“The ‘financial advisor’ STRONGLY ENCOURAGED me to get a supersized and unnecessary mortgage for a piece of lower mainland RE. He kept pushing.”

Mark Carney may be asking borrowers and lenders to be prudent, but we are hearing lots of stories suggesting that his pleas are being ignored. Here’s an example of a prudent customer and an imprudent lender. -vreaa

This from Vankouver at greaterfool.ca 12 Feb 2010 2:17 pm -

“I’m an under 35er and I went to the bank yesterday to max out my rrsp and instead the ‘financial advisor’ STRONGLY ENCOURAGED me to get a supersized and unnecessary mortgage (for a piece of lower mainland RE), and if I didn’t….. I would end up hurting myself in the long run such that I may NEVER get a mortagage from a bank again ever!!! Despite me indicating that I had no desire to be in debt in this economic environment (for a number of highly practical reasons), the ‘financial advisor’ kept pushing. In the second attempt, he cited that home owners made 10-17% (on paper only) when the housing market here jumped up again…so I said, interesting but, people like me made about 50% buying and selling stocks in the market last year. After he saw he couldn’t break me, he finally let me get my rrsp sorted. Some advisor.”

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