by Sandra Lastovic
The COVID-19 pandemic is significantly affecting our lives in so many ways. You might be experiencing uncertainty about job security and your ability to pay your bills. At our office, we are working and here to help. 
If you find your family’s cash flow dwindling, you’ll want to revisit your budget and mortgage now. Don’t be embarrassed if you don’t have a budget! We’ve helped hundreds of people develop one that’s simple and helpful. 
On the other hand, you might find yourself in a strong financial position; remember, there’s an old adage that lenders like to loan you money when you need it the least!
Regardless, doing a mortgage check-in if your mortgage is renewing anytime in the next year is a good way to be proactive. If we’re able to save you some money and help improve cash-flow you’ll benefit from that.

Here are some common reasons to revisit your mortgage now:

  • Financing home renovation projects
  • Consolidating high-cost consumer debt
  • Assisting with a down payment for children to buy their first home
  • Funds to pay CRA tax arrears
  • Paying off a consumer proposal early
  • Combining a first and second mortgage
  • Accessing equity to invest in other properties or the market
  • Downsizing to a smaller home 

The Takeaway

For those of you renewing your mortgage in the next year and you have a fixed-rate mortgage you’ll want to consider renewing early. Mortgage-lenders are now becoming more stringent with their employment criteria. What you may find is limitations on what you can do. But never fear we always have good options available to meet your budget and also bring you through this transition (especially if your bank has already said no).
Contact us if you’d like to review your situation and find out the next steps that are right for you: www.skipthebank.ca/landing-pages/book-your-appointment/