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Power of Sale and Investments
Some cheaper investment properties west of the GTA!
115 CHURCH Street , NORWICH, Ontario N0J1P0
275 THAMES Street North , INGERSOLL, Ontario N5C3E3
73 ALMA Street , INGERSOLL, Ontario N5C1N3
4 LOVEYS Street East , HICKSON, Ontario N0J1L0
11 867 PARKINSON Road, Woodstock, Ontario N4S8S7
(Not intended to solicit clients under real estate contracts)
'We are all doing it': Employees at Canada's 5 big banks speak out about pressure to dupe customers
The three main fibs I've seen over the years for mortgages:
1. "Mortgage life insurance is required to get the mortgage".
This is false. It's not required at all.
2. "Fixed rate mortgage only has a 3 month interest penalty if you break it"
This is false. There could be an interest rate differential penalty involved.
3. "We can easily transfer your mortgage to another property"
This is false. Most of the time you have to re-qualify for the transfer.
What my advice would look like for the above three:
1. Mortgage insurance is crap. Get it for the time being while you apply for a term policy direct from an insurance company. Once approved cancel the mortgage insurance.
2. Use a lender that has a cheap interest rate differential penalty calculation for penalties. Avoid all big bank fixed rate mortgages like the plague.
3. Generally you can't, as banks want you to re qualify again for the transfer. Therefore, do not sell your property, until we have a new approval for you.
http://www.cbc.ca/news/business/banks-upselling-go-public-1.4023575
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