A Mid-Pandemic Mortgage Checkup?
Team Gill • May 6, 2020
If you’ve been sitting on the sidelines waiting to see the full impact of COVID-19 on the economy before asking any pressing questions about your financial situation, now might be a good time for a mid-pandemic mortgage checkup!
Here is a list of questions that have come up in the last couple of weeks.
- Should I make an application to defer my mortgage payments?
- I have already deferred my mortgage payments, how will this impact me down the line?
- My job is on hold, and I’m collecting assistance, but my mortgage term is up for renewal, what are my options?
- I’d like to refinance my mortgage to increase my on hand, can this be done?
- I have a variable rate mortgage, is now a good time to lock in?
- How does my mortgage rate compare to the rates available on the market now?
- Are rates going up, or down, or both? Should I wait, or act now?
- I’m looking to buy a new property, will anyone give me a mortgage?
- I paid off my mortgage years ago; I have a property, can I borrow money using my house to help my kids?
If you’d like answers to any of these questions or have different questions of your own, please contact us anytime to discuss your mortgage and your personal financial situation. We’d be more than happy to discuss all your options.
Share
Sign up to to our newsletter to hear weekly updates on market news, timely buyer/seller tips, and up to date rates
Mick & Sheila Gill
CANADIAN MORTGAGE EXPERTS
RECENT POSTS
Your credit score is one of the most important numbers in your financial life — especially when it comes to getting a mortgage. But for most Canadians, how that number actually gets calculated remains a bit of a mystery.
Why the Cheapest Mortgage Isn’t Always the Smartest Move Some things are fine to buy on the cheap. Generic cereal? Sure. Basic airline seat? No problem. A car with roll-down windows? If it gets you where you're going, great. But when it comes to choosing a mortgage? That’s not the time to cut corners. A “no-frills” mortgage might sound appealing with its rock-bottom interest rate, but what’s stripped away to get you that rate can end up costing you far more in the long run. These mortgages often come with severe limitations—restrictions that could hit your wallet hard if life throws you a curveball. Let’s break it down. A typical no-frills mortgage might offer a slightly lower interest rate—maybe 0.10% to 0.20% less. That could save you a few hundred dollars over a few years. But that small upfront saving comes at the cost of flexibility: Breaking your mortgage early? Expect a massive penalty. Want to make extra payments? Often not allowed—or severely restricted. Need to move and take your mortgage with you? Not likely. Thinking about refinancing? Good luck doing that without a financial hit. Most people don’t plan on breaking their mortgage early—but roughly two-thirds of Canadians do, often due to job changes, separations, relocations, or expanding families. That’s why flexibility matters. So why do lenders even offer no-frills mortgages? Because they know the stats. And they know many borrowers chase the lowest rate without asking what’s behind it. Some banks count on that. Their job is to maximize profits. Ours? To help you make an informed, strategic choice. As independent mortgage professionals, we work for you—not a single lender. That means we can compare multiple products from various financial institutions to find the one that actually suits your goals and protects your long-term financial health. Bottom line: Don’t let a shiny low rate distract you from what really matters. A mortgage should fit your life—not the other way around. Have questions? Want to look at your options? I’d be happy to help. Let’s chat.
