• Can the Coronavirus Affect Mortgage Rates?

    Is the world ending? You would think so after this week. Stock markets are tanking, toilet paper is being treated as gold, borders are being restricted, oil prices are hemorrhaging and interest rates are sliding. Why? Well the Coronavirus is serious and the problem is we really do not totally understand. The global financial markets are believing the worldwide virus will lead to a recession. If there is an economic slowdown, Canadian society will change. Businesses and revenue will slow down and the common worker (including myself) will be affected. The affects will be that companies will reduce overtime, reduce hours and begin layoffs. Canadian mortgage rates have been lowered in anticipation of the economy they expect.

    What to do? Re-evaluate your family situation. Ensure your cash flow can survive for the next several months. If you have an emergency fund, well done. If not, are your debts high robbing you of cash flow? Consider consolidating your debts. Take the difference and start building a nice nest. Consider how stable your income is and ensure you put in a personal financial plan into place.

    Robert Floris is a Mortgage Broker. His office is located at 651 Fennell Avenue East in Hamilton, Ontario. If you would like to speak with Robert, he can be reached at 905-574-9200 #215. Alternatively, you can contact Robert here.

    If you would like to apply for a mortgage online, please follow this link.

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