Follow up on the BMO as I missed two important factors!

There's two other reasons that this mortgage at BMO may not be a part of your strategy.

One being, that you can not register their line of credit product in behind it. Making you search else where for it or making you take an unsecured line of credit at much higher rates.

The other is that the register their mortgages as collaterall mortgages. Read here and here on why these mortgages may not be for you.

Don't get me wrong. This product may be for some. You must allow us a chance to sit down and see if it is or not!

Another small story on the collaterall charge mortgages. I just recently finished one up with a client who needed a private mortgage to finish some renovations on his house. Since his big bank mortgage was registered as a collaterall charge with a very high global limit, we were unable to do anything until the client refinanced his existing mortgage going from a deep discount off of prime to just prime on the variable. He paid a full penalty too!

As a mortgage planner and educator, I have to make sure I know and understand every product out there. You have to trust that I am on your side and do what it takes to make sure you have the lowest cost of home ownership....not just the lowest rate.