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Why are the Major Banks Charging outrages Pre-penalties....WHY?

The number one question I get asked by clients, " Why does the bank have the right to charge me (the consumer) such a high pre-penalty".  The answer is simple, Because they can. Right now there is no law that say they cannot.  However, there are options available to consumers. They are called Mono Lenders.  These type of Lenders pre-penalty is normally ...

Why are the Major Banks Charging outrages Pre-penalties....WHY?

The number one question I get asked by clients, " Why does the bank have the right to charge me (the consumer) such a high pre-penalty".  The answer is simple, Because they can. Right now there is no law that say they cannot.  However, there are options available to consumers. They are called Mono Lenders.  These type of Lenders pre-penalty is normally ...

THE PRIME STAYS PUT, WHAT DOES THIS MEAN TO VARIABLE RATE

The Bank of Canada has announced that their lending rate will stay at 1% which means that Prime (the rate that consumers pay) will stay at 3%. The major banks were thinking that Prime was going to increase, every indication showed to them that Prime was going to go up. In turn, the banks started to give a better variable rate discount to consumers.   Let me explain, when the Five Major Banks ...

Spending Christmas in your own home, that can still be done

One of the biggest question I get asked,  is there a change to move into your new home before Christmas. While I am not a realtor, I know on the mortgage front we do many mortgages in the month of December and nothing makes feel better than putting together a mortgage for a client and have them move into their home before Christmas.   That is why Finding a mortgage broker who has the experience ...
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