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Monday, March 5, 2012

A WIN for conusmers on Mortgage Penalty Calculations

The roads are wet and yucky out there! I hope you all had a safe drive home!

The weekend flew by quickly for us. We celebrated it with the Lee's Assocation annual Chinese New Year dinner on Sunday night! My husband and I always look forward to it every year! Thanks to Harvey for the invite!

I am still trying to pop Cold FX to avoid coming down with a cold... cross my fingers this sore throat will go away soon!

It's once again Dining week, are you out there enjoying a fancy feast?? If not, you have to check it out.
http://www.downtowncalgary.com/the-big-taste

Just yesterday, the Harper government announced a brand new 'mortgage code' to ensure "lenders" provide enhanced information on mortgage prepayment charges to assist borrowers in making decisions about prepayment of their mortgage!

For more information, please check on this link!
http://www.fin.gc.ca/n12/data/12-025_3-eng.asp

This is a big win for consumers, as I noticed that there are a lot of people out there that are unsure/unaware how mortgage penalties are calculated! This will clear it all up for all of us!

Enjoy this beautiful week ahead!
Don't forget it's time to Spring our clocks FORWARD this coming weekend!
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2 comments:

  1. Alford LauMarch 8, 2012 at 10:52 AM

    Thanks for sharing the news on the new code of conduct on mortgage prepayment. Absolutely good news. I love the code which stipulates the depth of explanation on interest rate differential (IRD) as it has been a blackbox to many including me. I hope the government will further ask the industry to disclose at the sale stage the costs of early prepayment such as discharge and re-investment fees (each is likely costs hundreds). Stella, do you know when this will take effect and whether it applies to rental properties. On the latter point, I am not sure whether rental properties are considered Business Purposes under the codes APPLICATION AND IMPLEMENTATION. Thanks, Alford @ CIR Realty

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  2. Stella TsangMarch 13, 2012 at 2:52 PM

    HI Alford, Yes, this is a much needed improvement in the mortgage industry. From what I understand, the policy should come in play the end of the year. I also know that TD has already implemented that on their website. The policy should apply to ALL mortgages, including rental properties. I hope this helps. Thanks Stella

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