CategoryBank News

Posted February 16, 20161 Comment Bank News

Attn: Firstline mortgage clients… beware CIBC brand renewal offer!

In June 2012, CIBC announced they would close Firstline Mortgages. All existing Firstline mortgage clients would be offered a CIBC brand mortgage renewal.

Hey, did anybody catch that? “…..offered a CIBC brand mortgage renewal.” This means your Firstline mortgage CANNOT be renewed into a Firstline brand because the brand is being discontinued.

In fact, in 2015, CIBC was sending all upcoming renewals a ‘Special CIBC Early Renewal Rate Offer’. My first piece of advice…If you get this, don’t sign it without reviewing with your Mortgage Broker. Continue reading “Attn: Firstline mortgage clients… beware CIBC brand renewal offer!”

Posted January 4, 20161 Comment Bank News

BIG SIX BANKs report obscene RECORD $34billion in profits for 2015…and still complaining!

It’s that time of the year again.. The Banks have to report their annual profits.. And no surprise, the BIG SIX BANKS are at it again..

RBC reported a $10billion annual profit for 2015. This is the first time a Canadian company reported an annual $10billion profit. Yet, at the same time, they are crying the blues and warning of troubled times ahead. (uh, that’s the same speech they’ve made for the past 10 years.. here’s a 2013 headline). GIVE ME A BREAK!!! Canadians aren’t buying it anymore..

Check out the obscene profits pulled in by the rest of the BIG SIX BANKS..

Continue reading “BIG SIX BANKs report obscene RECORD $34billion in profits for 2015…and still complaining!”

Posted July 29, 20152 Comments Bank News

BIG SIX BANKS aren’t passing along the Bank of Canada rate cut to consumers?

Today, the actual BANK PRIME rate should be 2.50%, not 2.70%. What am I talking about?… follow me on this and let’s see if this makes sense.

It’s been a few weeks since the Bank of Canada cut the rate. I’ve been waiting to see how this would play out… First, let’s get the terminology clear. Bank of Canada overnight rate, or Key rate as it’s referred to, directly affects the Retail Bank Prime rate and Variable rate mortgages. This does not have a direct impact on fixed rate mortgages.

Last January, the Bank of Canada Governor, Stephen Poloz, surprised most economists and financial experts when he cut the rate by 0.25% (well, not all experts, I called for a rate cut just a week earlier).
Continue reading “BIG SIX BANKS aren’t passing along the Bank of Canada rate cut to consumers?”

Posted June 4, 2015 Bank News

New 2nd mortgage options at 3.50% with no legal fee or appraisal fee!

I’m reposting this article due to the tremendous response and numerous inquiries..

We recently came across a lender that is offering an unheard of offer. Secured lines of credit in 2nd position at Prime plus 0.50%. That’s 3.50% today! We haven’t seen this sort of offer in quite a while for 2nd mortgages. Here’s the qualifying details:

you have to have good credit
you need provable income to qualify along
there must be adequate equity in your home. The product allows you to borrow up to 80% of the appraised value of your home.
the appraisal fee and legal fees are covered by the lender (that’s a $1200 savings)!!
a small broker fee may apply …. see me for details.

This rate is truly incredible for such a product. But having the legal fees and appraisal covered is truly amazing! I rarely get this excited about a product but this one has me pumped! For those that don’t know, most 2nd mortgage options begin at 10% to 12% plus fees.

For those that can’t provide traditional income confirmation, such as self-employed or commissioned employees, there are other options for you. The rates are higher but there are options. And for those with slow or poor credit, you also have some options available for mortgage funds.. provided there is adequate equity in your home. Remember, each situation is reviewed on a case by case basis. Pricing and cost will vary.

If you are looking for some extra funds or access to a line of credit, this product could be a great option.

Happy Holidays!

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Posted June 2, 2015 Bank News

RBC Q2 earnings hit new record $2.5billion… and they raised their bank fees.. Enough already!

You gotta love the BANKS. Putting out forecasts of troubled economic times, too much personal debt, housing bubbles, etc. They seem to think it’s all bad news…. well, not for them. They keep posting record profits year after year after year…

Yet, somehow they justify increasing our bank fees.... Well, that was going too far! Talk about flaunting and rubbing it in our face! This was probably one of those rare times in history when the normally reserved, conservative, polite Canadians had just about enough! A major public and political backlash has forced the RBC to retract those fees.

But why did it take so much to for RBC to do the obvious? I mean, come on. You jack up fees after you report RECORD EARNINGS? Hello!? This is like that commercial for Hotels.com. Captain Obvious!

RBC HIRES TEMPORARY FOREIGN WORKERS

Remember when RBC hired Temporary Foreign Workers (TFW) to replace existing Canadian jobs? Check this out… they had their Canadian employees train the TFW and then they fired the Canadian employees! This was just 2 years ago!

NEWS FLASH! The BANKS are concerned about shareholder profits. End of story! Their loyalty is to the shareholder, not you or I. And once you understand this, your expectations and outlook will be much different. You will begin to question things more….. that’s a good thing. Questions are good… there are only bad answers.. or here’s another saying… The only bad question is the one you didn’t ask!

Your best interest is my only interest. I reply to all questions and I welcome your comments. Like this article? Share with a friend.

Steve Garganis 416 224 0114 steve@mortgagenow.ca