CategoryBank News

Posted February 26, 2015 Bank News

NO SET UP COSTS!! Secured line of credit at Prime plus 0.50%!

A few months ago, I announced a special promotion. A secured line of credit, at Prime plus 0.50% (2.85% plus 0.50% = 3.35%) with NO set up costs. The response has been so overwhelming that I’m publishing this promotion once again.

FREE legal fees and FREE appraisal fees. The Bank is covering both these costs. You pay nothing. $0.00. It’s just that simple. AND, this Bank will go in 2nd position behind your existing 1st mortgage if necessary.

You must qualify, of course. Good credit, stable income, qualify real estate, etc. If you are interested in this product, contact me for details. This is a limited time offer. We do not have an expiry date but it can be terminated at any time.

Brokers and Agents, please do not call. I am not able to share this offer with you. Sorry.

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 January 29, 20153 Comments Bank News

BIG SIX BANKS finally cut Prime rate.. Well, sort of…!

Last week, the Bank of Canada (BoC) cut their overnight rate by 0.25%. The move surprised all the so-called ‘Financial Experts’… (well, not me… As I had suggested rates were likely to drop in the previous week’s article and also in the previous month).

Our BIG SIX BANKS had their own surprise for us. Instead of passing along the usual rate cut to consumers, they sat on their hands and did nothing. In fact, TD Bank felt good about it and made public statements about how their Bank Prime rate wasn’t fully influenced by the BOC rate. (That’s such a load of bull, you can almost smell it coming out of your screens!)

And also last week, the Banks immediately cut the rate they pay you on your savings by that same 0.25%. Continue reading “BIG SIX BANKS finally cut Prime rate.. Well, sort of…!”

Posted January 21, 20151 Comment Bank News

Interest rate surprise? Not to our readers! : Bank of Canada drops key lending rate to 0.75%

Last week, I made a bold statement about interest rates. I said rates will remain low for some time. And they could even decline.

That forecast was met with a certain degree of criticism. Well, no surprise for CanadaMortgageNews.ca followers, the Bank of Canada cut the rate by 0.25% to 0.75%.

This means Variable Mortgage rates will fall by 0.25%. It also means we’ll probably see fixed rate mortgages also fall….. As I predicted.

Stay tuned for more details on this…

http://www.ctvnews.ca/mobile/business/key-interest-rate-unexpectedly-lowered-1.2198493

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 October 21, 20143 Comments Bank News

RBC charges homeowner $8900 penalty, or 15 months interest charge!

Picture this… Your mortgage is with the biggest Canadian Bank in Canada. You feel safe. You got a great rate at the time… 2.99%. What could go wrong? Well, for these clients, and hundreds others, plenty!

Check out the RBC Discharge stmnt oct 2014 showing an Interest Rate Differential (IRD) prepayment penalty of $8912 on a mortgage balance of $213,562. Now, $8912 is a lot of money, but you’ve seen me expose even higher penalties in the past. Penalties as high as $35,000 and $40,000. But, put another way, that’s over 15 months worth of interest penalty being charged. And that’s just ridiculous!

NEWS FLASH! This type of inflated prepayment penalty calculation isn’t exclusive to RBC, the rest of the BIG SIX BANKS use a similar calculation. And they’ve been getting away with these outrageous penalties for over 14 years! (actually, this isn’t a new story.. I’ve been writing about these nightmare, or bankmare, penalties for years.)

Let me put this another way…. Continue reading “RBC charges homeowner $8900 penalty, or 15 months interest charge!”

Posted October 8, 20142 Comments Bank News

Senior Deputy Governor says lower rates are the new normal.

In her first public speech as Senior Deputy Governor for the Bank of Canada, Carolyn Wilkins brought some good news to Canadians with mortgages. Interest rates should remain low for some time….. and we can expect lower rates to be the “new normal”.

Ms. Wilkins went on to say that “the recovery has had repeated false starts and still faces considerable headwinds.” This seems to be the new message coming from the Bank of Canada. And I must say, it’s a refreshing change from the previous high-profile Governor, Mark Carney.

UNPOPULAR COMMENTS

Remember our previous Bank of Canada governor? Mr. Carney earned high praise for helping Canada avoid any U.S. style recession. But in the years leading up to his 2013 departure, his repeated warnings of pending interest rate hikes never materialized. In fact, we now know they were way off. Interest rates went down and have stayed down. Looking back, Carney’s rate hike warnings sounded more like ‘the boy who cried wolf’. Continue reading “Senior Deputy Governor says lower rates are the new normal.”