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Bank of Canada Update – July 2020

 

As we continue to navigate Covid-19, rest assured that mortgage rates have remained low.  It is a great time to renew or refinance your mortgage to take advantage of the rates and use the savings to pay down debt or to save for future expenses. 

Each province is moving at its own pace, re-opening businesses allowing Canadians to go back to work. This is good news as it helps get the economy going again with increased cash flow.  If you are recently back to work and need to take a look at your finances to figure out the best way to proceed, contact me so we can review your financial situation together.  If your goal is to purchase a home, refinance, or sell a rental property or cottage, we will assess together the best way to make it work for you.  There are several solutions, and finding the right one for your needs will create a win-win. 

The small business economy is starting to bounce back based on stage 2 and 3 re-opening schedules.  This is excellent news for small businesses and those eager to spend their dollars helping them recover from the shut-down.  As a small business owner, if you are considering purchasing your space, leasing your space, or finding a new space, we can help you navigate the market to find the best solution for your needs.

With low-interest rates and government assistance programs continue to provide relief, conducting a financial audit will allow you to see the best course of action for you moving forward.

Refinancing

Do you need some extra liquidity?  Refinancing with low rates will give you peace of mind as you will have liquid cash if required.  Using your home equity to your advantage will reduce stress levels as you get back on your feet.

Renew/Renegotiate Your Mortgage

It is a perfect time to renew your mortgage. If you are getting close to your renewal date (remember you can renew up to 6 months prior to your renewal date), it is worth checking into.  The rates are low, and there are several options available for homeowners.

Consolidated Payments

If you deferred payments and are ready to start again, there is often a way to consolidate debt, so you have one payment instead of several smaller ones.  This will allow you to tackle one payment and add any extra savings you have to paying it down.  This year has been unconventional in just about every way, so if you want to explore this option – let’s figure out how to make it work for you.  

No matter what financial situation you find yourself in, there are always solutions to help you manage your finances. This year may have set you back, or changed your plans, but as financial experts, we will help you move forward with confidence.  Being organized is the best way to understanding your options.  Contact our office today, and together we will get you moving in the right direction.