WHAT EVER HAPPENED TO ‘TRUTH IN LENDING?’Truth in lending in the mortgage industry used to be based on straight forward termsand 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 thenorm.For this reason, getting a (bank) mortgage today has in […]

‘BUYER BEWARE’ HAS NEVER BEEN SO IMPORTANTContinuing from last week’s article where we pointed out that when you get a bankcollateral mortgage these days, you have no choice but to take it, and you do socompletely uninformed because you essentially agree to terms and conditions that YOUARE IN FACT NEVER MADE AWARE OF.How can this […]

‘SMOKE AND MIRRORS’ BANK MORTGAGESWhen you get a mortgage from a bank today, if they told you that your unsecured creditcards, loans, line of credit, in other words every credit facility you have with them wouldbecome secured under the new mortgage, would you agree to this?If they told you they were going to register the […]

YOUR MORTGAGE PENALTY WAS HOW MUCH?Years ago mortgage penalties were straight forward. Penalties were calculated on thegreater of three months interest or interest rate differential (IRD).This is far from the case today. In fact it is utterly confusing, complicated and dangerousbecause every bank seems to have their own formula. This is because there is norequired […]

We have new clients currently late on a bi-weekly mortgage.  We cannot get them a prime mortgage.  It’s truly disheartening but if your mortgage is not up to date, you are technically in default and no other mortgage company will consider you as a prime deal or best rates.  Since the beginning of this year, […]

Just a few observations as former and new clients call who are up for renewal this year.  Some institutions are being a little deceptive.   Homeowners are getting notified by mail stating they must sign their renewal letter because their mortgage has matured.  It is usually a drop dead date of two weeks.  But when you […]

    We just realized that we have been informing and educating the public weekly for over ten years now in the Welly.  When we first considered it, we asked ourselves how we could possibly find enough info to keep our articles fresh and timely.  Well as it turned out, it was easy and it […]

SPRING CLEANING YOUR HOUSE – WHY NOT YOUR FINANCES? The proverbial spring cleaning season is upon us. While you are at it cleaning the house, the garage, the yard, the cars and sprucing up the gardens, it’s also a good time to declutter. Get rid of (sell on Kijiji) old furniture, bicycles you no longer […]

  The TD  bank has been caught, ‘with their pants down’ once again.  This time CBC’s Marketplace went undercover last week  to see how transparent it was about collateral mortgages and the fine print associated with them.  According to the segment TD earned failing grades. We were the first brokers to warn clients and our […]

Brad was a fireman with a ton of consumer debt.   He made over 100 thousand per year but had no money.   Because he made such good money, he was easy prey for his bank, who rolled out lines of credit, visas, car loans and when all of those got maxed after his divorced…they rolled out […]