JSMedia – In the past year, Canadian mortgage customers have been able to get a home loan without the help of a bank, but the situation has changed since then. Non-bank mortgage lenders are now stepping in to help, and they’re adding $47.9 billion worth of residential mortgages to their balance sheets in Q2. But the situation isn’t perfect. There are many challenges in the industry, and the industry isn’t growing at the pace it needs to.
Mortgage lenders, including non-banks, have been offering mortgage relief. According to the Q2 Advisor’s Edge, non-bank lenders deferred payments on $25.4 billion in mortgages during the second quarter. Of this amount, two-thirds of these deferrals were for uninsured loans. There were also 35,026 insured mortgages that were deferred.
The recent economic crisis has prompted non-bank lenders to ease their lending guidelines. In Q2, non-bank lenders granted payment holidays to $25.4 billion worth of mortgages. About two-thirds of these mortgage deferrals were for uninsured loans. In all, these non-bank lenders deferred payments on 65,346 insured mortgages. These deferrals represent a sluggish housing market and a sluggish economy.
Non-Bank Mortgage Lenders Offer Relief in Q2
Credit unions, however, are another option. Although they’re a bit more expensive, credit unions are member-owned and run as nonprofit businesses. Their lower interest rates and lower loan terms make them a good choice for many people. But there are several caveats. While non-bank lenders are offering relief now, experts worry about their viability during a financial crisis.
As a result of low interest rates, homeowners are more likely to remortgage their homes, a trend that will likely continue. This is a good thing. Remortgaging can be a great way to generate income. In addition to saving money, remortgaging your home can also increase your equity. Moreover, non-bank mortgage lenders are more flexible than ever, so they are more flexible.
If you are a service member, you might also qualify for benefits under the Servicemembers Civil Relief Act. But you should know that these benefits are available only to eligible service members. For this reason, you should consult with your Home Lending Advisor about your eligibility. If you’re a veteran, you’ll want to discuss the benefits with your adviser. Alternatively, if you’re not a servicemember, you can ask your Home Lending Advisor about SCRA.
If you’re a servicemember, you might be eligible for benefits under the Servicemembers Civil Relief Act, or SCRA. The SCRA is only applicable to eligible servicemembers, so it’s best to discuss your eligibility with your Home Lending Advisor. If you’re a veteran, you can also qualify for the SCRA. It’s a law that allows the government to provide benefits to veterans who have served in the armed forces.