We hope each one of you and your families are staying safe and healthy during this time. As we all watch the news, and follow the changes happening around us, we understand there is a lot of uncertainty about what is to come.
Because of the confusion and the many questions being asked, we would like to share our experience and thoughts and make sure you know we are here to support you as much as we can.
Refinancing for better rates and improved cash flow
We are currently dealing with a large volume of clients that want to refinance their mortgages to better rates and get some cashflow relief to help their families throughout this period.
As you probably know, rates went sharply down and then went up. Every mortgage is different, some clients would benefit from refinancing, whilst for others, it simply doesn’t make sense. We have already started calling clients who would benefit from refinancing and have advised them on how to proceed. If you would like us to review the numbers with you, feel free to talk to us.
Mortgage tools to cope with the ongoing change
We get questions about ‘bridge financing’ and ‘skip a payment’ options that were mentioned by Trudeau. The Big 6 banks announced that they will allow a few months of ‘skip a payment’ to whoever proves that they need it, but not all lenders have joined in. You might have some tools in your mortgage that help protect your investment at times like these. We obviously do not have all the answers to all questions, but we are here to analyze your data, review your mortgage contract, assess your choices and help you get you what you need.
Appraisal services as well as notaries and lawyers
There are also questions about appraisals, mainly around how they will be done in days of social distancing and how to complete a deal with the notary/public lawyer if we will be required to be self-isolation. We work closely with appraisers and solicitors to ensure a smooth process. Currently, it is still business as usual.
Thank you, technology!
Thankfully we can continue to support you because of our technology backbone. For the last few years, Sneg Mortgage Team has been operating remotely without the need to meet in person. It means that we’ll be able to keep on helping you and providing an accessible service without interruption.
At this time, well-being and safety are everyone’s top priority. We are determined to keep working hard to provide you with full communication, information and excellent service.
We are here for you as your first point of contact for any questions or concerns about existing or potential financing needs.
We are only a phone call away.
Keep safe, happy and healthy,
Rinat, Jacob, Manny and Rona