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Showing posts from May 15, 2020

Mortgage Financing in a Pandemic

We are experiencing an economic situation that no one alive has ever seen before.
Most middle-class Canadians like us are comfortable unless they have been directly affected by the pandemic. We have savings, homes, vehicles, groceries, and almost all still have regular sources of income. Working from home or in quieter work environments has created a sense of cocooning, but there is an economic storm taking place out there.In spite of all of the bad financial news, financial institutions are not in trouble. They are doing well and have been backstopped by the Federal Government in important ways. The low interest rate environment is generating a lot of activity for them. It appears that people are locking in mortgages for longer terms and attempting to move unsecured debt to secured debt products.Our experience with the major financial institutions is that they are quietly tightening up on lending programs. Our impression is that it is tougher and slower to get mortgage and business…