TD discounts five-year variable mortgage rate as competition heats up – May 16, 2018
If you want to read this article in full for yourself consider clicking the link below:
Mortgage wars ramp up as TD matches BMO’s record low variable rate, I think most people missed that one… It said TD Bank drops 5-year variable mortgage rate as competition among big lenders heats up. Keyword being Variable rate mortgage. A definition of a variable rate mortgage can be viewed below:
A variable interest rate loan is a loan in which the interest rate charged on the outstanding balance varies as market interest rates change. As a result, your payments will vary as well (as long as your payments are blended with principal and interest
I’m not sure if people are noticing but the big banks are finding creative ways to get out of harm’s way, it’s the real estate investors and speculators taking on more of the risk. Lucky for them however is that Canada has embraced a protect the rich strategy as it relates to the real estate market. In a free market economy nobody gets protected, however in today’s Canada the rich and the upper class get protection, while the poor wait for handouts.
In a free market economy especially in today’s world Canada had a very real chance to help young Canadians live an inexpensive fantastic life in any Canadian city they choose. But because of these government policies only the upper class will enjoy the comforts of Governmental regulations. Honestly, what was the point of CMHC? what’s the point of Canadian taxpayers backing mortgage backed securities? These programs only serve the rich, protect the banks and guarantee the Canadian dollar will hyperinflate.
Interesting times ahead.
