(Reuters) – Canada’s banking regulator stated on Wednesday it will make it simpler for customers to switch banks when they restore their homemortgages by gettingridof a guideline that market gamers have long lobbied versus.
Most homemortgages have terms of 5 years or less, compared with the 30-year term that is the standard in the United States.
It is typical practice to switch loanproviders in search of enhanced interest rates however without altering the quantity or payment schedule – a so-called straight switch.
From Nov. 21, debtors will no longer requirement to professional