While we know the most important thing we are dealing with right now is an unprecedented health crisis, we also know that it is a super stressful time for many people from a financial standpoint.
We are happy to hear that both our Provincial & Federal governments have announced many measures to help everyone through this time, and those financial aid programs continue to be expanded as the need grows.
So what can we do right now to be proactive?
✅Check out all of the programs being offered to homeowners(including mortgage payment deferral), families & businesses to see what you can benefit from:
Canada’s COVID-19 Economic Response Plan:
There are a number programs available through your lender to defer mortgage payments & we recommend you contact your lender or your mortage broker to discuss your options.
Check out this informative Blog on the subject from our colleague, Candice Carr, mortage expert form TMG, including contact info for all of the major lenders.
Also, here are some great tips on how we can take control from BNN Bloomberg’s Pattie Lovett-Reid:
"On a personal level:
- Be razor-sharp on what your expenses are over a two, or maybe three-month period.
- Pull back on discretionary spending.
- Get clarity around your company's salary policy if you become ill and have to stay home.
- Interest rates have been lowered by the Bank of Canada, so get to know your numbers in terms of reduced mortgage payments, loan payments etc. Expect the banks to provide clarity on this in the coming days. You might consider asking for mortgage payment relief for a month to free up cash flow.
- If you are having trouble making ends meet, reach out to all your creditors and request temporary relief. You are not in this alone.
- Look to negotiate all contracts and possibly suspend contracts and memberships where you can"
Check out the entire article here:
"Amid a crisis, take control where you Can"
We work with great mortgage brokers and we recommend you talk to a specialist to find out what options will work best for you right now, for both existing mortgages and also if you are considering a buying a home at this time.
Of course if you have questions about what's happpening with the Real Estate market in Regina, feel free to reach out to us....we're happy to help!
We will all get thought this together with a plan!
~ Karin & Jen