How To Rob Your Bank: 3 Perfectly Legal Canadian Mortgage Tips

canadian mortgage tips

Click to download this book free

I recently had Scott Peckford, a mortgage broker in Kelowna, come into our office to do a presentation on his unique Canadian mortgage tips. Scott is the author of a book entitled How To Rob Your Bank: Perfectly Legal Tips To Save Money on Your Mortgage. It’s a really easy read and Scott has done an excellent job laying out the basics that everyone should know about a mortgage and about how the bank determines interest rates.

I’ve been teaching people how to pay off their mortgage faster for years but one thing he taught in the book really got me. He has what he calls the 100K Club, which is one of his flagship Canadian mortgage tips that are based on a 5% amortization schedule that involves increasing your bi-weekly payment by 5% per-annum on a 30-year mortgage.

Scott has worked it out so that you’ll have your 30-year mortgage paid off in only 15 years.

If you read his book, he talks about ways to pay down your mortgage faster, methods to negotiate your interest rate with your current bank and ways to negotiate your interest rates with other banks.

He also talks about if you really need a mortgage broker and does an excellent job of laying out why you want to use one while also providing advice on how to do it yourself.

The book only took me a couple hours to read and focuses on his 3 “bank robber” rules:

  1. Banks are in the business of making money first and servicing your needs second. I’m not sure I fully agree with this comment but he presents his case effectively and provides solid advice.
  2. Maintain impeccable credit.  I liked his practical ideas for monitoring and maintaining an excellent credit rating.
  3. Never accept the first offer. I really liked this point because I’m a negotiator at heart. It might be the best offer but you should never accept it if it’s the first one.

As a real estate investor, I recommend this book to anyone that is looking to borrow money from the bank. There are plenty of very useful Canadian mortgage tips that provide valuable insight into how the banks work and lend out money.

Visit Scott’s Website

Leave a Reply

Your email address will not be published. Required fields are marked *

* Copy This Password *

* Type Or Paste Password Here *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Free Report Opt In Message

Connect with Me

RSS Twitter Linkedin email

Our Latest Tweets