Advice from a mortgage lender: Three simple ways to save Canadians billions in credit interest during this unprecedented crisis

Many Canadians are struggling with significant cash flow and income issues while monthly expenses remain the same.

Banks and credit card companies are unhappy with the government’s request to alleviate the burden of high interest credit card rates. But a lack of action will cause a major real estate market crash in Canada in the next 12 months. One of the main purposes of buying a home is to build up equity for a rainy day. Allow Canadians to refinance their homes up to 90 per cent, and allow CMHC and mortgage insurance for all refinances of 60 to 90 per cent loan to value.

The liquidity will also help prevent a real estate crash. People will not be forced to sell their home to tap into their equity, which may be their only choice now, but will keep their homes and use the equity to pay down other financial obligations.

Interesting proposals!!! Wonder if any can make it?

How about now allowing interest on interest...or only having interest accrued from the day of the statement, not the day of purchase.

People who own property are rich enough to navigate this crisis. All focus should be on low-income citizens.

holding all this land in Canada is crimes against are freedom in Canada

We need a debt jubilee to save the worlds economy

Get ready for a great depression Trudeau led Liberals emergency plans for small business's is a complete disaster in the making. Small business's don't want more debt via loans they need immediate grants that don't have to be paid back or massive bankruptcies & job losses follow.

I have heard from a very reliable source self isolation and lockdowns in Canada will last until Sept 2020.

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