I’m a huge hockey fan. I love watching Olympic hockey. It’s fast paced and every game counts. If you’re like me, then you’ll probably be glued to the TV set watching and cheering on Team Canada. GO CANADA GO!
Unfortunately, that means you’ll also have to put up with those dumb bank ads. These ads drive me nuts. They deliver a terrible message to consumers. Here’s one from RBC from the 2010 Olympics about a young couple buying a home, probably their first, and the RBC mortgage specialist recommends they ‘split their mortgage to save money…. part fixed and part variable’. Anyone get that? Sounds like some sort of magic solution. Confused? You should be.
Splitting your mortgage is probably the worst thing you can do. Here’s why the BANKS like it. There are certain BANKS that will allow you to split your mortgage into 2 or more parts. This product was introduced in the mid ’90s. Now ask anyone that took this type of mortgage it they’d ever take it again. NO WAY! Read the rest of this entry »