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We have been proudly serving the mortgage and financial needs of individuals in London, Ontario and all across Canada for more than a decade.

Our Blog

Welcome to Our Blog, where you'll find the latest news and gain insight into a variety of mortgage-related topics.

Filtering by Tag: Collateral Mortgage

Collateral versus Standard Charge Mortgages

Mike De Sousa

Since an increasing number of lenders are moving towards collateral charge mortgages these days, it has never been more important to understand the differences between a collateral and standard charge mortgage.

The primary difference is that a collateral charge mortgage registers the mortgage for more money than you require at closing. For instance, up to 125% of the value of the home at closing with TD Canada Trust or 100% through ING Direct and many credit unions, instead of the amount you need to close your transaction (as is the case with a standard charge mortgage).

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Mortgage Due For Renewal? Why You Should Get a Second Opinion

Mike De Sousa

I just read an article where Manulife Bank surveyed 1000 respondents and nearly 65% stated they did not check out their mortgage options when their mortgage was up for renewal.  Can you believe that is 2/3 of the population??  A mortgage is probably  the biggest debt you will have in your lifetime, so why would any of us be so cavalier about just accepting the renewal offered by the current lender without checking out the options.  

I am amazed that this percentage is so high.  It is a common known fact that lenders will typically send out renewal letters at posted rates because they know consumers are too busy to investigate their mortgage options.  The banks want (and expect) that many homeowners will just pick a new 5 year term, sign the renewal letter and mail it back to them.  Thereby locking themselves into a new and MUCH HIGHER interest rate.

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All mortgages are created equal....that is if you don't read the fine print!

Mike De Sousa

All mortgages are NOT created equal and TD Canada Trust just made the decision to differentiate their mortgages from the traditional ones.  TD has now decided to register their mortgages legally (this means at the lawyer's office) as "collateral" mortgages.  A collateral mortgage is different from a "regular" or traditional mortgage registration because it does NOT allow you to transfer or switch your mortgage for FREE when it comes up for renewal.

You see, when your mortgage comes up for renewal, it is common for the consumer to shop around and see which lender is offering a good deal and then switch to that lender.  Typically, the new lender would pay for the "switch" costs because the legal registration provided for this feature.  Banks have caught on and don't like losing business, so some, such as Scotia, TD and National Bank, are registering their mortgages as "collateral" mortgages without your consent.

With a collateral mortgage, the new lender has to re-register your mortgage upon renewal because collateral mortgages are "non-transferrable".  When your renewal comes up and your ready to make the switch to a lower rate and better product, your bank then lets you know that your mortgage is collateral and the new lender charges you a legal fee to get the new mortgage switched.  In essence, your are now paying to refinance your mortgage rather than switch it!

For more detailed account of how this change may affect you go to Gail Vaz-Oxlade's blog (Till Debt Do Us Part)

In this day and age, it is vital, more than ever, to have a good mortgage broker on your side.  We provide clear explanations of the mortgages we offer for each situation.  You can also be rest assured that if a lender starts to bully you around, we're here to help you sort through the financial lingo and make the best decision!

Thanks for reading!

Mike De Sousa and Mindy Small

Your London, Ontario Mortgage Brokers at Dominion Lending Centres Forest City Funding FSCO# 10671