Tag Archives: female home owners

COVID-19 pandemic: Tips to remain ‘sane and safe’ during social distancing

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Photo: Crystal Eye Studio/Shutterstock

Muncie, IN — Maintaining a routine, helping others and taking time to focus on self-care are among the tips one Ball State University professor is sharing to help people stay “sane and safe” while practicing social distancing during the COVID-19 pandemic.

Jagdish Khubchandani, a health sciences professor, has 15 recommendations to “counterbalance” the physical and psychological effects of social distancing, which involves reducing close contact with others in an effort to help stop the spread of the disease, per guidance from the Centers for Disease Control and Prevention.

Khubchandani’s tips:

  • Maintain a routine. As much as possible, social distancing should not disrupt your sleep-wake cycle, working hours and daily activities.
  • Make social distancing a positive by taking time to focus on your personal health, training, diet, physical activity levels and health habits, as well as reassessing your work.
  • Cook for yourself and others in need. Add more fruits, vegetables, vitamins and proteins to your diet. (Most U.S. adults don’t consume enough fruits and vegetables). Eat two or three meals a day.
  • Go for a walk or exercise at home. “Definitely go out in nature as much as possible. Only half of American adults today get enough exercise.”
  • Don’t let anxiety or being at home lead to binge eating or alcohol and drug use. Don’t oversleep, but try to sleep at least seven hours a day.
  • Know that social distancing can cause anxiety and depression because of disruption to routines, isolation and fear over a pandemic. If you or someone you know is experiencing either, help is available.
  • Make the best use of technology to finish your work, attend meetings and engage with co-workers with the same frequency required during active office hours. “The good news: Working from home can make people more productive and happier.”
  • Small breaks during social distancing are also good times to reassess your skills and training – consider taking an online course, pursuing certification, undergoing training or personality development, or learning a new language.
  • Engage in spring cleaning, clear clutter and donate household items. Home clutter can harbor pollutants, lead to infections and result in unhygienic spaces.
  • Social distancing shouldn’t translate to an unhealthy life on social media. Although you can certainly become a victim of myths, misinformation, anxiety and fearmongering, you can also inadvertently become a perpetrator, creating more trouble for communities.
  • Based on the Bureau of Labor Statistics’ American Time Use Survey and leisure-related time-spending patterns worldwide, “too much time” is spent on screens. Except for one to two times a day to watch, read or listen to national news for general consumption and local news for updates on the spread of COVID-19 in your community, you’re likely overconsuming information and taking away time for yourself and from friends and family.
  • Reach out to others and offer help. Social distancing should help reinvest in and recreate social bonds. Consider providing for and helping those at risk or marginalized (e.g., the elderly, disabled and homeless; survivors of natural disasters; and people living in shelters). “You will certainly find someone in the neighborhood who needs some help.” This can be done from a distance via a phone or by online activities, as well as giving.
  • Check your list of contacts on email and your phone. It may be a good time to check on your friends’ and family members’ well-being. This will also help you feel more connected, social, healthier and engaged. “Be kind to all; you never know who is struggling and how you can make a difference.”
  • Engage in alternative activities to keep your mind and body active. For example, listen to music or sing; try dancing or biking, yoga or meditation; take virtual tours of museums and places of interest; sketch or paint; read books or novels; solve puzzles or play board games; try new recipes; and learn about other cultures.
  • Don’t isolate yourself completely – social distancing shouldn’t become social isolation. Don’t be afraid, don’t panic and do keep communicating with others.

“Social distancing can be tough on people and disrupt the social and economic fibers of our society,” Khubchandani said. “Given the existing crisis of isolation in societies — with probably the loneliest young generation that we have today — social distancing can also take a personal health toll on people, causing psychological problems, among many others.”

Source: Safety & Health The Official Magazine – March 18, 2020

 

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Deferred Mortgage Payments: A Credit Score Gamble?

Last week, the President of the Canadian Bankers Association announced that all six major banks would offer deferral payments on their mortgages and other credit products. Just like many public announcements over the last couple of months, many were left with more questions than answers.

One question that still has yet to be answered is, how deferred mortgage payments might affect your credit score? Equifax recently announced, “In the event that a [lender] makes a credit relief or payment deferral program available to its consumers to opt out of making monthly payments during the pandemic, Equifax’s expectation is that the [lender] would take actions on its system to ensure that it does not report any derogatory/missed payment information to the credit bureaus that is misaligned with the program it has implemented.”

millennials in debtScott Hannah, B.C.-based CEO of the non-profit Credit Counselling Society, was quoted in the Globe and Mail as saying, “I don’t see creditors punishing consumers for being as responsible as they can under circumstances beyond their control.”

Many financial professionals have been posting messages online and sending emails to reassure the public and their clients that a deferral payment will not affect their credit score.

I agree that Canadians should not have their credit affected by deferred payments, although I predict a much different reality for consumers starting April 1. Lenders update the payment history of each credit account electronically to Equifax and TransUnion.

In order for these deferred payments to not be reported to the credit reporting agencies as late, as Equifax alluded too, the lender would need to “take actions on its system to ensure that it does not report any derogatory/missed payment information to the credit bureaus.”

Lenders big and small have been bombarded with phone calls that have put pressure on their personal and electronic systems. Are you willing to gamble your credit score and assume that every lender has updated its reporting system?

Millions of Canadians have found errors in their credit reports. For over a decade, I personally have received thousands of calls from consumers stating that a customer service rep told them one thing, only to find out that it was reported incorrect on their credit report.

In reality, it doesn’t matter what the customer service rep, the government, or what the industry experts tell you. If the lender’s internal system sees it as a late payment, that is how it will report. No one will know for sure if all these deferred payments will report correctly or not.

might a mortgage payment deferral affect your credit scoreWe can all agree that the amount of deferred payments over the coming months is unprecedented. For this reason, I expect an increase in the amount of mortgage, loan and credit card payments reporting incorrectly on Canadian credit reports.

Even with the chance that a deferred payment will show up as a late payment, many Canadians will still need to take advantage of such programs being offered by banks.

For those that don’t really need to defer their payments this month, I suggest you wait until it is necessary. A deferred payment is not free money. You will have to pay the lender back with interest.

Any delay is just going to increase the amount on future required payments. My hope is that, going forward, underwriters or those reviewing credit applications will be lenient on any late payments during the COVID-19 pandemic.

However, I am positive that the credit scoring system will not show much sympathy. On average, one late payment will drop your score 20 to 40 points.

A low credit score, regardless if it was caused by an error or not, will make it much more difficult to qualify for best-rate financing, renting, some employment opportunities and discounted insurance premiums. This is not to say your life will be over, but it will take at least 6 to 12 months for your credit to recover.

For those who have no choice but to request a deferred payment, here are some ways to protect your credit.

  1. Request electronic or written confirmation that the payment is being deferred.
  2. Ask for the employee number or service rep’s name that confirmed your deferred payment.
  3. Write down the day and time you talked to the customer service rep.
  4. Place all supporting documentation and record keeping in a safe place where you will actually remember where to find it.
  5. Track both your Equifax and TransUnion credit reports for at least the next few months
  6. If you do see an error, reach out to your lender and the credit reporting agencies to open up a dispute.

mortgage payment relief announcedI’m sure the thought of making another call might be overwhelming for the hundreds of thousands of Canadians who have already spent hours on the phone to request the deferred payment.

For anyone who has something better to do than to spend hours listening to the annoying automated voice and elevator music, I suggest you start with suggestion number three.

I don’t want to create panic or be like Chicken Little saying the sky is falling. The point I sincerely want to get across is that reporting errors are common and always have been.

It is unrealistic to think there won’t be any errors as a result of the increased demand for deferred payments. Regardless of what happens, now is the perfect time to monitor and learn how to better protect your credit.

Source: Mortgage Broker New
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Consumers could face hit to credit scores, jump in payments from mortgage deferrals

‘You’re going to get hiccups in this process; it’s never happened before,’ expert says

Details of RBC’s mortgage deferral program, obtained by CBC News, reveal the option will be available to all mortgage holders but in a way that appears to ensure the bank will not lose money in the short term and may even come out ahead. (David Donnelly/CBC)

Canadians couldn’t get answers on mortgage deferrals at Canada’s biggest bank because information and eligibility requirements kept changing almost by the hour, a source who works for RBC tells CBC News.

When the first details were eventually given out to frontline employees at RBC’s Mississauga call centre, they revealed deferrals would be available to all mortgage holders, but in a way that appears to ensure the bank would not lose money in the short term and may even come out ahead.

“Deferrals actually meant that interest accrued from each deferred payment was being added back into the principal balance of the mortgage,” said the source.

“Technically clients would then be [charged] interest on top of interest for those payments [that were] deferred,” they said.

In effect, it’s as though the bank is loaning you the amount that you would have paid in interest during the deferral period and then charging you interest on that loan as well.

“They’re going to make more money because they’ve just loaned you more,” said Peter Gorham, an actuary with JDM Actuarial Expert Services.

“I don’t know that I want to say it’s profiting. I would say it’s not costing them a penny.” he said.

“People are increasing their debt load. If you are not desperate for the financial relief, don’t take it,” Gorham said, adding RBC and other banks are taking on increased risk from deferrals, a risk that could grow significantly if the COVID-19 crisis runs from months into years.

When it comes to repaying the increased debt load from a deferral, there may be other complications for mortgage holders.

“This also means an increase in clients’ payments at their next renewal period due to the increase in mortgage balance,” the source at RBC said.

RBC frontline employees at one of the Bank’s call centres were overwhelmed with calls and had no information to provide customers, a source tells CBC News. (Michael Wilson/CBC)

If the client doesn’t want a bigger payment, they can extend the amortization period, the source added. But that typically requires a full credit application which may affect their credit score.

The other option is making extra payments after the deferral period ends to bring the mortgage back down as quickly as possible to its original amount.

Two other big banks have mortgage deferral polices similar to RBC’s.

In an updated set of deferral FAQs posted on its website, Scotiabank too says interest will continue to accrue.

“You will pay more interest over the life of your mortgage, but a deferral will also help you with your short-term cash flow,” the banks states on its website. Scotiabank is also offering deferrals on personal and auto loans, lines of credit, and credit cards.

On its website, BMO also states interest will continue to accrue on mortgages.

The Canadian Bankers Association issued a statement late Sunday night saying, “Customers should understand that [a deferral] is not mortgage forgiveness. Mortgage deferral means that payments are skipped for a defined period of time, during which interest which would otherwise be part of the deferred payments is added to the outstanding balance of the mortgage.”

Credit card deferrals

RBC is also offering six-month deferrals on credit card payments, according to an email obtained by CBC News. But once that period ends the minimum payment would include all accrued interest from the deferred payments. Meaning the minimum payment could jump significantly.

A section of an email obtained by CBC News which was sent to RBC employees with instructions of how to respond to customers seeking a deferral on credit card payments. The email was sent on March 18 at 1:16pm EDT. (Obtained by CBC News)

Most minimum payments on credit cards are interest plus $10. But Quebec passed a law in 2017 changing minimum payment requirements in an effort to counter rising household debt by making people pay off more than just accumulated interest.

Minimum payment on credit cards in Quebec is 2.5 per cent of the balance owing and will eventually rise to five per cent.

Confusion

Last week, all of Canada’s big banks agreed to a request from Federal Finance Minister Bill Morneau to defer mortgage payments for up to six months for people suffering financially due to COVID-19.

The banks issued a joint statement saying they “have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; child-care disruption due to school closures; or those facing illness from COVID-19.”

 

But initially many Canadians looking for deferrals said, after waiting for hours on hold, they were told they didn’t qualify. One BMO customer — who is actually a former BMO branch manager — said he was told he needed a full credit check and credit application and even then the bank would not tell him their criteria for approval.

It turns out the person he spoke with may not have known the criteria themselves at that point.

By midday Wednesday, workers at RBC’s Mississauga call centre still hadn’t been informed.

WATCH | Consumer frustrated at lack of information about mortgage deferrals

Watch

Confusion surrounds COVID-19 mortgage deferrals

Many Canadians looking for relief from mortgage payments during the COVID-19 pandemic are met with a confusing process. 2:00

“Anyone calling in to RBC between 8 a.m. and noon was directed to call back ‘later’ as we had been given no direction or timeframe as to when relief procedures would be implemented, other than ‘soon,'” a source told CBC News.

On March 13, the finance minister said that he had already spoken with the CEOs of the big banks. The banks issued their statement promising to work with Canadians on a case by case basis on the evening of March 17, around 7 p.m. ET.

Canadians began calling their banks the morning of March 18.

But, as late as March 20, Canadians were still being told no information was available.

“I was on hold for 11 hours [March 19] and then five hours [March 20],” said Lindsay Gillespie, who has a mortgage and a line of credit with FirstLine Mortgages, a division of CIBC.

Canada’s Minister of Finance Bill Morneau at a news conference in Ottawa, Ontario, Canada March 13, the day he told reporters he had spoken with the CEOs of Canada’s big banks. (Blair Gable/Reuters)

“I finally got through and was told there’s nothing that can be done right now, they don’t have anything set up. I was told to call back another time,” she said.

Also as late as March 20, some RBC customers were still being told they didn’t qualify for a six-month deferral.

“We called RBC and were told that deferrals are being assessed on a case-by-case basis and that our eligibility for a deferral is limited to six weeks,” said Jeff Hecker, a principal at a Toronto Marketing research firm.

“No explanation was provided,” he said.

In a statement issued Sunday evening, RBC said “the developments around COVID-19 are moving quickly and we understand that clients have questions. Our frontline employees are doing incredible work to respond to clients quickly and effectively, and we are staying close to them to ensure they have the information they need to support clients.”

Hiccups

Some in the mortgage industry say the confusion over deferrals is understandable, given the unprecedented and rapidly changing nature of the COVID-19 crisis.

“You’re going to get hiccups in this process; it’s never happened before,” said Robert McLister, mortgage expert and founder of RateSpy.com.

 

“It’s case-by-case, it’s completely at the lender’s discretion as far as I understand it. Even though the big banks have agreed with the federal government to offer these programs, there’s no mandatory federal guidelines that I’m aware of,” he said.

McLister says it’s possible some people are being declined mortgage deferrals because they can’t prove their income has dropped.

“But generally speaking if you are in legitimate need and you’re about to default on a mortgage payment the lender is going to work with you,” he said.

Source: CBC.ca – Aaron Saltzman – March 22, 2020

Senior Reporter, Consumer Affairs

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Frustrated Canadians looking for mortgage deferrals from big banks facing delays, denials

Mortgage holders say the process, criteria are unclear

With some people out of work during the COVID-19 outbreak, many are waiting for clear answers from their banks to see if they qualify for mortgage payment deferrals. (CBC)

Some Canadians looking to defer mortgage payments due to COVID-19 say they are facing delays, confusion and outright denials from the country’s big banks.

“My wife called the 1-800 number for Bank of Montreal, talked to an adviser on the line to see what we are eligible for,” said Evan McFatridge of Dartmouth, N.S., whose family is down to a single income because his wife has been laid off from her job at a restaurant.

“She was told that our mortgage was too new to qualify for a deferral,” he said.

As part of the government’s pledge to help Canadians suffering financially due to COVID-19, Finance Minister Bill Morneau asked the heads of Canada’s big banks to allow people to defer mortgage payments for up to six months.

The banks responded by issuing a statement saying they “have made a commitment to work with personal and small business banking customers on a case-by-case basis to provide flexible solutions to help them manage through challenges such as pay disruption due to COVID-19; child-care disruption due to school closures; or those facing illness from COVID-19.”

Evan and Janna McFatridge of Dartmouth, N.S., were told their mortgage was too new to qualify for a deferral. (Evan McFatridge)

But some Canadians looking for relief from mortgage payments say they’re encountering a confusing, opaque and seemingly arbitrary process that is only adding to the stress of illness, isolation and lost income.

“I called in yesterday, spent two hours on the phone, and they required a full credit check and credit application in order to even see if I was qualified [for a deferral] and then didn’t even give me a time frame,” said one former BMO branch manager.

CBC has agreed to keep his name confidential because of his concerns that his comments could jeopardize his current employment situation.

“So, they had to speak to both me and my wife over the phone, get all our income, our jobs, our assets, our liabilities, said they had to send it to the credit department for review and that someone would contact us,” he said.

“They had no criteria for what they’re looking for. If they said to me, ‘One of you has to be laid off. One of you has to be in isolation. You have to sign a disclosure statement.’ Fine.”

The man’s wife is on reduced hours at home because she has to care for their kids, whose schools have been shut. Facing the loss of a large chunk of their family income, he said ,he wanted to get ahead of the problem and defer two or three months of payments.

When a BMO mortgage holder — who is actually a former BMO manager — called BMO to see if he could get a mortgage payment deferral, he was told it required a full credit check and credit application in order to even see if he qualified. (Jonathan Hayward/The Canadian Press)

“Even if I had to pay the interest payments during that time and they deferred the principal amount so the balance stayed the same, so be it, that’s fine,” he said.

“I’ve been through things in Alberta like the Fort McMurray fires where basically [all that was required then] was a call in to defer payments.”

Questions for banks unanswered

CBC News asked each of the big five banks for more information on the criteria for the case-by-case-based decisions on mortgage and credit deferrals.

We asked:

  • Who would qualify?
  • Is there an application process?
  • Does the entire household have to be off work?
  • Will they require documentation?

None of the banks answered any of those questions.

TD, CIBC and Scotiabank all responded by repeating their commitment to work with personal and small-business banking customers on a case-by-case basis. Each encouraged customers to contact their call centres directly or visit their websites.

BMO and RBC did not respond to emails from CBC News.

‘My family will run out of money’

RBC customer Elsie Mamaradlo of Edmonton said she was also denied a deferral because her mortgage was too new.

“I got so frustrated and at the same time worried,” said Mamaradlo, who lost her job when the public recreation centre she works at was shut down due to coronavirus concerns.

Mamaradlo said that without the mortgage deferral, she faces a grim future.

“My family will run out of money for food and essentials,” she said.

Mamaradlo’s mortgage is insured with the Canada Mortgage and Housing Corporation (CMHC). The government is purchasing up to $50 billion of insured mortgage pools through the CMHC, which says that stable funding for the banks and mortgage lenders is meant to ensure continued lending to Canadian consumers.

Minister of Finance Bill Morneau speaks during a press conference on economic support for Canadians impacted by COVID-19, at West Block on Parliament Hill in Ottawa, on Wednesday. The federal government is rolling out $27 billion in new spending and $55 billion in credit to help families and businesses. (Justin Tang/The Canadian Press)

In a tweet, CMHC said it “will support lenders in allowing deferral of mortgage payments for up to six months for those impacted [by the coronavirus].”

Alyson Whittle of Cochrane, Alta., said her bank, B2B, which is a subsidiary of Laurentian Bank, told her she could defer her next mortgage payment but then the following payment would be double.

“I was super frustrated,” she said.

Whittle, who works in sales for a home builder, and her husband, a utilities driller, are both out of work.

“My mom came to visit us and she had just come back from Las Vegas and developed a respiratory illness,” she said.

After that visit, Whittle says both she and her husband started feeling similar symptoms. They’re now both off work in isolation but haven’t been tested yet.

Laurentian Financial Group’s assistant vice-president of communications, Hélène Soulard, said it’s possible Whittle called before they were able to inform their call centre representatives about the deferral options.

“Rest assured we are committed to helping our customers who are facing hardships if they are not able to work due to illness, job loss or other reasons related to the COVID-19 crisis,” she said.

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COVID-19 could spur a rash of consumer insolvencies in Canada

COVID-19 could spur a rash of consumer insolvencies in Canada 

 

Canada’s insolvency rate will spike up should the ongoing coronavirus outbreak persist, according to Scott Terrio, manager of consumer insolvency at Hoyes, Michalos & Associates.

In Ontario alone, consumer insolvencies swelled by 17.5% on a year-over-year basis last January. This came in the wake of a year that had the second-highest number of annual consumer insolvency filings ever in Canada.

Terrio warned that this figure will noticeably increase in the very near future.

“I think 20% estimates will be drastically low if this drags on for months,” he said in an interview with BNN Bloomberg. “This [virus impact] is now drastically out of control.”

Declared as a pandemic by the World Health Organization last March 11, the COVID-19 virus has ground global markets to a standstill, with economies currently on freefall.

As of press time, more than 225,000 cases have been reported in over 150 nations. Jobs markets have suffered as governments worldwide mandated various restrictions, including social distancing and work stoppages.

The possibility of lower, or even zero, income has especially dire implications upon Canadian tenants, Terrio stated.

“Renters who lose their jobs are going to be in big trouble [in major centres]” he explained. “This is going to lead to huge increases in insolvencies, it’s just a matter of when.”

“I’m hoping [the government is] aiming more funds at people who don’t own homes. If 93% of people filing insolvencies are renters, there better be support for renters,” Terrio added.

“Once people lose their jobs and absorb what happened, this is going to be crazy. Could be summer, could be early fall. But I think it will happen within six months, and I think it’s going to be way more than we thought.”

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New York orders 90-day grace period on mortgage payments in response to COVID-19

The state of New York will allow some homeowners to skip their mortgage payments for three months in response to the spread of COVID-19.

On Thursday, the New York Department of Financial Services (DFS) sent a letter to mortgage servicers directing them to provide several relief options in response to the outbreak, including suspending mortgage payments for up to 90 days.

“As the outbreak continues to spread, a growing number of companies have started to warn markets about the adverse impact of COVID-19 on their financial conditions,” DFS said in the letter. “Companies in certain sectors are already laying off employees and taking other drastic actions in response to the crisis which is likely to cause more financial stress on local communities and consumers.”

As a result, DFS said it was issuing guidance to mortgage servicers to “do their part” to alleviate the impact of the outbreak on borrowers who can demonstrate that they cannot make timely payments. DFS has instructed mortgage servicers to support New York borrowers by:

  • Forbearing mortgage payments for 90 days from their due dates
  • Not reporting late payments to credit-rating agencies for 90 days
  • Offering borrowers an additional 90-day grace period to complete trial loan modifications, and ensuring that late payments during the COVID-19 outbreak do not affect borrowers’ ability to obtain permanent modifications
  • Waiving late fees and any online-payment fees for 90 days
  • Postponing foreclosures and evictions for 90 days
  • Ensuring that borrowers don’t experience a disruption of service in the event the servicer closes its office, including making available other ways to manage their accounts and make account inquiries
  • Proactively reaching out to borrowers through app announcements, text message, email or other means to explain the assistance being offered to borrowers

“The Department believes that reasonable and prudent efforts by your institutions during this outbreak to assist mortgagors under these unusual and extreme circumstances are consistent with safe and sound banking practices as well as in the public interest and not subject to examiner criticism,” DFS said in the letter.

Earlier this week, the Department of Housing and Urban Development and the Federal Housing Finance Agency issued a 60-day moratorium on foreclosures and evictions in response to the COVID-19 outbreak.

Source: Mortgage Professional America – by Ryan Smith20 Mar 2020

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The future of homeownership is female

The future of homeownership is female 

Girl power is growing in the real estate world.

61% of first-time and repeat homebuyers in Canada were female, according to the 2019 Canadian Mortgage and Housing Corporation (CMHC) Mortgage Consumer survey. This is backed up by statistics coming out of the US as well. Single women made up 17% of homebuyers in 2019, according to the National Association of Realtors, while single men accounted for about 9%.

“I’ve definitely seen a shift, with more women showing interest in buying a home. The whole concept of waiting till you’re married to own a home is not as strong as it used to be,” said Rakhee Dhingra, CEO of Mortgage Savvy.

After having a negative experience buying her first home, Dhingra decided to get into the mortgage business herself and created Mortgage Savvy in 2016. Since then, she has been committed to changing the transactional nature of the mortgage process. She is specifically interested in helping the growing number of women homebuyers become more confident in applying for mortgages through different initiatives like hosting homebuyer events and seminars.

“More single women are buying homes and even women in relationships are applying for mortgages as the more-significant income earners. Women are showing up as very strong from a financial standpoint,” she said. On top of that, Dhingra has also noticed in the case of couples going through a divorce, there’s a rising number of women who are buying out their male counterparts so they can stay and own their primary residence.

Not only is she focused on helping women into their dream homes, Dhingra also wants to encourage other female professionals to consider mortgage as a career option. Even though it’s a historically male-dominated industry, she believes her emphasis on building real relationships and the ability to connect with her clients has really been the key to her success. She believes the industry needs more of that.

“I always make an effort to be available if a new professional reaches out for coaching or support. Several women who were part of my team have grown their career and eventually moved on to build their own business, and I really support that,” she said. Dhingra said while she hopes to be a mentor for many young women in the mortgage business, she didn’t really have that opportunity when she was starting out not too long ago.

Dhingra is known by her team and referral sources for calming demeanor and her ability to ease people’s anxiety during the intimidating process of either buying a home for the first time, doing a refinance, consolidating debt or going through a divorce.

“If I can provide concrete information in a digestible manner for clients, and keep them calm through the process, that’s the key. We keep communication timely and detailed, which helps eliminate a lot of the stress,” she added.

In 2019, Dhingra was chosen by CMP as a Women of Influence. The recognition has been incredible positive for her and her business, but what she is most proud of is being able to show her daughter her success.

Dhingra also puts her money where her mouth is. Fifty dollars from ever transaction at Mortgage Savvy goes toward supporting local causes in Toronto, including the Red Door Family Shelter which assists families, refugees and women who are fleeing violence.

In the future, Dhingra hopes to help promote a stronger balance in the mortgage industry by bringing more women in.

“There needs to be more opportunity for collaboration and networking for not just women, but the industry as a whole. There needs to be a safe place for people to share information and knowledge without being seen as competition or a threat.”

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