Surveys show that INTIMIDATION is the top complaint expressed by mortgage applicants.

In The News...

James Sears of Trillium Mortgage is considered the top mortgage broker in Canada. He is the only mortgage broker quoted in "HOMEBUYER BEWARE" by Peter Shawn Taylor, Canadian Business Magazine.

"CMHC is making an absolute fortune right now, and I don't think it is fair," says James Sears, co-owner of Toronto-based mortgage broker Trillium Mortgage, which has been in business since 1989. "But no one complains," he notes, somewhat puzzled.

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In The News... Again

As quoted in "FED'S $1 BILLION PER YEAR SCAM. HOW THE FEDS PROFIT FROM THE RULES THEY CREATE" by Paul Tuns. Report Magazine. 2006 CanMedia Inc.

But James Sears, co-owner of Toronto-based Trillium Mortgage, says that CMHC is contributing to the overstimulation of an already hot housing market by making it easier to get a mortgage, with its policy of insuring interest-only loans. "Such extra stimulation, Sears explains, is needed when the housing market is cool. Right now, It's simply irresponsible."

That is not the only reason CMHC comes in for criticism from Sears. He explains to all his clients that the mortgage insurance does not insure the borrower, but rather the lender. That is, when someone defaults on mortgage payments, the lender will be guaranteed their money. But the borrower often faces harassment from CMHC. Sears says, "It is a misconception that mortgage insurance protects against default. It doesn't. It protects the bank against their default. The CMHC goes after the borrower for the lender."

Yet homeowners who take out mortgages for 75 percent or more of the value of their house are required to purchase insurance. Sears advises clients of an option: get a first mortgage for the first 75 percent of the house and a second mortgage for the remainder. However, because second mortgages are obtained at higher interest rates, this only makes financial sense when the second mortgage can be paid off in three years.

Sears said that few mortgage brokers explain this to clients because it takes time, is complicated and, perhaps, many think it is impossible to get around the government's regulations.

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Speaking with your bank feels like you're being booked down at the police station. Perfect applicants are asked to provide mounds of redundant paperwork. Good people with bad credit or cash income are treated like second class citizens.

Trillium Mortgage has been in business under the same ownership since 1989. Clients with straightforward credit applications are guaranteed the lowest mortgage rates in Canada without tons of paperwork. With access to privately invested money, we avoid banks and secure mortgages for people with bad credit or cash income. We provide first, second, third, and fourth mortgages. We can even help if you are months behind on your mortgage payments and the bank is ready to take your house!