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12 May, 2021 calculating mortgage renewal rates

Despite the ongoing pandemic, the vaccination progress and overall stable medical statistics have created optimism regarding Canada’s economy. And the real estate market is not the exception! More so when talking about mortgage renewal rates.

So, how does this affect Canadian homeowners about to renew their mortgage agreement with a federally regulated financial institution?

22 May, 2020 depiction of mortgages for landlords using piggy bank and a model home

The increased demand for loans and mortgages for landlords has clearly signaled that among the ones mostly affected by the pandemic, property owners are occupying a leading position.

But obtaining a loan during COVID-19 will be more difficult than what borrowers were accustomed to in the past years.

Why is this?

12 May, 2020 private money lender

In light of recent economic troubles across Canada, most of the “big banks” have imposed very strict lending requirements which ask for an almost perfect credit and a stable source of income. If you don’t fit into these categories, most probably your loan application will be turned down.
What can you do if you’re in this situation? Is there any hope left? Will you still be able to get the loan you need? Absolutely. And we’ll tell you how.

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