Although our physical doors may be closed to respect the CDC and Government of Canada’s guidelines, our ability to help you during this time is not. We can chat over the phone, email, text or start a video call anytime.
If you have questions or are looking for advice about your mortgage/investments, we are all here to help, any day, any time. Our time costs you nothing.
The new normal for us is simply being present! Our team members are operating out of their homes, and in Eilisha’s case, a cabin in the Cariboo. Jordi and Dave Browne are available 24/7 to provide you with the latest news and counsel for everything mortgage-related, while Eilisha brings a sense of calm and order during an unpredictable time. Dave Saran is as focused as ever and Stephanie is utilizing her home office and creative noodle to produce innovative and exciting content for the Browne brand.
We are all trying to make a new “normal” from home, whether it’s; supervising a son building his own skateboard ramp, teaching your daughter to drive a golf cart, watching an eagle dive bomb a fish on the frozen lake, homeschooling, or playing the Nintendo Switch that your boss lent you. Regardless of your new “normal” it’s important to maintain structure and also pursue mental and physical health.
Every day it seems like we are watching our TV screens waiting for more news from the Canadian Government and their support to its Canadian citizens during this time.
We hope by sharing this Canadian COVID-19 Economic Response Plan we can clarify and show you how the government plans to help during this time.
Our team at Browne Mortgages + More are here for any questions you may have. Call, text, or ask to arrange a video call!
→ EFFECTIVE March 23, 2020 ←
The Bank of Canada will be reducing the qualifying rate by 0.15%, from 5.19% down to 5.04%.
Resulting in a 3% increase in qualifying ability, also equivalent to $15,000 more house for every $500,000
This change will not only make it easier for first time home buyers to get into the housing market but also allows access to more equity for home renovations, debt consolidation, etc.
- Access to more equity
- Buy more home
Refinancing your home, choosing to be proactive in reactive times
With uncertain times ahead we are receiving a lot of calls regarding taking equity out of people’s residences. Some people are doing this as they are concerned about being off work for an extended time, others are using this time to refinance all off their debt and putting it into one simple payment, while there are people just looking to take advantage of these new low rates to lower their interest on their mortgage.
If you are in the group of people that are concerned about their employment I would suggest doing this before any changes at work as lenders will not lend to anyone who is not working.
The government has set limits on the maximum you can borrow against your house and the chart is below
This type of financing that Baars received the loan amount into as much as 80% of the value of their house. Lenders allow these homeowners to pay for the refinanced mortgage for a long period of time, and their interest rates are generally lower compared to the rates of other types of personal loans.
|Appraised value of your home
|Maximum loan you may get
|Loan amount based on appraised value of your home
|Less balance you owe on your mortgage
|Refinancing credit limit
There are many valid reasons for you to refinance your home, and there are certainly several advantages that come with doing so if accomplished at the right time. We believe the right time is now, to successfully access your home’s equity and to secure another loan with more favorable terms while providing yourself with emergency funds in uncertain times.
Contact our Brokers as Browne Mortgages + More to talk about refinancing your home today!