April 23, 2018

Mortgage Penalties Exposed….. An In-Depth Study reveals Unjust Penalties

In February 2010, the Federal government announced many changes to tighten mortgage lending policies to ensure Canadians don’t get in over their head when it comes to mortgages…they also promised to standardize Mortgage Penalties.  So far, we have not seen or heard anything about it. A report came out from the Ombudsman for Banking Services and Investments in June/July 2010 that shows complaints were up 21% and many of the complaints had to do with Mortgage Prepayment Penalties and rates on Lines of Credit.   Last year was the start of record low interest rates, rates were down below 4%…

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