Borrower Beware: What You Need To Know Before You Get A Mortgage

“Don’t get your mortgage where you borrow for any other purpose if …”

If you are in the market for a mortgage, there are some really important changes you need to know about in the world of lending.  A frequent guest poster to this blog, David Larock, reviews some significant changes common that are quietly being introduced  in many of the Big Five banks mortgage documents  in this post on his own blog.

David points to two new clauses that are appearing in the charge terms of the Big Five lenders.  If present, these clauses essentially  say that mortgagees are pledging their house as collateral against every credit product they have with this bank.  If you are in the market for a mortgage, you would be well advised to read his post to understand the possible implications for you.


Subscribe to my monthly newsletter by clicking here.

About Marg

is an award-winning real estate Broker who has successfully been helping people move since 1989. When it’s time for a move in or out of a bigger, smaller, better, more expensive, less expensive, newer, older, house, condo, farm, investment property, vacant lot or business, talk to Marg.

This entry was posted by Marg on Thursday, March 29th, 2012 at 6:52 am and is filed under Money Matters. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

Leave a Reply

Fill in the missing number *

RE/MAX four seasons realty limited, brokerage  ♦  67 First Street Collingwood, ON L9Y 1A2  ♦  705-445-8500