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Canada’s banking regulator has announced plans to streamline the process for borrowers looking to switch banks when renewing their mortgages. This move comes as a relief to industry players who have long pushed for this change. In Canada, most mortgages have shorter terms, typically five years or less, unlike the 30-year norm in the United States.
It is common for borrowers to switch lenders in search of better Interest rates without altering the amount or repayment schedule, known as a straight switch. Starting November 21, borrowers will no longer be required to prove their income meets the Minimum Qualifying Rate when opting for a straight switch. This change will provide borrowers with more options, especially those facing higher Interest rates at renewal than those experienced in recent years.
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Emma Collins, graduated in Financial Economics from the University of Chicago in the USA in 2016. She has since worked at an asset management firm in New York, where she specializes in investment strategies and portfolio management. Emma has a keen interest in financial analysis and has published several articles in renowned financial journals. Her work focuses on providing actionable insights to investors, and she is known for her forward-thinking approach to managing financial portfolios.
