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Mortgage Broker News | 16 Oct 2015, 08:15 AM Agree 0
A number of government agencies have revealed they will start keeping closer tabs on private mortgages but do brokers think that’s necessary?
  • Jesse D | 16 Oct 2015, 09:57 AM Agree 0
    I see the only risk with private lenders is how they handle things AFTER the mortgage funds...many fee their clients to death even when the lender makes mistakes or on renewals for that client who has to or chooses to renew. That is where I see the government needing to get involved; ensuring private lenders do not prey on the clients once they have them or charge ridiculous fee if they have to initiate POS.
  • GW | 16 Oct 2015, 11:02 AM Agree 0
    Oh, indeed!

    Have our wise and benevolent governments set all fees and terms at "fair" and "just" amounts. All governed by more six-figure income bureaucrats at FSCO. How dare fully informed parties advised by their independent solicitors strike contracts counter to "public policy"!
  • Krishan Joshua | 16 Oct 2015, 11:05 AM Agree 0
    No matter what the private lenders charge still it benefits the client to bring down the monthly paymenta hence most of the private lenders stick with 80z%. For instant; I don't think it is fare for a consumer to pay their credit card minimum payments for rest of their lives, by getting a 2nd on a interest only with 6 month or questions year ; some clients save well over $1000/Mo. Tthey would not need to go for consumer proposals or bankruptcy n suffer years. But again it's the agents or brokers call to decide which most suitable for their clients... so private lenders do help the citizens by an exit strategy. Besides those private lenders also trying to make benefit of Gheorghe low interest fixed deposits or rsp's(years of savings) for a year or two.. I won't blame them... why would anyone let their money sitting on one place without benefitting until retirement....
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