Tim Yuen
580 Pembina Hwy Unit 4 R3M 2M5 Winnipeg, MB, Canada

Happy Holidays! Wishing you all a brighter 2021!

Mortgage Stress test falls again allowing buyers to get a larger mortgage at these ridiculously low rates. https://www.cbc.ca//business/mortgage-stress-test-1.5684685

Many people fear that reviewing your credit will significantly impact your credit score, when in fact your past behaviour on payment history, balance size in relation to your limit, and length of your credit history account for 80% of the impact on your score. Good thing is 1 credit review allows me to access multiple lenders.

Know your mortgage options or you could face massive mortgage penalties. https://www.cbc.ca//b/mortgage-penalty-pandemic-1.5588741

Here are some of the details from the Emergency Stimulus Package for Canadians. Lots of questions still, but good news. 1. GST credit - $400 single adults - $600 for couples 2. Child Tax benefit Top up - $300 per child added on top of what you receive already. 3. Student loan payments deferred... -6 month time frame -no payments -no interest accrual 4. Indigenous community based support fund 5. $200 million provided for community resources -Shelters/homeless needs -Sexual assault/transition homes 6. 10% wage subsidy for small-medium sized businesses for employees. -$25,000 per employer 7. Ensured Mortgage Protection Program -50 billion provided -payment deferrals -special payment arrangements 8. Bank Supports -auto loans - deferral of payments possible -contact bank directly -speak to your institutions 9. Personal Income Tax -payment before September. 1st/2020 - extended deadline for income tax payments owed -Filing deadline for Income Tax - June.1st/2020 10. Emergency support fund - $5 Billion -more info to come *Supply chains from groceries will maintain fair prices for Canadians Source: TMG Canada (The Mortgage Group) Trudeau unveils $82B COVID-19 emergency response package for Canadians, businesses | CBC News https://www.cbc.ca//economic-aid-package-coronavirus-1.550

For those asking about mortgage payment relief. Here is some info I borrowed from an industry colleague. All I can say is be patient as call volumes are through the roof. Try emailing their customer service departments. Lenders will get to you. Numbers are listed below. Every case can be slightly different and this is a trying time. DM or call me if you have questions about your situation. Mortgage Payment Relief - Covid 19... Insurers (CMHC, Genwroth, and CG) already had programs in place with the banks/lenders that allowed them to capitalize up to 4 monthly payments. Today they announced that they will consider extending the program to allow up to 6 months of capitalization provided that: 1. Original insured loan amount is not exceeded 2. Request to cap payments is received prior to Sept 3, 2020 3. Bank/lender confirms the capitalization is being applied reasonably to help mitigate short-term financial difficulty resulting from COVID-19. The insurers have several other default management tools available which include: payment deferral, loan re-amortization, and other special payment arrangements. All assistance options will be considered on a case by case basis. The programs are facilitated through the banks/lenders and therefore you should be directing your clients to contact their lender directly for further assistance. Some banks/lenders have their own assistance options as well. Here is a list of customer service numbers: B2B 1 800 263 8349 BMO 1-877-895-3278 Bridgewater 1-866-243-4301 CIBC 1-800-465-2422 CMLS 1-888-995-2657 Optimum 1-866-441-3775 Equitable 1-888-334-3313 Connect First 403-736-4000 Chinook Financial 403-934-3358 First Calgary Financial 403-736-4000 First National 1-888-488-0794 Haventree 1-855-272-0051 Home Trust 1-855-270-3630 HSBC 1-888-310-4722 ICICI 1-888-424-2422 Manulife 1-877-765-2265 MCAP 1-800-265-2624 Merix 1-877-637-4911 Marathon 1-855-503-6060 National Bank 1-888-835-6281 RBC 1-866-809-5800 RFA 1-877-416-7873 RMG 1-866-809-5800 Scotia 1-800-472-6842 Servus 1-877-378-8728 Street Capital 1-866-683-8090 TD 1-866-222-3456 See more

Great news! The "Stress Test" has been reduced for the first time since September 2016, down from 5.34% to 5.19% making it easier to qualify for a larger mortgage. If you're not familiar with the "Stress Test", think of it as an initiation test to see if you'd still be able to afford the mortgage if rates ever did go that high. https://www.canadianmortgagetrends.com//latest-in-mortgag/

You're invited to my open house today 1-3pm @ 454 Niagara St!