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Mortgage Loan Minute 60 seconds to informed home ownership
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In This Issue
What Ever Happened to Consumer Choice?
Tracy's Q and Eh?
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  Current interest rates: 

  Prime Rate ...................  3.00
 Qualifying Rate ..............  5.29
  3 year fixed ..................  2.90
  5 year fixed .................. 3.49
  7 year fixed ..................  4.55
  10 year fixed .................  4.99
  Variable rate .................  2.25
   (prime - .75%)
Tracy Irwin, AMP
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What Ever Happened to Consumer Choice?

TD Canada Trust announced their new mortgage program this week amongst much controversy. 

While the new mortgage makes it easier for homeowners to access their equity, it makes it difficult to transfer their mortgage to another lender on renewal.

That means if you don't like your mortgage rate on renewal, it's going to cost you in legal fees to move your mortgage to another lender!   Traditional mortgages allow you to change to a new lender without incurring any legal costs.   You will be losing the choice to make a decision on what lender best fits your needs on renewal. 
It's one thing to make a decision that you want this type of mortgage program after carefully reviewing your situation, but with TD Canada Trust, ALL new conventional mortgages as of October 18th will be registered as a collateral charge.  What ever happened to consumer choice?

TD Canada Trust's new program means that up to 125 percent of the value of your property will be registered, so if your property goes up in value, you will be able to access those funds.

Of course, there's always the reality that while for some people that access to cash may be manageable, for others it makes it way too easy to take on additional debt in the thousands. 

This strategy appears to benefit the bank more than the consumer but is marketed as a benefit to you.  I'm not convinced .. are you?  Buyer Beware!

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Tracy's Q and Eh?

Q:  I am going to be buying a new home and want to take my mortgage with me.  What happens next?

Eh:  Traditional mortgage products are portable to a new property (most collateral charge mortgages are not).

However, buyer beware in that you will have to re-qualify with your existing lender even if your mortgage is portable.  That means a change in your financial situation i.e. loss of job, new job, etc. could affect your financing.

If you are considering moving, it is a good idea to call your broker and review your situation before you sign anywhere on the dotted line!

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Did you know that golfers use an estimated $800 million worth of golf balls annually?

I can attest to using a pay cheque or two and contributing to that total!

Tracy Irwin, AMP
Mortgage Broker

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R.D.M. Financial Consultants Ltd. o/a The Mortgage Centre | Each office is independently owned and operated | Brokerage Licence # 10716, Broker Licence # M08007700 | 418 North Service Road East, Unit 1D | Oakville | ON | L9W 2E7 | Canada