Canadians experience mortgage relief due to FCAC measures
December 19, 2024
Ottawa, Ontario – The Financial Consumer Agency of Canada (FCAC) has implemented a series of measures to provide mortgage relief to Canadians struggling with financial difficulties. These measures have been met with positive feedback from borrowers, who have expressed appreciation for the support they have received.
The FCAC’s mortgage relief measures include:
- Extending the deferral period for mortgage payments: Borrowers who are experiencing financial hardship due to the COVID-19 pandemic can now defer their mortgage payments for up to six months. This extension provides borrowers with additional time to get back on their feet financially without having to worry about making mortgage payments.
- Reducing interest rates on mortgages: The FCAC has worked with lenders to reduce interest rates on mortgages for borrowers who are facing financial hardship. This reduction in interest rates can save borrowers money on their monthly mortgage payments, freeing up cash flow that can be used to cover other expenses.
- Offering flexible repayment options: The FCAC has encouraged lenders to offer flexible repayment options to borrowers who are struggling to make their mortgage payments. These options may include extending the amortization period of the mortgage or reducing the monthly payment amount.
The FCAC’s mortgage relief measures have been welcomed by borrowers, who have expressed appreciation for the support they have received.
“I was really struggling to make my mortgage payments after I lost my job due to the pandemic,” said one borrower. “The FCAC’s mortgage relief measures have given me some much-needed breathing room. I’m so grateful for this support.”
The FCAC’s mortgage relief measures are part of the government’s broader efforts to support Canadians during the COVID-19 pandemic. The government has also introduced a number of other measures to help Canadians, including wage subsidies, income support programs, and tax deferrals.
The FCAC’s mortgage relief measures are expected to provide billions of dollars in relief to Canadian borrowers. These measures will help to ensure that Canadians can keep their homes during these challenging times.
Canadians benefit from mortgage relief measures through FCAC’s actions
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