Because I’m self-employed my bank was not willing to help me because of my income tax arrears.  Jesse helped me to refinance my home to pay off high interest credit cards, a loan and 2 years of income tax arrears. I’m saving over $750 per month for the next 5 year. I’m very thankful for his services and I’m referring to him anyone who is looking for a mortgage.
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Watch out for the collateral charge mortgage.

It sounds like a good idea… and sometimes it is. A “collateral charge mortgage” is offered by several Canadian banks. Here’s how it works: the bank registers the mortgage for more than the value of the home at closing. The benefit: it can be easier to tap into your equity later. However, it also has the effect of, well, locking you in to the lender.

We’re not always big fans of the collateral charge mortgage – because we’re all about keeping your options open. Collateral charge mortgages are very difficult to transfer to another lender. So you might see a great rate or mortgage feature at another lender… but it’ll cost you; generally, you would need to start from the beginning and pay new legal fees.

The reason so many Canadians are choosing independent mortgage brokers is for choice and expertise. We don’t believe that lenders should tie the hands of home buyers. Not sure what your lender has offered you, or want a second opinion? Give us a call. Maybe you’ve got a good deal. Or maybe knot!


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