Joel Scott Mortgage Agent
338 Kenilworth Ave M4L 3S8 Toronto, ON, Canada

https://www.cmhc-schl.gc.ca//cmhc-reviews-underwriting-cri CMHC guidelines changing Canada day. They are going to reduce the amount that people can borrow and increase the credit scores needed.... This will impact first time buyers and likely condo prices and starter home prices. If making any offers, make sure that you are aware of what you qualify for under the new guidelines.

CMHC may not be allowing 5% down for much longer. If you are looking to buy for the first time, you may have to save up double the amount as before! With the covid 19 deferrals that many Canadians have taken, CMHC sees a need to increase downpayments. https://www.cmhc-schl.gc.ca//supporting-financial-stabilit

A couple of great 1st quarter accomplishments with Centum and monstermortgage.ca I am still working through the quarantine and happy to help with renewals, refinances, purchases and just to provide some advice!

Bank of Canada has dropped rates again. This time down 0.25%. Variable rates and your lines of credit are going to continue to drop in rate and give you more money through these hard times.

With the pandemic hitting Canada most lenders have put together programs to help those who have been temporarily laid off. If your employer or company has been forced to close, lenders and the government are looking to put together aid to help you through the tough times. It is recommended that you call to inquire about Employment Insurance and other government programs. If those programs are not enough for you and your family to make payments, then payment assistance or defe...rral is an option. It is recommended to call the lender directly to speak. Wait times will be longer, but they are there to help. Here is a list of contact numbers to help you if help is needed: Major Lender Customer Service Numbers: B2B (Laurentian Bank) 1-800-263-8349 BMO 1-877-895-3278 CIBC 1-800-465-2422 CMLS 1-888-995-2657 Equitable Bank 1-888-334-3313 First National 1-866-557-5509 Home Trust 1-855-270-3630 HSBC 1-888-310-4722 Manulife 1-877-765-2265 MCAP 1-800-265-2624 Merix 1-877-637-4911 option 4 RBC 1-866-809-5800 RFA 1-877-416-7873 RMG 1-866-809-5800 Scotia 1-800-472-6842 TD 1-866-222-3456 If you are one of the lucky ones that has job security and you want to look at options of taking advantage of the low rates, or are looking to take out money or add a HELOC for investing in the low market, email me at [email protected] to discuss. All of the lenders are seeing high volume, but are actively looking to help in these trying times. Stay safe!

The US Fed just cut interest rates to 0%. We may see a similar move by the Bank of Canada this week. Interest rates are all over the place, but housing prices have remained very strong and are showing to be a great asset to hold in this time.