Jeff Herrington - Mortgage Specialist

05/03/2024

Today is and a great reminder that now is the best time to get the Life Insurance you need 💚

11/15/2023

Home Sales Plummet In October Housing affordability is the number-one issue causing the significant decline in housing activity, adding to PM Justin Trudeau’s political problems. With the growing impact of unaffordable housing and the slowing labour market, activity in the real estate market shoul...

11/03/2023

Have lending rates peaked? Let's hope so!

09/07/2022

Interest rate hike again, going up another .75%. That’ll mean an increase in your variable rate payment that works out to $35/month for every $100,000 in mortgage balance.

06/04/2022

More rate hikes. Rates are back to where they were just previous to Covid.

The Bank of Canada Hikes Rates Again By 50 bps. The overnight rate target now stands at 1.5% as BoC sees inflation rising from 6.8% April reading. - https://mailchi.mp/339f6edcab4a/the-bank-of-canada-hikes-rates-again-by-50-bps

04/13/2022

Prime rate will be increasing from 2.70% to 3.20% with most lenders. That means that Variable Rate Mortgages will also be increasing by .50%. That will increase your mortgage around $26/month for every $100,000 of mortgage you owe 🏡 💵

Out-Sized Jump In Bank of Canada Policy Rate. Bank hikes overnight rate by 50 bps to 1.0% and announces the start of quantitative tightening. - https://mailchi.mp/a3657654a8c6/out-sized-jump-in-bank-of-canada-policy-rate

03/31/2021

Thanks to Zancope Notary in Langley for the nice Easter box.

02/19/2021

Don’t forget to complete your speculation tax declaration. Should have received them in your mail in the last couple weeks.

06/05/2020

New tougher qualifying guidelines brought in by CMHC (buyers with less than 20% down). IE: Household income of $100,000 qualifies for a $500,000 (ish) mortgage until July 1. After July 1 that drops down to around $443,000 (ish). Basically after July 1 any new buyers will qualify for around 12% less. Please let me know if you have any questions.

03/31/2020

Here’s some info for people with a TD mortgage that are looking to/wondering how to go about deferring mortgage payments.

How does a TD Mortgage Payment Deferral work?

Customers who are experiencing financial hardship can request to defer the equivalent of up to six monthly payments. Interest will continue to accrue and is capitalized (i.e. added to the outstanding balance) on each payment date. This will increase the outstanding balance. Mortgage payment deferrals will not impact the customer's credit bureau if the account was in good standing at the time of the deferral and remains in good standing.

Customers have the option to defer their Critical Illness and/or Life Insurance premiums (if applicable). At this time, this option is available by phone.

If TD pays property taxes on the customer's behalf, the customer can choose to include taxes as part of the deferral or continue to have the property tax payment amount taken from their account. Note: Deferred property tax payments will be adjusted during the annual property tax billing change and regular payment amounts will increase.

The option to defer mortgage payments also applies to rental properties.

How can customers request a TD Mortgage Payment Deferral?

Brokers are not permitted to request a mortgage payment deferral on a customer’s behalf. Customers can reach out to TD in the following ways:

Visit our TD Website at www.td.com/covid19 to submit an online mortgage payment deferral request via EasyWeb online banking. Customers will receive an email response notifying them of the outcome of their application. This is the most convenient option to request a TD Mortgage Payment Deferral.
Reach out to us by phone at 1-888-720-0075.

We know you may be receiving an increased number of customer inquiries. We thank you for your patience and ongoing collaboration during these challenging times.

Contact:
For more information and updates on COVID-19 and how TD is ready to help customers, visit www.td.com/covid19.

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03/15/2020

CMHC, Canada Guaranty and Genworth along with several lenders are working on allowing clients unable to work and having troubles affording their mortgage payment to defer for up to 6 months. If you have any questions please let me know.

02/26/2020

Little clarification on GST on Assignments and Resales.