Archive for: August 2012

Bank of Nova Scotia snares ING for $3.1-billion

Filed under: Mortgage - 30 Aug 2012

Bank of Nova Scotia agreed to buy ING Bank of Canada for <QL>$3.1-billion in a deal that marries one of the country’s largest financial institutions with an aggressive upstart that built its name on being different than the big banks.

The …

3 month penalty calculations can cost you dearly with some Lenders

Filed under: Mortgage - 14 Aug 2012

3-Month Penalties Aren’t Always Clearcut

Breaking a closed mortgage usually results in a penalty. With a fixed mortgage, that penalty is typically the greater of 3-month’s interest or the interest rate differential (IRD).

The dreaded IRD has …

FirstLine Rates & IRD Penalties

Filed under: Mortgage - 09 Aug 2012

If you’re a FirstLine fixed-rate mortgage customer, this info may be helpful.

 Now that FirstLine has stopped selling new mortgages effective July 31, there is a question of how it will set its rates going forward.

This may not matter …

Big banks have high interest in ING sale

Filed under: Mortgage - 03 Aug 2012

TIM KILADZE and JACQUELINE NELSON The Globe and Mail

ING Bank of Canada built its name by presenting itself as an alternative to the country’s biggest banks. Now, it’s likely to be swallowed by one of them.

The online bank, which has …