Nick Bachusky, Mortgageinottawa.com
2725 Queensview Drive, Suite 500 K2B 0A1 Ottawa, ON, Canada

Here is a message from Evan Siddell, president of CMHC, on what you can expect from them in terms of short term payment relief from your mortgage.

Here is more information on mortgage deferments. 1. Deferred mortgage payments are discretionary. Lenders maintain the legal right to timely repayment of their mortgages and mortgage payment deferral...Continue reading

A mortgage deferral might not be the deal you think it is. Here’s why. 1. A mortgage deferral doesn't mean an interest-free holiday. ... 2. If you choose to defer, the interest accrued during the skipped periods will be added to the principal balance. This will make a difference in how much you end up paying in interest over the life of the mortgage. My take away: a deferral is not mortgage relief, it is simply the ability to skip a payment for a specific period of time and will be added to outstanding balance of your mortgage.

There will be some big changes coming to the economy, here are some way too early predictions from 4 leading economists

For anyone that has a mortgage closing coming up or knows someone who has and is wondering how lawyers are handling it, here is one perspective from a great lawyer in Ottawa. Please feel free to share!