Red Deer - Ask The Experts

2.88%*
5 year
fixed year 2.88%*5 Guaranteed no re-advance clause. fixed
* On approved credit. Rate subject to change without notice. Some conditions apply.
ouR OUR webSiTe WEBSITE iS IS loaded LOADED wiTh WITH TeSTiMonialS. TESTIMONIALS. be BE SuRe SURE To TO check CHECK THEM TheM OUT! ouT!
WHEN THE BANKS SAY NO, TRUST CANADA’S LARGEST INDEPENDENT MORTGAGE BROKERAGE
We’re professionals. We offer guidance to your toughest situation. A licensed professional is standing by to take your call.
2
Better rates. Better products.
Own your home?
Banks say no?
With enough equity, We’ll approve your Home Equity Loan
...and we don’t rely on credit, age, or income
Great Rates
Fast Approval
Respectful Service
A portion of every funded mortgage will
go to the Children’s Wish Foundation.
whether the banks say yes or no tRUSt mortgagestogo.ca
Red Deer
403-348-8884
Toll Free: Alberta
1-866-4000-2GO
Calgary
403-277-1100
Toll Free: BC
1-877-361-3388
Edmonton
780-476-4488
Victoria
250-361-3388
Leduc
780-986-1125
Nanaimo
250-753-2900
Medicine Hat
403-529-0246
BC Lower Mainland
604-988-9800
Grande Prairie
780-567-3911
Kelowna
250-868-8484
Lethbridge
403-381-3246
Toronto
Call Now!
1-888-888-5998
e Full Story
Consumers are most comforted by dealing
with one of the big Canadian banks and
we’re not sure why. Perhaps it’s because they
believe the money comes from a dierent source. In
fact, the money that mortgagestogo.ca secures for
mortgages comes from banks, trust companies, and
some of the largest mortgage corporations in Canada.
Let’s go over some terms and some extremely
misleading advertising by the banks.
IRD: Interest Rate Dierential. Banks have posted
rates and discounted rates. Here’s why they have
posted rates. If you obtain a bank mortgage at 3.59%
and the posted rate on that same mortgage is 5.99%
you pay the dierence if you want out of the
mortgage. Could be $50,000 or much more forcing
you to stay with the bank. at’s an Interest Rate
Dierential. Most bank employees have never heard
of it.
Re-advance clause. is one should be called an
insanity clause. All bank mortgages now have a
re-advance clause that authorizes the bank to control
100% of the value of your house. Even if you have a
$150,000 mortgage on a $300,000 home the bank
controls 100% of your home. You become a slave to
the bank. e bank sells it as a convenience and
nothing could be further from the truth.
Term and amortization: e banks are advertising
that you can own your home sooner suggesting that
the term of the mortgage matches the amortization
period and that is simply untrue. You may have a 25
year amortization and theoretically if the interest rate
never changed your mortgage would be paid o in 25
years. e truth is the term of the mortgage is most
likely 5 years and will, most likely, reset every 5 years
which, in eect, will lengthen the time it takes to pay
o your home unless you make additional monthly
payments or annual lump sum payments.
Mortgage Specialists: is is a person that
works exclusively for the bank and sells only
that bank’s products. is person is not licensed
to broker mortgages in any province. is
person’s knowledge is limited to the interest of
the bank. is person is a bank employee and the
furthest thing from independent.
e banks are releasing many ‘Mortgage Specialists’
on an unsuspecting public. e banks are also
attempting to control the mortgage market with their
re-advance clause and their IRD helping to explain
why each big bank makes about 1.4 billion dollars
every 3 months. Still, it’s not enough they want more
money and full control of the consumer. Look no
further than Saturday and Sunday openings. ey
only close Christmas day because there would be little
trac in their branches.
Sincerely,
Kymberly Izzard
Mortgage Broker
www.theexperts.ca Ask The Experts ® - Red Deer Edition - July 2013
Copyright © 2013 mortgagestogo.ca Inc.