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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 ...

Centum Financial Group Appoints New CEO

Centum Financial Group Appoints New CEO   VANCOUVER, BC (February 4, 2014) – Centum Financial Group, part of the Charlwood Pacific Group of companies (CPG), is pleased to announce the appointment of Martin Charlwood to the role of Chief Executive Officer. Concurrently, Don Lawby will be retiring from his important role as President and Chief Operating Officer of Centum Financial ...

Centum Mortgage Brokers do more than just mortgages...We help people lives

In the past few months, I have notice an incredible up take in mortgage transaction from our group. Our office,  Centum Professional Mortgage Group, which is located in Lethbridge, Alberta, has a reputation that our brokers go above and beyond the call of duty. Last month, one of my associate Chris Marriner, did a mortgage for a new to Canada. The mortgage was very straight forward and most associate ...

Housing Bubble?

CTV reported that Minister Flaherty stated he would act again if needed to cool an over heated market.  For most Canadians this could translate in to stiffer rules when applying for home financing.  For most existing home owners changes would only have an impact if they choose to purchase a new home, refinance their existing mortgage, or at renewal time. When the United States had the market ...
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