Blog by Cedric Swift

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Mortgage Awareness

Mortgage Awareness

Quoting mortgage broker   “Kymberly Ezzard”

  • Some banks have introduced a plan to gain greater control over their clients by way of a collateral mortgage pledging your equity to the bank.
     
  • Beware of collateral mortgages and a clause called a “re-advance clause”. Ask your lawyer for a full explanation.
     
  • When the consumer wants to refinance their loan , switch lenders at renewal or place a 2nd mortgage;  it could be difficult.