With the precautions being taken by local, provincial and federal governments to avoid the spreading of the Covid-19 virus, it is only normal that we inform our clients of what to do in regards to their mortgages – as well as the protocols in place for our services during this period.

Your mortgage

The Covid-19 spread has affected global markets and economies in a very significant way. Central Banks such as the Bank of Canada (BoC) have reacted quickly using policy rate reductions in order to halt or slow the impacts of the growing global pandemic. Sunday March 15th the US federal reserve brought their overnight lending rate to 0%, an unprecedented reduction, on a weekend no less.  The BoC who lowered rates twice by 0.50% in the last 10 days (March 4th and March 13th) is expected to react again soon.  This means that taking a look at your mortgage is a smart choice.

If you are not currently in a contract but will be buying a home soon, it would be in our opinion a wise choice to consider looking at a variable rate.  Current rebates on variables remain interesting and this presents a certain opportunity.

If you already have a mortgage and you are up for renewal in the next 6 months NOW is the time to take a look and make some strategic choices. Consult us by email so we can get this process started as soon as possible.

If you have a mortgage but you are not up for renewal, it is still wise to see what should be done. BEFORE contacting us, here is what you need to have as information:

-          Current mortgage balance

-          Date of renewal

-          Current mortgage rate

-          Penalty in case of breaking mortgage now before end of term

-          Current estimate of the market value of your home

Please make sure to have ALL this information available before contacting us by email as the volume of requests are high and we wish to assist as many as possible! For the mortgage balance, renewal date and penalty, you can contact the toll-free number of the financial institution that holds your mortgage.

All choices and strategies are case per case and no one should make any decisions based on comparing their situation to friends, family, colleagues or what they read in the media. Each situation should be looked at carefully and a choice should be made based on the individuals needs, goals and risk tolerance.

What Steps are We Taking?

During this period, it is important we act responsibly while providing the services you need to be well informed and to choose the right mortgage. Here are the protocols in place:

-          We remain open 100% with no reduced hours. Brokers and employees have been instructed to wash hands often and remain at home in self-quarantine if any have travelled or if themselves or family experience any symptoms.

-          We offer clients the option of virtual meetings via our platform or phone meetings but remain open to meet clients one-on-one in person if they so choose. All surfaces are disinfected after a meeting and no shared paper or pens are used.

-          Employees wash hands before and after any meeting and have been instructed to greet clients warmly but without any physical contact in any way.

We believe that these steps will allow clients the flexibility to choose what options fit best for them and allow them to get the advice they need in the setting they feel most comfortable, while keeping them safe with reasonable and intelligent protocols.

We remain committed and engaged to all of our clients and thank you all for your continued support and confidence in our services.

RLH