Tuesday, February 23, 2010
What Will Canadian Banks Do?
With the new rule changes coming in around qualifying on a 5 year fixed rate for a mortgage. Will the banks in Canada finally say goodbye to the posted rate? See, the posted rate is always 1.25-1.75% higher then a discounted rate. This is a very old selling practice that the banks have used for years to show good Canadians how much money they are reeling saving them. In reality they were still not giving the client the best rate that they could offer. The new rule changes we should see what they are going to do about the posted rate.