Gordon McCallum
Everything you ever wanted to know about Collateral Charge mortgages.
TD will be launching a new mortgage program this week that will be sold to their clients as being comfortable, supportive and really good for them, a lot like that over stuff green leather chair we're all familiar with.
Collateral charge mortgages got more bad press on Friday after CBC's Marketplace ran this report. The gist of it is that collateral mortgages "effectively trap you at the bank," says the CBC (which is not entirely true...more on that below). TD Canada Trust, which sells only collateral charge mortgages, was caught in CBC's crosshairs.
Marketplace reveals sneaky bank fees.
For this weeks topic we tackle Collateral Charge mortgages. Skip to the 6 minute mark to see the good stuff...or watch from the beginning if you like to laugh.
By Don Horne Brokers are applauding CBC's Marketplace for its investigation of collateral charges at a major Canadian bank. "It's about time this was brought to light," says David O'Gorman, president and principal broker of MortgageLand.
Thirdly, collateral mortgages often encompass more than a real estate loan. You can fold in a line of credit or, in the case of the ManOne product, your savings and chequing accounts, car loans and personal borrowings. There are definite advantages to doing this, since every time you're paid your loan balance falls and interest charges are reduced.
The New TD Collateral Mortgage Posted by Gail | Filed under Credit Wise TD Bank has always considered itself to be at the forefront of change in Canadian banking. And it has that big green Easy Chair that's designed to make you feel comfy and safe doing business.
