The end of declining mortgage rates?

"I will make a bold prediction: fixed rate mortgages have bottomed out. Do not expect the 5-year fixed rate to keep going down. 3.5% is roughly the bottom line, and anyone who is in the market for a mortgage should take advantage of it now."

"This week TD Canada Trust made a quiet announcement about changing the way they register mortgages. Instead of previously used and widely acceptable standard mortgage charge TD will register any new mortgage as collateral mortgage charge. Here are some of the negative impacts to borrowers from this move:
  • Unable to transfer the mortgage at maturity without paying a hefty fee
  • Potential negative impact on the credit rating of the borrower
  • Almost impossible to place a second mortgage from different lender
  • Reducing the ability for borrowing from other institutions
"In another words, once you are with TD, you must stay there for life... Not sure how many would like such a situation. More details on this by clicking to read the full article on my blog."

Vasko DeLev, AMP
Verico Capital Mortgages
Tel: 613-882-7603