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PostPosted: Thu Feb 25, 2016 9:17 pm 
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Joined: Wed Jul 21, 2010 6:14 am
Posts: 62
Location: Milton, Canada
I was angered when reading the Milton Champion article “Milton man among four charged in mortgage scam” Feb 25, 2016.
http://www.insidehalton.com/news-story/ ... loan-scam/

Being full time in the mortgage industry, incidents like this make me so angry, especially when it comes to elderly people who need protecting the most. “Professionals” in the industry who should be acting in their trusting clients best interest are caught doing the opposite and taint the reputation of those out there that are doing the right thing. People need 2nd mortgages for many different reasons and they should ideally be used as short term solutions to achieve the purpose for which they are required. Typically people who require them are between a rock and a hard place, whom often can least afford them and end up in expensive situations that leave them worse off.

2nd mortgages come at a price with lender fees, broker fees, legal fees and higher interest rates and unfortunately, within the 60% Criminal Interest Rate law, brokers and lenders can charge what they like. There are many mortgage agents, brokers and lenders who focus solely on this market primarily for the ease of financial gain. All too often we come across existing situations that never cease to amaze what lenders and brokers will charge and have charged for 2nd mortgages.

The advice would be for people to shop around. There are ethical lenders, brokers and agents out there that truly want to help with fair fees and rates. When looking for a provider, ask around for referrals, Google for reviews, ensure the agents are registered with financial services board and don’t be scared to get second opinions. There are many providers available. You would be wise to shop around.

Do you have any horror stories you can share with the people of Milton?

_________________
Warwick Johnston
Milton Mortgage Specialist at RBC
647-274-6029


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