buy your next home.
We are passionate about getting the truth out to the masses such that there becomes
are more general widespread awareness about the nature of Bank Collateral
Whenever we are asked what the differences are between us and the banks, we feel
like ‘A Kid In A Candy Store’ because we are excited to provide a host of powerful
reasons (and examples) why they can benefit by choosing us over the banks.
Think of us as your independent mortgage ‘Ombudsman’ here to protect and guide you.
Getting a mortgage through our friendly caring team is a whole different experience than
what you are accustomed to. We love our business and we take as much time as
necessary to make you feel appreciated and comfortable with your new mortgage.
For your next mortgage need, please give us a call.
WHAT EVER HAPPENED TO ‘TRUTH IN LENDING’
Posted by: Tracy Luciani Price