The Impending Mortgage Stress on Canada's Major Banks: Possible Strategies for Banks and Consumers to Mitely its Impact
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Many Canadian homeowners are extending their mortgage amortization periods upon renewal, effectively lowering their monthly payments but increasing the overall interest paid. Canadian banks are offering extended amortizations, beyond 25 years, without requiring homeowners to show proof of a financial hardship, leading some experts to worry about longer-term financial implications for homeowners and the economy as a whole. #CanadianRealEstate #MortgageAmortization #HomeOwnership 🏠💸📈 Español: Muchos propietarios canadienses están ampliando los períodos de amortización de sus hipotecas tras la renovación, lo que efectivamente reduce sus pagos mensuales pero aumenta el interés general pagado. Los bancos canadienses ofrecen amortizaciones extendidas, más allá de los 25 años, sin exigir a los propietarios que muestren pruebas de dificultades financieras, lo que lleva a algunos expertos a preocuparse por las implicaciones financieras a largo plazo para los propietarios y la economía en su conjunto. #CanadianRealEstate #MortgageAmortization #HomeOwnership 🏠💸📈
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Many Canadian homeowners are extending their mortgage amortization periods upon renewal, effectively lowering their monthly payments but increasing the overall interest paid. Canadian banks are offering extended amortizations, beyond 25 years, without requiring homeowners to show proof of a financial hardship, leading some experts to worry about longer-term financial implications for homeowners and the economy as a whole. #CanadianRealEstate #MortgageAmortization #HomeOwnership 🏠💸📈 Español: Muchos propietarios canadienses están ampliando los períodos de amortización de sus hipotecas tras la renovación, lo que efectivamente reduce sus pagos mensuales pero aumenta el interés general pagado. Los bancos canadienses ofrecen amortizaciones extendidas, más allá de los 25 años, sin exigir a los propietarios que muestren pruebas de dificultades financieras, lo que lleva a algunos expertos a preocuparse por las implicaciones financieras a largo plazo para los propietarios y la economía en su conjunto. #CanadianRealEstate #MortgageAmortization #HomeOwnership 🏠💸📈
