Is your mortgage a Collateral charge? Do you know what having a collateral charge mortgage means? The “pros” and cons? An undercover CBC reporter went into a TD branch to ask about their mortgages, the reporter had to ask 4 different ways before the TD rep finally admitted their mortgages are collateral. And they do not disclose this until the borrower is at the lawyer signing!!!
There are many drawbacks of having a collateral mortgage. Please read this article to educate yourself on collateral mortgages, and ask me if you have any questions!