The Assessment was Inspired by the Latest Changes in International Lending Standards IFRS9
NORTH YORK, ON / ACCESSWIRE / May 29, 2018 / The founder of Ross Taylor & Associates, a mortgage agent based in Ontario, is pleased to announce that they are now offering complimentary mortgage renewal assessment to all homeowners across Canada.
To learn more about Ross Taylor & Associates and the services that they offer, please visit https://askross.ca/mortgage-services/.
As a company spokesperson noted, due to the latest changes in international lending standards IFRS9 (International Financial Reporting Standards) that will be coming into play at the end of 2018, homeowners may not qualify for automatic 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. Our new mortgage renewal assessment provides a review of your financial situation and advice if renewing early may be the best option," the spokesperson noted, adding that prior to IFRS9, homeowners with an impeccable mortgage repayment history didn't have to worry about 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 the changes in IFRS9 that are coming soon, 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 that 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 mortgage renewal assessment, the friendly and experienced team at Ross Taylor & Associates is prepared to assist people through the changes in IFRS9, and help them to be approved for their renewal, as well as 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 is one of the only mortgage teams in Ontario with an in-house BIA registered insolvency counsellor and 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 collections agencies is what motivates them- every single day. For more information, please visit https://askross.ca/.
Media Contact : Name Ross Taylor
Media Contact : Email [email protected]
Media Contact : Phone 416-989-1000
Street Address: 5050 Dufferin St. Suite 213
City / Town: North York
State / Province: Ontario, M3H 5T5
Contact:
Ross Taylor
[email protected]
416-989-1000
SOURCE: Ross Taylor & Associates