Mana Peyravi, Mortgage Agent Team Leader, Mortgage Alliance

YOUR BUSINESS EFFECTED BY COVID-19????ASK YOUR BANK TO DIFFER YOUR MORTGAGE FOR SEVERAL MONTHS

Coronavirus: Need help with mortgage payments? There are options If you're struggling to make your mortgage payments, there is help.

Due to COVID-19 virus, The Bank of Canada today lowered its target for the overnight rate by 50 basis points to 1.25 per cent.

Bank of Canada cuts interest rate: Read the official statement Bank of Canada lowers its key interest rate by 50 basis points to 1.25 per cent

Purchase + improvement could be an ideal program. If you find your dream house and looking for extra cash to renovate it, contact me at [email protected] or 647-897-1101 to get more information.

The federal government is changing the stress test rate for insured mortgages starting April 6:

The new minimum qualifying rate will be the greater of the borrower’s contract rate or the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus 2%. (Insured mortgages are those in which the borrower has less than a 20% down payment. They’ve been subject to the stress test since 2016.)

Banking regulator makes changes to stress test for mortgages | Investment Executive Finance department says change will allow minimum qualifying rate to be "more representative of rates offered by lenders"

Condo gains push Canadian housing starts to a 4-month high

Condo gains push Canadian housing starts to a 4-month high - BNN Bloomberg CMHC says the annualized pace of urban starts increased 9.8 per cent in January to 202,407 units.

4 Tips to Know Before Buying a House

1. Check Your Credit Score
A credit score is a rating (between 300 and 900) used by lenders to assess the amount of risk they face in extending credit to you. In general, the lower your score, the less likely you are to be approved for a loan.

2. Save for a Down Payment
In Canada, people can deposit for down payment as minimum as 5% if they are applicable through bank. Usually Trust companies and Private lenders need minimum down payment of 20%.

3. Save For Closing Costs
While saving for a down payment should be a top priority, put aside some money (generally 1.5 to 4% of the home purchase price) to cover future closing costs. These are legal and administrative fees paid at the closing of a real estate transaction but keep in mind if you are not qualified by a bank then lender and broker fee might be added to the cost.

4. Get a Mortgage Pre-Approval
Consult with a financial advisor to know the maximum amount of a mortgage you could qualify for and estimate your mortgage payments.
If you are not able to get a mortgage due to bad credit, lack of provable income document or other reason set down by banks or trust companies, contact Merci Capital Lending Company

Mana Peyravi, Mortgage Agent Team Leader, Mortgage Alliance updated their business hours.