IS CHOOSING A MORTGAGE IS AS EASY AS BOOKING A TRIP OR TRADING A STOCK?…LET’S FIND OUT!
Sure, you can book a flight online or a buy a stock through the web. But, can you really choose the right mortgage product on your own? Can you really find the absolutely lowest cost mortgage financing option? I’ll bet some consumers can. I’ll also bet the vast majority cannot…. and there’s a steady stream of horror stories, on this news site and others, that show just how costly and financially dangerous it is to be in the wrong mortgage product, with the wrong lender.
I’ve shared dozens of those experiences on this site. Consumers who were directed into the wrong mortgage by their Banker or by some web site claiming to offer ‘the lowest rate’. I empathize with these consumers as I believe they were just trying to save some money but instead ended up paying far more than they had to. Continue reading “Online shopping for Stocks, Vacations and Mortgages. An In-depth comparison…”
Last May, CMHC increased all their insurance premiums. The move wasn’t really a surprise to industry insiders. CMHC’s product line has been reduced. No more rental property mortgages. No more refinancing mortgages. No more secured lines of credit mortgages.
That’s a big chunk of business gone. And when revenues go down for this crown corporation, what do they do? They do what every reputable govt corp does. They raise fees and make the consumer pay more! (check out my charts below) Continue reading “CMHC increased insurance premiums… again.. but still cheaper than 10 yrs ago.”
RBC is coming out with their employee pricing program for mortgages… yet again. And like last year’s promotion, it deserves a closer look.. or at least some exposure.
Last year, the program promised to “break through the clutter of price wars within the mortgage marketplace”, to quote Sean Amato-Gauci, Senior VP at RBC. It was a twist on the auto industry.
And like last year, they aren’t putting their actual interest rate isn’t going to be advertised in any print. They are hoping Consumers will be intrigued enough to call or walk into a branch to get the actual rate. Well, I’ll save you the suspense. Rumors say it could be as low as 2.69% for a 5 yr fixed rate product. Hey, that’s a good rate. It’s a competitive rate. But it’s not the best mortgage out there! Check out these facts… Continue reading “RBC announces ’employee pricing for mortgages’.. and it’s April Fools day.”