In 2010, TD announced they would begin registering ALL new mortgages as a collateral charge. The sale pitch was that it was good for the consumer. It would allow TD clients to borrow more, in the future, without having to incur new legal fees. Yes, that part is true.
But they’ve left out a lot stuff, too! For years, Mortgage Brokers and other unbiased financial professionals, cautioned the public about collateral mortgages. And in 2013, CBC Marketplace did an expose on TD and their retail branch’s lack of knowledge and disclosure. Is this where you want to go for your mortgage?
By the way, TD wasn’t the only Bank to go with collateral charge only. ING made the same move in Dec 2011. And they used a similar sales pitch. But my readers have been hip to this and aren’t getting fooled.
The federal govt was pressured into taking action to protect consumers. In Sept 2014, the federal govt announced ‘more disclosure. But have the Banks really given us more disclosure? Continue reading “Collateral Mortgages… a different 50 shades of grey!”