The U.S. banking "woes" continue to plague our economy. As I am sure you have already heard, Lehman Brothers filed for Bankruptcy and Merrill Lynch was bought byThe Bank of America. These recent developments has resulted in additional liquidity issues in the credit markets.
Stay tuned for changes and the impact to our mortgage interest rates in the coming months!
|Combining your Mortgage, Line of Credit and Banking into one Account...What's all the Hype?
Some lenders have introduced mortgage accounts that combine your mortgage, line of credit, personal loans, chequing and savings accounts. The theory is that you can save money by combining all your bank accounts into a single flexible mortgage account.
How does it work?
The money from your savings and chequing accounts are applied against your mortgage so that you are reducing your mortgage limit and saving mortgage interest expense instead of collecting the negligible daily interest savings interest from your bank. Click "Combining your Mortgage"