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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

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Tips to Pay Off Your Mortgage Early

By Cory Vance • November 10, 2026
Owning a home feels great—carrying a large mortgage, not so much. The good news? With the right strategies, you can shorten your amortization, save thousands in interest, and become mortgage-free sooner than you think. Here are four proven ways to make it happen: 1. Switch to Accelerated Payments One of the simplest ways to reduce your mortgage faster is by moving from monthly payments to accelerated bi-weekly payments . Instead of 12 monthly payments a year, you’ll make 26 half-payments. That works out to the equivalent of one extra monthly payment each year, shaving years off your mortgage—often without you noticing much difference in your budget. 2. Increase Your Regular Payments Most mortgages allow you to boost your regular payment by 10–25%. Some even let you double up payments occasionally. Every extra dollar goes directly toward your principal, which means less interest and faster progress toward paying off your balance. 3. Make Lump-Sum Payments Depending on your lender, you may be able to make lump-sum payments of 10–25% of your original mortgage balance each year. This option is ideal if you receive a bonus, inheritance, or other windfall. Applying a lump sum directly to your principal immediately reduces the interest charged for the rest of your term. 4. Review Your Mortgage Annually It’s easy to put your mortgage on auto-pilot, but a yearly review keeps you in control. By sitting down with an independent mortgage professional, you can check if refinancing, restructuring, or adjusting terms could save you money. A quick annual review helps ensure your mortgage is always working for you—not against you. The Bottom Line Paying off your mortgage early doesn’t require a massive lifestyle change—it’s about making smart, consistent choices. Whether it’s accelerated payments, lump sums, or regular reviews, every step you take helps reduce your debt faster. If you’d like to explore strategies tailored to your situation—or want a free annual mortgage review—let’s connect. I’d be happy to help you find the fastest path to mortgage freedom.

Bank of Canada Raises Rate to 2.5% — October 28, 2026

By Cory Vance • October 28, 2026
On October 28, 2026, the Bank of Canada raised its key interest rate by 0.25%, bringing it to 2.5%. If you have a mortgage, are shopping for a home, or have a renewal coming up, this decision matters. Here is a plain-language look at what changed, why it happened, and what it could mean for you.

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