Quote:
Originally Posted by Firebot
Expanding on the sleaziness of big banks and on the collateral subject
See if you can find information on collateral mortgages anywhere on the TD page.
They also make zero mention of it on their mortgage rate FAQ page
https://www.td.com/ca/en/personal-ba...ortgage-rates/
Doing a search, way down the list of search, you will find this link, but is it in here? It's not even in the glossary
https://www.td.com/ca/en/personal-ba...fixed_variable
Oh wait it is, under security
S
Security - In the case of mortgages, real estate offered as collateral for the loan.
Of course, it doesn't tell you what it means. You usually learn of the collateral charge when you try to shop for a new lender, and it becomes a gotcha moment.
If banks won't even tell you and hide what type of mortgage they are selling you, how would the average consumer know about obscure conditions like trigger rate that have never been triggered in in the 21st century? |
Collateral used in that definition refers to the home (the security), not the type of charge.
Shopping for a new lender is not a big deal if you have a collateral charge. Most lenders can do collateral transfers now. If you even want a transfer. Many people end up refinancing instead to access more equity or whatever.
Many lenders use collateral charges and customers love it. It’s how all of the homeline plan products are registered. TD just happens to register all their mortgages as collateral.