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20 Meg Dr
London, ON, N6E 2X9
Canada

519-649-2834

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: mmortgage centre

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

Financial Curve Ball

Mike De Sousa

We recently helped Sara, a client who had been living in her home for a few years with her children. Life was okay in the sense that she was able to pay her regular bills each month on time.

Then "Life" threw a curve-ball at her.  Her car broke down and her 18 year old just went off to the University in Toronto.  If that wasn't enough financial pressure, her younger child needed braces and she started thinking about her 16 year old who would soon need education money for post secondary schooling.

Our client only had 2 credit cards, but the minimum payments were barely covering the interest!  Life seemed to be taking a dire route.

After an initial consultation, we were able to show Sara that she had several options to reduce the interest she was paying and increase her cash flow.

Real estate in London and area has increased in value an average of 5% per year over the past 10 years which meant that Sara had more equity in her home than she knew.  After carefully reviewing her mortgage rate and penalty, we determined that it made perfect sense to consolidate her payments into one, at a reduced interest rate than she was paying before.

On top of this, the lender we chose offered to pay for her legal fee to do the transaction, so there were no "extra fees", no surprises!  The most amazing revelation that Sara had was that although her existing mortgage had a penalty, she still came out several years ahead on her new amortization and saved thousands in interest!!!  In fact, it would have cost her more money in the long run to keep her mortgage until the maturity date!

Interest rates are at all time lows.  EVERYONE should be taking some time to review their mortgage and see where savings can occur.  Give us a call and see if you could benefit from a mortgage review by one of our team members.....we're here to help!

Thanks for reading!

Mike De Sousa and Mindy Small

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