Bank regulator changes rules for mortgage deferrals starting now

Author: External Author | | Categories: Debt Consolidation , First-Time Home Buyer Mortgage , Home Purchase Mortgage , Home Renovation Mortgage , Line of Credit , Mortgage Agent , Mortgage Broker , Mortgage Loans , Mortgage Refinance , Mortgage Refinancing , Mortgage Renewals , New to Canada Mortgage , Personal Loans , Purchase Mortgages , Self-Employed Mortgage

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Canada's federal banking regulator is phasing out requirements around mortgage deferrals for homeowners hard-hit financially by the COVID-19 pandemic.

The Office of the Superintendent of Financial Institutions says deferrals granted starting Monday and until the end of September will be able to get special capital treatments for loan and premium payments for up to three months, rather than six.

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Original Article Source Credits:   CBC news ,

Article Written By:  The Canadian Press

Original Article Posted on:  Aug 31, 2020

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