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What is Mortgage Payment Deferral?

Wednesday Apr 8th, 2020

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The Coronavirus crisis has left many homeowners in Canada without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden. The COVID-19 Mortgage Payment Deferral program will be ongoing. You can apply at any time during this outbreak. What is mortgage payment deferral? Mortgage payment deferrals can help you during times of financial hardship... [read more]

Bank of Canada Cuts Overnight Rate

Wednesday Mar 4th, 2020

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The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1 ¼ percent. The Bank Rate is correspondingly 1 ½ percent and the deposit rate is 1 percent. While Canada’s economy has been operating close to potential with inflation on target, the COVID-19 virus is a material negative shock to the Canadian and global outlooks, and monetary and fiscal authorities are responding. Before the outbreak, the global economy was showing signs... [read more]

Mortgage Decisions - Look Beyond the Interest Rate

Tuesday Nov 19th, 2019

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  For Mortgage Decisions - Look Beyond the Interest Rate and Get Expert Advice November, 2019 Are you among the shoppers who carefully read the labels of items you plan to buy? It seems that more and more Canadians are making informed purchasing decisions a priority, and Paul Taylor, president and CEO of Mortgage Professionals Canada, welcomes this attention to detail. He believes the same – if not greater – scrutiny is warranted when people are obtaining or renewing... [read more]

The Pros and Cons of Co-signed Mortgages

Thursday Jul 11th, 2019

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The Benefits and Risks of Co-Signing for a Mortgage: Thanks to tighter mortgage qualification rules and higher-priced real estate—particularly in the greater Vancouver and Toronto areas—it’s not always easy to qualify for a mortgage on your own merits. You may very well have a great job, a decent income, a husky down payment and perfect credit, but that still may not be enough. When a lender crunches the numbers, their calculations may indicate too much of your income... [read more]

Bank of Canada takes a Holiday from Rate Increases

Wednesday Nov 28th, 2018

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Just a quick update on the mortgage market as we head towards another regular interest rate announcement by the Bank of Canada on Dec 5th.   The Bank of Canada gets one more chance to raise interest rates before the end of the year but market watchers are betting against a Christmas increase.  The October inflation numbers, which came in above expectations, would normally be seen as a green light for the Bank to go ahead with another quarter-point increase.  Headline... [read more]

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