New Paragraph

Monthly Newsletter April 2020

CoryVance • April 10, 2020

As I write this month’s newsletter I hope you and your families are healthy and making the best of the current environment. No blog or announcement would be complete without a sincere THANK YOU and appreciation for all health professionals and first responders who are tasked with one of the most important jobs in keeping those around us healthy. I also wanted to thank those who are now considered Essential Service providers for everything they are doing each day to support us. As we have learned things can change quickly and what we once thought was important may have changed as we all focus on our health and families during this time.

I think we can all try to play a part in some small way as we help each other to make it through. Whether it is helping someone that may find it difficult to get out or even making that call to check-in. Small deeds pay massive dividends. On that note I wanted to let you know, as past clients, that if you have any questions on anything finance or mortgage-related to please reach out. I am always happy to provide any education, advice or insight on financial matters.

For the past two weeks, the top question I am getting is Mortgage Payment Deferrals. Judging by the mass outcry of payment deferral requests, approaching 500,000, I will try to cover here in a few key points:

A payment deferral is NOT a waiving of payment or a free gift from your lender.
Payments deferrals should only be requested if you have been impacted or will be impacted by COVID-19.
There will be additional interest costs in deferring your payments (interest on interest). Your mortgage payment WILL increase at some point to pay back these deferred payments. This payment increase will occur at one of three times: 1) The end of the payment deferral period 2) The end of the mortgage maturity or 3) The end of your mortgage amortization. The longer you wait the bigger the increase in your payment and the more the interest this will cost you. However, NONE of this matters if you do not have the income or funds to make your payment so please take advantage of this option before your payment goes past due.
This WILL NOT impact your credit score as long as you contact your lender and have received the approval to defer your payments. DO NOT just stop making payments for 6 months.
Requests to defer payments will vary from lender to lender but remember they may want to know if you have been impacted by COVID-19.
Some lenders have set up online forms to get further info or make the request to defer payments. This will be better than calling your lender directly. Contact me if you want your specific lender’s info.

Once again, every one situation is different so I would encourage you to reach out to discuss your situation and develop a strategy to get through this period and understand the impact of the deferrals on your mortgage payment.

The next top question is to review the Government of Canada announcements and significant resources to help Canadians which now total more than $100 billion dollars.

Click here for the link with further details:
https://www.canada.ca/en/department-finance/economic-response-plan.html
Within this page, you will find details on the Canada Emergency Response Benefit (CERB). This one will be the one that most should focus on especially Self Employed. The start date to apply for this benefit is currently set on April 6 and will be phased. You should apply to access it through your online CRA account. If you do not have this set up please start NOW because it may take 5-10 business to get a code to get access to the online account.

As always if you have any questions Mortgage Payment Deferrals, Mortgage Rates or anything mortgage please reach out.

Stay Well,
Cory

Share

RECENT POSTS  

Co-Signing a Mortgage in Canada: Pros, Cons & What to Expect

By Cory Vance • October 13, 2026
Co-Signing a Mortgage in Canada: Pros, Cons & What to Expect Thinking about co-signing a mortgage? On the surface, it might seem like a simple way to help someone you care about achieve homeownership. But before you sign on the dotted line, it’s important to understand exactly what co-signing means—for them and for you. You’re Fully Responsible When you co-sign, your name is on the mortgage—and that makes you just as responsible as the primary borrower. If payments are missed, the lender won’t only go after them; they’ll come after you too. Missed payments or default can damage your credit score and put your financial health at risk. That’s why trust is key. If you’re going to co-sign, make sure you have a clear picture of the borrower’s ability to manage payments—and consider monitoring the account to protect yourself. You’re Committed Until They Can Stand Alone Co-signing isn’t temporary by default. Even once the initial mortgage term ends, you won’t automatically be removed. The borrower has to re-qualify on their own, and only then can your name be taken off. If they don’t qualify, you stay on the mortgage for another term. Before agreeing, talk openly about expectations: How long might you be on the mortgage? What’s the plan for eventually removing you? Having these conversations upfront prevents surprises later. It Affects Your Own Borrowing Power When lenders calculate your debt service ratios, the co-signed mortgage counts as your debt—even if you never make a payment on it. This could reduce how much you’re able to borrow in the future, whether it’s for your own home, an investment property, or even refinancing. If you see another mortgage in your future, you’ll want to consider how co-signing could limit your options. The Upside: Helping Someone Get Ahead On the positive side, co-signing can be life-changing for the borrower. You could be helping a family member or friend buy their first home, start building equity, or take an important step forward financially. If handled with clear expectations and trust, it can be a meaningful way to support someone you care about. The Bottom Line Co-signing a mortgage comes with both risks and rewards. It’s not a decision to take lightly, but with careful planning, transparency, and professional advice, it can be done responsibly. If you’re considering co-signing—or want to explore safer alternatives—let’s connect. I’d be happy to walk you through what to expect and help you decide if it’s the right move for you.

Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart

By Cory Vance • September 29, 2026
Why a Mortgage Pre-Approval Protects Both Your Head and Your Heart There’s no denying it—buying a home is an emotional journey. In a competitive market, it can feel like you need to stretch beyond your comfort zone or bid above asking just to have a chance. That pressure can make it hard to separate what you want from what you can realistically afford. One of the biggest pitfalls buyers face is falling in love with a home that’s outside their price range. Once that happens, every other property seems like a compromise—even the ones that might have been a perfect fit otherwise. The best way to avoid this heartache? Get pre-approved before you start shopping. What a Pre-Approval Does for You A mortgage pre-approval gives you more than just a number—it provides clarity, confidence, and protection: Know your buying power : Shop within your true price range and avoid disappointment. Spot potential roadblocks : Uncover issues like credit bureau errors before you make an offer. Get organized : Learn exactly what documentation you’ll need so there are no surprises. Lock in a rate : Many lenders hold your rate for 30–120 days, giving you peace of mind if rates rise. Save yourself heartache : Protect yourself from falling for a home you can’t afford. Head vs. Heart Buying a home is about balance. Your head tells you what’s financially sound, your heart tells you what feels right—and both matter. A pre-approval helps bring those two sides together, so you can make confident choices without emotional stress clouding your judgment. The Bottom Line Looking at properties for fun is one thing—but if you’re serious about buying, a pre-approval is the smartest first step you can take. It sets realistic expectations, saves time, and protects your emotions along the way. If you’d like to explore your options and get pre-approved, I’d be happy to walk through the process with you. Let’s make sure you’re ready to shop with confidence.

STAY INFORMED

Subscribe to my newsletter

STAY INFORMED