Delays in paying off your mortgage could costs tens of thousands, impact savings and retirement, according to credit counsellor.
Aerial views of housing in Calgary in 2013. The Canada Mortgage and Housing Corporation says some homebuyers are choosing one or two year mortgages with longer amortization periods to lower their borrowing costs. THE CANADIAN PRESS/Jonathan HaywardA financial morass where you can't get break free.
"That is leading to massive increased costs on the back end, primarily interest costs being paid for a significant period of time."The Royal Bank of Canada recently reported 23 per cent of their mortgages carry an amortization period greater than 35 years. There's a big problem with these longer amortization periods, according to the Credit Counselling Society, a non-profit group that helps Calgarians with budgeting and restructuring their debts. The problem it says are more interest payments, and delayed savings and retirement.
He says that will often "rob" people of the ability to do other things, including saving money and planning retirement.The Canada Mortgage and Housing Corporation, which among things, provides mortgage loan insurance for homebuyers, says several trends have emerged since the Bank of Canada started boosting its benchmark interest rate in early 2022.
The Bank of Canada is expected to make another interest rate announcement on Wednesday, Sept. 6, 2023.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Toronto church Revivaltime Tabernacle says it will no longer shelter asylum claimantsRevivaltime Tabernacle, a church that took in several hundred recent asylum claimants over the past few months in response to Toronto's shelter space crisis, says it will no longer be open as a shelter.
Lire la suite »
Toronto church Revivaltime Tabernacle says it will no longer shelter asylum claimantsPastor Judith James says that recent asylum seekers to Canada are no longer sheltered at the church as of Thursday and that previously postponed church services will resume.
Lire la suite »
Toronto church Revivaltime Tabernacle says it will no longer shelter asylum claimantsThe African Canadian church in Toronto’s Downsview area has sheltered nearly 700 people since July
Lire la suite »
Bitcoin tumbles as SEC delays decision on ETF applicationsThe SEC's decision to delay its decision on all pending ETF applications before it has caused Bitcoin's price to drop to its lowest level since June, as many now doubt that the agency will give its approval.
Lire la suite »
Higher-for-Longer Mantra Starts to Weigh on Emerging-Market DebtEmerging-market central banks are joining their developed peers in pushing back against expectations of a rapid switch to cutting interest rates, souring the outlook for developing-nation bonds.
Lire la suite »
Canada’s envoy to Ukraine says Canadian support will outlast Russian invasionThe longer-term focus is getting Ukraine to a place where it can join the European Union and NATO military alliance
Lire la suite »