We at Robert Floris’ Mortgage Architects office in Hamilton are always surprised at how quick greed can qualify as a bright idea. this year Hamilton housing prices have just exploded. I would be lying to say I have never seen such a lift like this during my career. Now the news most people do not follow and could affect us all. Home Trust Capital (a sub prime lender) cam within hours of collapsing. this event could have been catastrophic to all Canadians. The good news is it was saved, but the effect on all the other sub prime lenders is caution. Money is scarce for our non-prime lenders. This is where a mortgage broker can really help. It seems some brokers see an opportunity. Not only are deals more difficult but now they are charging to find the money.

So let me set the scenario. good people are in need of funds and since the near collapse of Home Capital, they are taking advantage by charging fees even though we are compensated by the lender.

Greed is prevalent everywhere and unfortunately our industry is no exception.

Robert Floris is a Mortgage Agent with Mortgage Architects, located on the East Hamilton Mountain, serving Hamilton, GTA, Ontario, Canada. Call Robert to book an appointment at 905-574-9200 Ext. 215 if you are refinancing, consolidating, renovating, renewing your mortgage.