• Defer Mortgage Payments

    March 29, 2020
  • defer mortgage paymentsTo Defer or Not to Defer My Mortgage Payments. That is the Question

    At Robert Floris’ Mortgage Architects office, Sean Howard and I took many calls as to whether our valuable clients should defer their mortgage payments. It is quite simple to us that if your family has been affected by layoffs, reduced income or rental properties where tenants are not paying their rent, then yes, defer your payments.

    What Are the Benefits of this Government Help:

    1. Family First: You preserve cash for more important areas such as food and necessities

    2. Reduce Stress: It helps your family because you reduce your mental stress and financial stress

    3. Investments: You do not have to cash in investments which are at a low

    4. Avoid Higher Debt Credit: Credit cards are 19%. Other items, like Lines of Credit (unsecured), are at 8% and you prevent getting in trouble with other debt, which affects your overall cash flow

    5. Increases Your Cash Flow

    Will it Cost You in Some Way?

    Yes, nothing is for free, but in our humble and professional opinion, it is still an excellent deal. As an example, if you had a $400,000 mortgage with $2000 principal and interest payment and have 42 months left in your term, what will be the total cost? $700.

    Sounds like an easy decision to me. Save $1200 worth of payments and you control your cash flow. Preserve your stress level, cash is king, this is a rare, great gift from our Government.

    If you need to talk, call Sean and I. We want to help and assist your family or individuals to get through this crisis. Stay safe.

    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.

    If you would like to see our Google reviews or leave one yourself, you can do so here.

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