In March of this year, many Canadians took advantage of an option called mortgage deferral. When your mortgage is deferred, your principal payments are postponed thus lowering your monthly expenses to cover interest charges only.
Refinancing a mortgage is a good alternative to other borrowing options such as lines of credit and other loans. You can refinance your mortgage as many times as you need. With that said, the lender you want to use may only allow a certain number of refinances or a specific credit score minimum to proceed. Talk to different lenders and see what their requirements are to get mortgage refinancing.
One thing that we pride ourselves on at Mortgage Broker Store is our ability to deal with difficult power of sale and foreclosure situations. Since we are generally well known for this expertise, we get a lot of calls related to legal issues with mortgages. This specialization gives us a general idea into the state of mortgages in Ontario. We’ve looked through our website statistics and the number of inquiries we’ve gotten and have come to some general conclusions.