Like many Canadians, Covid 19 might defiantly threaten your household income or personal/business finances. While there are various relief measures in place to ensure that Canadians can afford to keep roofs over their heads and food on the table, it’s uncertain as to how long the pandemic will last… and the relief measures implemented are limited (or on a case by case basis).
To nobody’s surprise, one search term that has become inherently popular in Canada is: “Covid 19 Mortgage.”
Though there is no such thing as a ‘Covid 19 Mortgage’ per say, our guess is that Canadians just need to know what the heck to do with their existing mortgage or upcoming purchase. Here is a list of what you need to know about Covid 19 Mortgage help:
Covid 19 Mortgage – Projecting for the next 3-6 months
- If you already have a mortgage, mortgage relief (deferral) is available at request and is approved on a case by case basis. This requires direct discussions with your bank or financial institution.
- Mortgage renewals, refinances, purchase financing and equity take outs (home equity line of credit or second mortgage) are considered essential services. As such, we are continuing to operate as usual (through modified processes) to meet your mortgage financing needs while also ensuring your safety and well-being
- Though not explicitly a Covid 19 Mortgage, second mortgages are increasingly popular to help get homeowners through this tough time. We have successfully altered the structure of these mortgages (with the participation of various lenders) to accommodate flexibility in monthly payments and shorter-term needs.
- Covid 19 Mortgage rates: During this time, clients with already existing variable mortgage terms are benefiting greatly from the major reduction on the key interest rate (and subsequently the bank’s prime lending rates) – directly tied to the current pandemic. Current market rates have been varying day to day. We recommend not to make any irrational decisions during this time as a result of pressure from external factors. Rather, seek out guidance & insight from us.
Covid 19 mortgage updates will continue to be shared by us through social media, Google Business, blog writing and email communication.
For immediate guidance and information, we’re continuing to remain on call for you.
Call us now at (905) 455-5005.