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Mortgage Broker News | 30 Jun 2015, 08:50 AM Agree 0
Brokers may be increasingly hungry for business, but not enough to help first-time buyers into a product many blame for the U.S. market collapse.
  • Jake Abramowicz | 30 Jun 2015, 09:53 AM Agree 0
    Why are we even discussing the idea of interest-only mortgages? Is this really in the cards with any lender or insurer? I dont' think so - and with our market teetering on the peak, I don't think any sane-minded policy maker would agree to this kind of financing.
  • Broker | 30 Jun 2015, 02:16 PM Agree 0
    Telling everyone they shouldn't buy with an interest-only mortgage is a myopic blanket statement. A person may very well have other more important uses for their cash flow than making mortgage principal payments.
  • Jake Abramowicz | 30 Jun 2015, 02:26 PM Agree 0
    95%* of Canadian borrowers are not disciplined enough to know how to handle an interest-only mortgage.

    (*although this number is BS, you're out of your mind suggesting people may have other uses for their cash flow)
  • Broker | 03 Jul 2015, 01:37 AM Agree 0
    You're right. Your number is pure BS.

    If I'm self employed and prefer investing in my own business instead of a house, am I out of my mind?

    If I have large medical bills or I just graduated from law school and have student debt, am I out of my mind to want to pay it off instead of my mortgage?

    You're confusing being out of your mind with having an open mind. Try it sometime.
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