Check this out:
- Over half (54%) of homeowners have asked their lenders for mortgage assistance, like payment deferral, according to a Forum Research poll. Says mortgage broker/blogger Rob McLister in response: “Given 60% of homeowners have mortgages, that’s the majority of people with mortgages. It’s hard to wrap one’s head around that high of a number given most people have jobs and fallback resources…But suffice it to say, a lot of people feel they’re in need of mortgage help.”
- Six per cent of people have already missed a mortgage payment, while 14% of renters couldn’t pay their landlords. (Over half of all renters asked for relief.)
- Somewhere between 600,000 and a million homeowners have requested, and received, six months of payment deferrals. This is costing the banks close to $1 billion in monthly cash flow, and all of that money is being added to the debt that families will have to finance.
- One bank alone – CIBC – has approved 250,000 deferrals and payments on $20 billion worth of home loans, credit cards and LOCs. The woman in charge of banking operations is frank. She calls it “toxic.” https://www.greaterfool.ca/2020/04/21/no-good-choice/
If you struggled to make your payments before; how will you handle these changes in priorities, inflation, increased expenses and probably increaseed interest rates?
Time to refinance?
Better call Vee Thompson Hurry.