Brett Milton, Mortgage Agent
130 St Patrick Street West N1M1L5 Fergus, ON, Canada

As expected, the Bank of Canada announced today that it is keeping the overnight rate steady at 0.25%. It is expected the Bank will keep this target unchanged until well into 2023 to aid Canada's economic recovery. With this stable, low interest environment it’s never been a better time for qualifying homeowners to refinance to consolidate debt to improve cash flow, save interest costs and protect their credit scores. Get in touch any time for advice and a personal assessment of your situation if you need a new mortgage or want to change your current mortgage strategy.

Attention renters! Your rent payments can now build your credit score. It makes sense that those who pay their rent on time all the time have that counted towards their credit score. This will help those who are planning to buy a home at some point. It may better help them qualify for a mortgage and have access to the best possible rates. Read more here https://bit.ly/2GXW4yW

Are you preparing for homeownership? If so, be sure to get yourself mortgage ready well in advance to avoid stress and to be sure you can act when you find the perfect home. I'll give you important advice on your credit situation and downpayment strategies, and make a big difference in your homebuying journey. If you are ready to fall into homeownership, get in touch for the conversation you need to get where you want to go!

The CERB is ending October 3rd and will transition to a new form of Employment Insurance (EI). While still subject to Parliamentary approval, here are some key things to be aware of: 1. With CERB, everyone received $2,000 for each 4-week period. With the new EI, the amount received will depend on your earnings over your best 14 weeks of employment, with the minimum weekly payment at $400 (for 26 weeks) and the maximum at $573. So some people will receive more and some less t...han CERB. 2. EI is administered by Service Canada. If you were receiving CERB via Service Canada then you will be automatically transitioned over. If you were receiving CERB through Canada Revenue Agency, you need to apply through Service Canada. 3. It'll be easier than before to qualify for EI, after working as few as 120 insurable hours. 4. You can earn income from employment or self-employment while receiving benefits. 5. If you cannot resume work and are self-employed and therefore not eligible for EI, the Canada Recovery Benefit provides $400 a week for 26 weeks. Additional programs are available if you are sick and need to self-isolate, or if you need to care for a child, dependent or family member due to COVID.