Amy Cathcart

The COVID-19 pandemic has created a very uncertain and unprecedented social and economic climate for all Canadians. While we worry about the safety and health of our families, friends and our communities, the stressors of every day responsibilities can weigh heavily. If you've been impacted by COVID-19, your financial institution may be able to help provide some relief. Attached you'll find more information, as well as phone numbers for lenders and banks that our brokerage works with. If you require any assistance at all, or wish to reach out with other questions, please don't hesitate. I'm here to help.

Canada Mortgage and Housing Corporation (CMHC) and other mortgage default insurers (Genworth and Canada Guaranty) have been proactively working with lenders to help borrowers who may need some relief with mortgage payments while Canada weathers the #COVID19 pandemic. Even if your mortgage isn't default insured (i.e. you purchased with a 20% or more down payment, or you’ve refinanced to pull some equity), there are a lot of things your mortgage holder can do to help (extend a...mortization, cap interest, change payment frequency, among other measures). Check in with your mortgage expert to see what options might be available to you. I’m happy to answer any questions you might have during this unsettling time. You can send me an email at [email protected] or reach me through this page.

In an unexpected move, Bank of Canada just cut the overnight rate by another 50 basis points, bringing it to 0.75 per cent. This will have an impact on variable or adjustable rate mortgages and lines of credit (but not fixed rates). We’ll have to wait to see if the full cut is passed on to borrowers. "The central bank already cut its rate to 1.25 per cent at a previously scheduled meeting on March 4 to help counteract the impact of the coronavirus.... But Friday's unexpected and unscheduled move shows just how seriously policy-makers are taking the economic threat that COVID-19 presents." If you have any questions about what this means for you, please reach out. I’d be happy to help.

The U.S. Federal Reserve cut its interest rate by 50 basis points yesterday. In a parallel move, the Bank of Canada cut its benchmark interest rate by 50 basis points today. We’ll soon see if banks pass down further savings to customers. If you’re buying a home, your mortgage is up for renewal in the next few months, or you’re looking to pull some equity for debt consolidation or home renovations, I’d love to get together to discuss the best mortgage strategy for you and you...r family, given these changes. We all work hard for our money, and I take great pride in keeping more money in my clients’ pockets, while providing personalized service, at no cost. I’m looking forward to hearing from you!

Becoming a homeowner is a huge step, and with the right guidance and planning, this dream can become a reality for many people looking to break out of the renting market, and into the real estate market. If you’re looking to stop paying down someone else’s mortgage and start investing in your own future, I’d love to help you realize your dream!