UNBIASED AND INDEPENDENT SINCE 2009

Posted June 11, 202011 Comments Mortgage News

Beware of Mortgage Penalties

I originally posted a breakdown of how mortgage penalties are calculated by different lenders on January 4, 2011.

A recent article outlining how TD Bank charged a $30,000 mortgage penalty to a woman forced to sell her home due to the Covid-19 pandemic shows how this remains relevant today.

WE TOOK THE MYSTERY OUT OF HOW PENALTIES ARE CALCULATED

We decided this needed a more detailed explanation… but a strange thing happened when we started to answer these questions. We made a startling discovery. We caution you – the results could get your blood boiling if you’ve had to pay a penalty!

We found that the banks have shrunk or reduced the spreads between their Posted and Discounted rates on shorter-term mortgages over the past few years… and this has had a huge impact on Interest Rate Differential (IRD) penalty calculations. Continue reading “Beware of Mortgage Penalties”

Posted May 22, 20202 Comments Case study

How can we help?

As a follow-up to my previous post on Cash Flow, I wanted to dig deeper into how we can help, as well as the good and bad around some of the relief programs being offered.

First, How can we help? We are finding that many of our clients are able to save by refinancing their debts into one low payment.

Posted May 21, 20202 Comments Money saving tips

It’s all about cash flow.

Positive Cash flow is when you have more money coming in than goes out each month. Simple to understand but for many of us, this just isn’t happening right now.

Q and A LIVE with Steve Garganis of Mortgage Architects and Jenelle Cameron or Remax

Posted April 24, 2020 Mortgage News

Mortgage and Real Estate Q & A | April 23 2020

Q&A | with Jenelle Cameron – Remax and Steve Garganis – Mortgage Architects

Another great Q & A between myself and Jenelle Cameron of Remax. We had a chance to discuss what’s happening with mortgages, interest rates and the real estate market in general.

Posted April 16, 20201 Comment Finance

Financial Outlook with Jean-Francois Perrault, Chief Economist Scotiabank

Following are the highlights from a telephone conversation with Jean-Francois Perrault, Chief Economist Scotiabank and John Webster, President and CEO Scotia Mortgage Corporation which took place on Thursday, April 9, 2020 at 4:30 p.m.

First, it’s not all bad news. While I’ll have to include some unpleasant information in order to provide a complete picture, that is not the focus.