Happy (Almost) Spring!
I hope everyone is staying healthy and safe!!!
We share the sentiments of everyone right now that the global impact of the COVID-19 virus has turned our world upside down. This crisis along with the crash of the oil industry at the same time has resulted in the perfect storm; creating the market panic that we are witnessing right now. Unlike the financial crisis of 2008 where there was substantial distrust in the financial system, this is simply a panic created by non-financial factors.
This leads us to assume that the markets will turn around quickly as hopefully soon the oil issues will eventually resolve themselves. That is providing us with some comfort, knowing that we can ride this global issue out without panic, and be right back on track for growth once we tackle this global pandemic.
All the positive signs remain in the market:
The pipeline is approved and funded by the Federal Government and no oil company production concerns should derail the construction of the pipeline.
The stress test is reducing – this enables first-time homebuyers to get into the market as the softening of the stress test will help people qualify.
Record low-interest rates. With rates, very low people can secure mortgage pricing.
Facetime or Phone appointments available for Refinance and Purchase transactions!!!
The impact of the containment measures will certainly put a strain on personal finances if there are work shutdowns and income flow problems. We are here to support you in any way we can.
What our team is doing to help you or any friends or family right now, is making ourselves available via email, Facetime, and phone, to process refinance applications if needed. We have the ability to refinance a home up to 80% of the current market value. This may give the ability to access much-needed cash to assist in making it through this medical emergency. Please feel free to pass along our contact information to anyone that may need it as our team will be working full time via our home offices and as always are available 24/7!
We are currently hearing and seeing our Lender partners are working with individualized solutions which may include holding a mortgage payment for 30 days up to 6 months of deferred payments. Borrowers will be asked questions specific to their situation so that they can best plan the impacts of the crises for the near and far future. We ask that you be patient with their agents during this difficult time. They are working hard to make this a swift and accurate process and want to take the time to be able to answer all your questions.
Please keep in mind the temporary payment solutions we are offering are not debt forgiveness. These are payment deferrals that will provide peace of mind to your clients in the short term. To learn more about payment deferrals the contact your lender directly or for further clarification please contact our office via email at: devinandwes@yourmortgagenow.ca
What a Week!!!!
Well, that was a week like we have never seen in 20 years of working in the industry!!! The Bank of Canada dropping the base lending rate a full 1% in just over a week caused our phones to explode!!! Along with the large drop on the BOC rate, the 5 yr bonds have also taken a big hit!
The 5 yr bond yields have dropped to levels lower than they were in 2016. This has translated into some of the lowest fixed rates also not seen in the last 20 years.
So, please remember, we are here to help you make sense of what is happening and we know this is changing day by day. Please keep well and don’t hesitate to reach out.
Please note that our office is closed to the public effective March 23rd, 2020. We are still available via the following methods:
Office: (306) 244-7755
Devin Cell: (306) 380-6049
Wes Cell: (306) 380-6039
