So much has changed since we did our Fast Five back in March hasn’t it? We never would have predicted the current crisis that the world is in as it battles the COVID-19 Pandemic. As we continue to provide you with updates and information, we thought it would be helpful to do a round-up of the 5 major changes that have taken place. We invite you to visit our COVID-19 Resource Page for a full list of updates and check out our weekly mortgage industry update which can be found here, here, and here.
Here are the top 5 things you need to know for the month of April (so far!)
1. Mortgage Deferrals Available
During the Covid-19 Pandemic, many lenders are offering mortgage deferrals up to 6 months. Contact your Lender for more details or visit your lender’s website or view our complete lender list HERE.
2. Interest Rates Have Dropped
The Bank of Canada has made 3 rate cuts in the past 3 weeks. This has an impact on Variable Rate Mortgages only, but some lenders have also been dropping their fixed rates. Contact your Broker for more information or view more information by clicking HERE.
3. Help for Renters & Landlords
Currently, there is a rent subsidy available for those who need it + a freeze on rent increases and a freeze on all evictions. You can read more or apply HERE.
4. The Federal Government has announced an Economic Response Plan to help Individuals
As we move through this time and the pandemic there are several resources that are becoming available through the Federal and Provincial Government. It is a little difficult to keep track of them all!
We’ve compiled a list of them that you can view by clicking HERE.
5. GLM is here to help you!
GLM Mortgage Group is still operating and we are well equipped to continue servicing our clients at this time. Our team works remotely which means that we can follow public health prevention recommendations while staying 100% dedicated to our customers.