MY COMMITMENT TO YOU
Our team values the safety of our employees, client, and community. We have made the decision to temporarily close down our office for in-person visits and appointments, but will continue to be here for you. This wasn’t a decision we took lightly, but while COVID-19 continues to have an impact, we want to take the safe route for everyone. We are continuing with business as usual but have moved to an entirely virtual work environment. These are challenging times and we are committed to our clients and community.
WORKING WITH THE LENDERS TO SUPPORT YOU
Our team is working with lenders to stay up-to-date on what measures are being put in place and how they impact our clients. We have created a list of FAQs to help you navigate all of the information that is being published. If you have further questions, please send Geri an email personally at geri_janes@me.com or get in touch below.
KEEPING YOU UP TO DATE AS WE LEARN MORE
As we continue to get new information, we will update the FAQ section to help you navigate the most pressing questions of this time. The government and banks are providing new information almost daily, and we are here to help you understand what these announcements mean for you.
Frequently Asked Questions
CAN I GET A MORTGAGE IF I GET LAID OFF?
Unfortunately, there is not a one size fits all answer to this question. If you have an existing pre-approval this will change your qualification and can negatively impact your ability to be approved for your mortgage.
Banks and lenders are empathetic to the uncertainty in the marketplace and are working with mortgage brokers to have a better understanding of whether you will qualify under the same or different terms. You should speak to an unbiased mortgage professional if you are in the process of getting a mortgage or are considering getting a mortgage and have concerns that you might be laid off.
WHAT PROGRAMS ARE AVAILABLE IF I'M UNABLE TO MAKE MY MORTGAGE PAYMENT?
Many banks and lenders are offering programs to help support you if you face financial difficulties and are unable to make your mortgage payments on time. These programs are payment deferrals, which is similar to the bank loaning you the interest owed. This will increase the principal balance of your existing loan and in most cases, this interest will compound. This leads to a higher total cost of borrowing and will increase the cost of your loan over time.
It is important to speak to your lender or an unbiased mortgage professional to review your options. If you need to get in touch with your lender, you can find contact numbers for the major banks and lenders here.
HOW WILL CHANGING RATES IMPACT MY MORTGAGE?
If you are in a variable rate mortgage product you will see changes in your payment or amortization. If you are in a fixed-rate product you will not see any changes.
For consumers in a variable-rate mortgage, it is possible to break your mortgage and refinance if you could be getting a better rate. This depends on your situation and will not benefit everyone equally. An unbiased mortgage professional can help you by reviewing your existing mortgage, your financial goals, and the products available to you to determine whether you will benefit from refinancing your home.
WHO SHOULD I TALK TO ABOUT MY CURRENT MORTGAGE?
If you are concerned about your existing mortgage it might be a good time to talk to a mortgage broker. If you are facing financial difficulties, you will find contact information above for your lender. Many banks and lenders are offering financial assistance through payment deferrals. This is not the same as free money and will lead to additional interest accruing on your loan that will eventually need to be repaid.
If you are up for renewal or have a mortgage rate of more than X%, you may benefit from talking with a mortgage broker. An unbiased mortgage professional can help you with your financial goals and make sure you’re getting a product that fits your needs.
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We’re in this together
The past few weeks have been some of the craziest in my career. I’ve spent hours on the phone every day with clients, lenders and my partners.
Throughout all of this, my team has been incredible and it’s all made me realize how grateful I am for this community. We will continue to be this source of information and support for you during challenging times. And lastly, we will all get through this together.
Sincerely,
Geri
