The Assessment was Inspired by the Latest Changes in International Lending Standards IFRS 9
The founder of Ross Taylor & Associates, a mortgage team based in Ontario, is pleased to announce they are now offering complimentary mortgage renewal assessments to all homeowners across Canada.
To learn more about Ross Taylor & Associates and the services they offer, please visit their Toronto Mortgage Brokerwebsite.
As a company spokesperson noted, due to the latest changes in international lending standards IFRS 9 (International Financial Reporting Standards) which will be coming into play at the end of 2018, homeowners may not qualify for automatic mortgage renewal.
“The mortgage renewal process is starting to resemble the initial mortgage application process at the time of purchase. Lenders are assessing your credit history, your income and employment, the quality and value of your property. And they will price your mortgage renewal accordingly.”
He went on to say “Our new mortgage renewal assessment provides a thorough review of your personal financial circumstances; looking at you as your mortgage lender will. And we will advise if any changes are needed, and also if renewing early may be the best option.”
The spokesperson added that prior to IFRS 9, homeowners with an impeccable mortgage repayment history didn’t have to worry about their mortgage renewal. In fact, Ross Taylor & Associates have helped many clients over the years whose situations were less than ideal, and their renewals still were approved with no issues.
Now, with IFRS 9 upon us, the spokesperson noted, lenders will now need to set aside more reserves on a file, in case there is a major change in the homeowner’s profile. The way a lender will decide this is to update the information on the client every now and then, with the renewal date being the most logical time to do this. The value of the home, the homeowner’s job status and his or her credit will impact these reserve requirements, the spokesperson said.
Thanks to their new comprehensive mortgage renewal assessment, the friendly and experienced team at Ross Taylor & Associates is fully prepared to assist people through the changes resulting from IFRS 9, and advise clients on what proactive steps they should do prior to renewal time.
“Talk to a mortgage broker anytime in the year leading up to your renewal date. Have a complete check up on all critical components and get in front of any issues,” the spokesperson noted.
About Ross Taylor & Associates:
Ross Taylor & Associates specialize in difficult mortgage situations, and is one of the only mortgage teams in Ontario with an in-house BIA registered insolvency counsellor, as well as excellent relationships with several Trustees in Bankruptcy. They are Agents with Concierge Mortgage Group, FSCO Brokerage License # 12179.
Their team brings years of experience, creative solutions and a strong commitment to delivering results every time. Their passion to help people buy their dream home, get their debt under control and stop worrying about payments or dodging collection agencies is what motivates them – every single day. For more information, please visit https://askross.ca/mortgage-services.
Media Contact : Name Ross Taylor
Media Contact : Email firstname.lastname@example.org
Media Contact : Phone 416-989-1000
Street Address: 5050 Dufferin St. Suite 213
City / Town: North York
State / Province: Ontario, M3H 5T5