Skip to content

CategoryMortgage News

6 month mortgage deferral

6 month mortgage deferral will help, not harm, despite what media say.

6 month mortgage deferralWe’ve all heard about the 6 month deferred mortgage payment option.  It was thrown out there by the government in an attempt to help property owners.  We now have some more info that I’d like to share.

I’m getting a little sick and tired of the media being so negative and pessimistic.  The banks and other financial institutions are offering to defer mortgage payments for 6 months. This is GOOD news. While it might not seem that way if you read some of the media posts, let’s clear things up:

  •  NO, it won’t harm your credit rating.
  •  NO, it isn’t expensive. Read on…
  •  NO, this isn’t automatic. Your mortgage payments will not be forgiven for 6 months without calling anyone. But most lenders are happy to postpone your payments without much fuss.

Continue reading “6 month mortgage deferral will help, not harm, despite what media say.”

Help for small and medium sized business owners

Help for small and medium sized business owners

Help for small and medium sized business owners

The Business Development Bank of Canada (BDC) is devoted exclusively to entrepreneurs.

Here is a quick outline of some BDC Financing Options

Online Financing:

  • Been in business for more than 2 years (at least 24 months of sales)
  • Looking for a loan of $100,000 or less
  • They can fill in the application using the link below.  If they don’t have a rep, leave it blank 

https://www.bdc.ca/en/financing/pages/default.aspx

If you require more than $100,000, there is another program being offered by BDC which the details have yet to come out. Rumor has it will be based on completion of (a) statement of personal affairs form by each shareholder (b) application for financing and (c) last 2 years of financials prepared by a CPA

Support for entrepreneurs impacted by the coronavirus COVID-19

Effective March 18, 2020, new relief measures for qualified businesses include:

  • Working capital loans of up to $2 million with flexible repayment terms such as principal postponements for qualifying businesses;
  • Postponement of payments for up to 6 months, free of charge, for existing BDC clients with total BDC loan commitment of $1 million or less;
  • Reduced rates on new eligible loans;
  • Additional details regarding Business Credit Availability Program (BCAP) measures, including industry specific support, to be announced in the coming days.

View BDC.ca special support initiative to learn more.

As always, I welcome your comments, calls and questions.

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Your best interest is my only interest.

Important Mortgage Updates Thursday March 19

Mortgage Updates 03-19-2020

Important Mortgage Updates Thursday March 19

Welcome to today’s update.  

Canada and the banks announced a six month deferral of mortgage payments.  I have been fielding many calls on how this works and the answer is different for each financial institution.  I will be posting updates as they become available. Some of the financial institutions have not yet come out and said they will give a full six months of deferred payments, while others have. It’s still early but I will keep you informed as the details roll out.

Another update on the rates. Fixed rates are up again slightly. Variable rate pricing for new applications has increased as well. Most financial institutions are now offering variable rates at prime (Prime: 2.95%) or just minus .05%. No surprise as stock market jitters is spooking everyone.

This will pass and we will come out okay on the other side of this. That’s my message.  We’re all in this together and we will come out of it together. Call or message me if you need anything. My team and I are here to help.  

Steve Garganis 416 224 0114 steve@mortgagenow.ca

Important Mortgage Updates

Important Mortgage Updates 03-18-2020

Important Mortgage Updates

There have been many changes lately and there will be many more to come. As this is a critical and fast-moving situation, I wanted to get these updates out and will be updating you regularly as we all work through this.

We’ve all heard about the Bank of Canada rate cuts.  Two one-half percent rate cuts in less than two weeks. Unprecedented. And while common logic would dictate that mortgage rates would fall, that’s not exactly happening.

Continue reading “Important Mortgage Updates 03-18-2020”
STOP Beware of Special Offers

Beware of those so-called 'SPECIAL OFFERS' from your Banker or Mortgage Lender

STOP Beware of Special Offers

Stop… don’t sign any mortgage renewal, refinance or other mortgage offer from your banker. It is important to remember that they are not your friend. They are employees of a huge corporation paid to push you into the most profitable product for the bank.  

Here’s what you need to know…

Continue reading “Beware of those so-called 'SPECIAL OFFERS' from your Banker or Mortgage Lender”
%d bloggers like this: