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The Top Debt Relief Programs for Canadians

The Canadian government has implemented several debt relief programs targeting household liquidity constraints. These programs allow individuals to push off payments and lower their interest rates.

One program makes it possible for homeowners to pause their mortgage payments for up to 6-months and use the freed-up cash flow to pay back bad high-interest debt.

Despite potential savings of over $4 billion, these programs have not reached the majority of those who could benefit from them and enrolment has been limited: only 24% for mortgages and 7% for credit cards. Research suggests that close to 80% of eligible homeowners were unaware of these debt relief programs.

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When to Refinance Your Mortgage

At some point in your mortgage journey, you’ll likely find yourself considering refinancing. Refinancing your mortgage can be a great way to obtain a better interest rate, shorten the term of your mortgage, or convert from an adjustable-rate mortgage (ARM) to a fixed-rate mortgage. Additionally, it allows you to tap into home equity and access funds for various purposes – such as dealing with a financial emergency or consolidating debt.

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