Last October, we reported one of the biggest changes by a major bank in recent history…. TD Canada Trust changed how they would register mortgages… Quietly, TD announced they would now register all mortgages as a collateral charge… Most borrowers won’t know what the difference is, but for us in the financial industry, we know this will have huge ramifications and limitations and could end up costing the average borrower $$thousands. Click here to read what the experts say.
And then in December, we heard a rumor that TD was looking at ways to transfer in collateral mortgages…. They wanted to give us the impression that there were few limitations to taking a TD mortgage… uh, let me say that again… that’s TD collateral mortgage.
We just heard that this has been put on the shelf. They just can’t figure out a way to transfer in collateral mortgages… If this doesn’t make you think twice about taking a TD mortgage, then I don’t know what will. I’ve never heard of any bank accepting a collateral mortgage for transfer……Just isn’t possible with today’s real estate and mortgage laws.
Oh and by the way, if you’re wondering.. TD will allow you to transfer in your mortgage from any other financial institution… But be warned, once you are there, I think you’ll have a hard time getting out.