Talking Mortgages During Covid19
  
Something that this pandemic has taught many, is just how exposed and vulnerable we are. In other words, we carry on day in and day out like busy little bees – throwing money at things that we don’t have time to do.
We either have time or money, and every rarely does the see-saw balance in the wind equally calibrated. Right now, we all have more time than we have ever had! Some people will find themselves losing ground fast -> What should we be doing right now to self-insulate?
https://youtu.be/AxA1_WiPBEU
75% Wage Subsidy + $40K Loans to Business Owners
Small businesses will now be able to receive up to 75 per cent in federal government funds in order to keep paying their employees during the COVID-19 pandemic – up from the previously announced 10 per cent subsidy plan. (Link here)
Also, under the new Canada Emergency Business Account, storefront businesses will also qualify for up to $40,000 in loans which will be interest-free for one year, with up to $10,000 forgiven, Trudeau said. Business owners will have until June to pay GST and HST payments while taxes on imports will also be suspended. (Link here)
What is Really Going on with Interest Rates Currently?
It is nearly impossible to turn on the TV or radio and not hear about the COVID-19 pandemic. The economic impacts of this virus are being felt around the world, and Canada is no exception. During March 15 - March 31 - we saw an astounding number of rates changes DAILY! Thi sought to have been a record somewhere.
Over the last month we have a dramatic drop to Prime rate, which is currently resting at 2.45%, and there is a lot of confusion about what interest rates are actually doing.
Although Prime rate is at a historic low, interest rates have been on the rise since March 19 due to the overall volatility in economics. Lenders are no longer offering discounts off Prime Rate for variable rate mortgages and Insurable fixed rates are between 2.49%- 2.69% and Uninsurable up to 3.29%.
On the whole, financing is very affordable so do not let this deter you from taking action. However, if your existing mortgage is under 3.29% now is not a time to refinance as fixed rates are currently higher than that. If you NEED the money to access your equity - we can look at doing a blend and extend where we don;t break your current mortgage but get you new money.
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