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What is a collateral mortgage?

Collateral Mortgages

Collateral mortgage security is the new norm amongst the chartered banks and they are convincing the consumers that they are doing you a favour by offering it to you.

Why a Collateral Mortgage?
• The bank can register a higher loan amount against your property so down the road if you need to borrow more, it can be quickly done.
• By registering a higher amount, no legal work is required and there are no legal fees on any further money you might need in the future.
• The collateral mortgage offers flexibility and terms that can be changed at any time.
The Fact the Bank won’t tell you:
• Unlike a traditional standard charge mortgage, the collateral mortgage is very difficult to move to another lender at end of term.
• A collateral mortgage severely restricts your ability to be a ‘free agent’ at the end of your mortgage term; shopping for a better mortgage rate cannot happen without significant legal costs and bank discharge fees
• Missed payment can result in an adjustment to your rate and terms (in the bank’s favour)
• Registering a higher amount on your home can restrict you from getting secondary financing – it eats up your equity in your home.
• The product is designed to keep you in debt as it encourages you to increase your borrowing limits over time

Mortgage Whitepapers

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We wanted to let you know of our very good experiences working with Surendra Wankhede as our mortgage consultant. He has negotiated 2 mortgages for my husband and me and one for our son during his recent condo purchase. We are most appreciative of his very timely responses to our questions and his attention to detail and his concern for what is good for us as customers. Additionally, we were working with very challenging buyers of our home and Surendra ensured that we had any information that…
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