Lloy Adams Mortgages
17 York St n6a 1a3 London, ON, Canada

Bank of Canada Mortgage Benchmark Rate has dropped from 4.94% to 4.79%. Not a drastic change however this could make a small but positive impact on your pre-approval maximum purchase amount. As always, reach out for a free, no obligation pre-approval :)

Not good for home owners. Just sharing the article, I’m unaware of anything beyond this so that I cannot answer questions at this time for you. https://torontosun.com//cmhc-spending-a-quarter-million-on

This made me giggle . While taking applications, I’ve seen a lot of faces cringe, sorry, I made my email address when I was a teenager.

PLEASE always speak to a mortgage professional that you trust! Having the bottomed out rate is important but equally as important is understanding the product. I work with big banks, credit unions, monolines and private lenders and can explain the differences with no bias. https://www.cbc.ca//bu/mortgage-penalty-pandemic-1.5588741

Deferring or Skip a Payment should always be your very LAST option. Please see the link in my comments to better understand how these options work. Deferring is not just a matter of delaying payment, it is a costly option. That said, I know that in these uncertain times it can sometimes be your only option. If that’s the case, then please note the phone numbers. Understand that lenders are inundated with calls and your patience will be needed.

For those of you hoping to qualify for a higher purchase price after April 6th, there is further unfortunate news as a result of COVID-19: OSFI also announced it will suspend all consultations on regulatory matters, including on the proposed new Benchmark Rate for the minimum qualifying rate for uninsured mortgages until conditions stabilize. As a result, the government is suspending the coming into force of the new Benchmark Rate for the minimum qualifying rate for insured mortgages until further notice.

Bank of Canada announced another drop in overnight rate. Fixed MORTGAGE rates are already INCREASING as of midnight last night by some lenders. By Monday the remainder will undoubtedly follow suit. If you renew in the next 4 months or are considering a refinance, reach out. I’ll be available all weekend to try and help you get in while rates are low. Keep in mind that if rates do go back down, you will still get that lower rate. But if they go up further, you’ll have the low rate secured.

Rates are dropping!! Don’t miss out! If your mortgage is up for renewal in the next four months, get your rate secured. If rates drop further, you’ll still get the lower rate, but if they rise, you’ll have the lower rate booked! Win-win!!! Give me a call for free advice on how to take advantage of the low mortgage rates! I work with the big banks, credit unions and monolines.

The Bank of Canada doesn't always follow the U.S. Federal Reserve but it did today. Will be interesting to see how mortgage rates are affected. https://business.financialpost.com//bank-of-canada-cuts-ra

Good news! https://globalnews.ca//mortgage-stress-test-change-insure/

8 years deep and I still feel exactly the same. I’m fortunate to be so in love with my career and I’m so blessed to have such incredible clients