Happy Easter and Happy Long Weekend,

• It was a more stable week in the mortgage world this week, the stock Market is another story, with not too much news or activity. Most people seem to be settling into now to the new reality and waiting to see what happens next.
• Mortgage rates have settled down and we do not expect to see too much movement in nay direction for the next few months. Remember lenders have now reduced their prime rate on the variable products so the variable product is attractive again.
• It is business as usual, but we seen a slow down in applications which is expected given the circumstances.
• We are seen some lenders tighten up there lending guideline on some products but nothing too drastic yet. With the Government interventions, who are now helping to insure refinance mortgages too I do not believe lending guidelines will change that much.
• Lender will be more diligent on verification of income and will most likely wait until closer to closing to do so.
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Government Program Updates
• For those of you applying for assistance through the Government personal and business programs remember you can apply directly through your CRA online personal and business accounts. For the small business loans up to 40k you apply through your bank.

Have a great weekend.

Take care
Robert Clancy