Quote:
Originally Posted by chemgear
Interesting, I wonder if more banks will start to push this:
http://www.theglobeandmail.com/globe...rticle1752474/
Unlike traditional mortgages, the collateral mortgages are difficult to transfer from one lender to another, because they must be paid in full to be cancelled. That means if someone wants to change lenders, they need to renegotiate from scratch.
(or requalify?) |
These are causing a bit of an uproar in the Mortgage broker world today. A lot of brokers do not like the product at all and are saying they would never put a client in that because it is so hard to get out.
Unfortunately TD is going to trap a lot of clients into those products.
It's a shame what banks are able to get away with sometimes.