Switch out your home equity line of credit mortgage and save

Do you have a home equity line of credit tied into your mortgage? One of our best lenders can now transfer these mortgages and will offer one of the greatest discounts we have seen in years.  You may qualify for this special switch opportunity if you have a: Scotia Total Equity Plan (STEP) mortgage RBC Homeline CIBC Home Power Plan BMO Homeowner’s line of credit TD Home Equity FlexLine There are two bonuses to switching out of a home equity line of credit: You would be getting a standard charge mortgage which will give you control of your equity, instead of the bank.  Read more about the issues with collateral charge mortgages in our 5 Ways The Banks Tie You Down post. You will have...

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OFSI’s New Stress Test

OFSI’s New Stress Test

People have been listening to new jargon like “stress test” regarding mortgages. The government is using new words, which, in my opinion carry very negative connotations. Stress Testing is a practice as old as the woods in lending. It is called “qualifying for your...