Mortgage news alert!

Are we in busy times or what. Mortgage rates are going up and down and the economy is up and down as well. But do not even start wit hthe dollar and the new hst tax thanks to our wonderful government.

Some good news, we at Networth Mortgage centre is here to try and leviate some issues by getting you great mortgage options.

Try a 5 year fixed to buy your home for only 3.82%!!!!!

I think these articles that I found will be of interest to you all:

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A Toronto woman is being ordered to pay RBC $95,000 after failing to realize she was being tricked into a mortgage fraud.

Angela Isaacs accepted $6,000 to co-sign a stranger’s mortgage and signed the documents without reading them, reported the Toronto Star.

Madam Justice Anne Molloy of the Ontario Superior Court of Justice also decreed that Isaacs owes 6.3 per cent annual interest on the $95,000 loss from June 26, 2008 until the debt is paid and, within 30 days, $13,500 of the bank’s legal fees.

“She took the risk and got stung,” said Molloy during the ruling. “That is her own responsibility, not the fault of the bank.”

In late 2004, Isaacs was discussing her financial woes with her then common-law husband in a Tim Hortons coffee shop. She was earning $35,000 a year at a full-time job and raising three young children.

A stranger called Mike told her she could receive $4,000 for co-signing a mortgage for six months so a man with a poor credit rating could buy a house. Later Isaacs decided against it but was persuaded after she was offered $6,000.

Isaacs clued into the scam when RBC started sending her late payment notices for a $280,000 mortgage on a house she owned with a man supposedly named Mark Forrest.

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CIBC took 0.1 percentage points off a number of its residential mortgages on Saturday, dropping its benchmark posted five-year fixed rate to 5.89 per cent.

RBC Royal Bank, TD Canada Trust and Bank of Montreal also lowered most of their posted fixed-term mortgages by one-tenth of a point on Thursday June 24.

The banks’ left their variable-rate mortgages the same.

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If there is any questions feel free to contact me or better yet check out my mortgage rates at www.networthmortgage.com

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