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If a borrower needs to have his/her “eyes wide open” going into a mortgage, are standard charge terms (STCs) adequate?

April 26, 2017borrower charge going mortgage Needs standard terms wide

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If a borrower needs to have his/her “eyes wide open” going into a mortgage, are standard charge terms (STCs) adequate?

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The standard charge terms (STCs) that specify the terms and conditions of a mortgage, and act as the contract between the lender and the borrower are not sufficient. Refer to sections 18 – 36 of Ontario Regulation 188/08 – Mortgage Brokerages: Standards of Practice for the Mortgage Brokerage’s disclosure requirements. For cost of borrowing disclosure requirements, refer to Ontario Regulation 191/08 – Cost of Borrowing and Disclosure to Borrowers.