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Need Mortgage Help? Jennie or Chad can help. See Jennie's recent post below

 


Good Morning,


With the enormous amount of information being thrown at us right now, the following is a summary of the 'state of the mortgage union'


  • Firstly and importantly ALL major banks and the majority of non-bank lender and credit unions (so far) have announced they will be offering suspended mortgage payments for those who need it. This will be looked at on a case by case basis but potentially up to 6 months relief. Reach out to your lender or myself and I can give you the pertinent info to get in touch with the right people.


  • Due to the 2 cuts from the Bank of Canada, the Prime rate is down to 2.95% (at most institutions). for those with a variable rate or line of credit, this will have been a 1% reduction in your interest payment. However, to counter balance this, many banks have reduced the discount off Prime for new mortgages. If you have a variable rate mortgage it may take a payment or 2 for you to see the reduction.


  • Fixed rates are also down. The bond yields are extremely low which influences the 5 year fixed rate. If you have a rate currently in the 3% + range, it is worth a conversation on whether it will benefit you to re-finance to a lower rate now!


  • The Ministry of Finance has put the revised stress test - due to begin April 6th - on hold indefinitely. This would have meant that all mortgages that required CMHC insurance (5%-19% down) would have had a lower qualification benchmark rate and thus would have qualified for a slightly higher mortgage amount. I will advise when it is back on the docket!


  • Finally, there is plenty of positive news that is not reported on. The majority of folks fully recovering from this virus (including the elderly). China has closed down its last Coronavirus hospital as there are not enough cases to support them. Apple has re-opened all 42 stores in China! Cases in South Korea are declining.


  • Stay safe and reach out to me if you want me to crunch numbers for you or need the number for a lender to discuss the payment suspension option.


The sun is out, have a great day!



Jennie Shandley

Mortgage Specialist – Dreyer Group Mortgages Inc.

Member of the VERICO Brokers Network

Cell: 604-836-3317 Fax: 604-608-9307

jennie@jlsmortgages.ca

www.mortgageweb.ca/jennieshandley


 


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