COVID-19 REAL ESTATE MORTGAGE DEFERRAL OPTIONS

#look4thelion
#look4thelion
Published on March 20, 2020

Well folks, this has been a slightly insane week. I know there are a lot of folks concerned about their mortgage payments in the wake of people not being able to work etc.

As your real estate professional I wanted to share some information for everyone regarding the assistance programs that are available if you need payment relief in the coming months.

Most of our major lenders have announced payment deferral options. This means you can delay a payment or a series of payments and this will not adversely affect your credit score. Some lenders are waiving the fees commonly associated with this feature as well.

For those with insured mortgages (CMHC, Genworth, CG) – typically those who put less than 20% down payment when they purchased – the insurers are also offering payment assistance programs and payment deferral programs to help navigate through these moments.

For both of these options, please be patient. Lenders are receiving much higher than normal call volumes and phone systems and call centers are overrun coupled with lenders trying to send employees home or running on smaller staff numbers than normal.

If your financial situation is not urgent, please wait to call until perhaps next week. Or perhaps only consider calling if you actually do need to use this service rather than to just inquire.

The Federal government announced that they would be waiving the one week waiting period for EI sickness benefits for those in self-isolation or quarantine.

For those who are self employed, or run small businesses there is going to be funds available through loans at the BDC (Business Development Bank of Canada) as well, however, there is currently some controversy on exactly what interest rates they will be loaning those funds at. To find information you can contact the BDC directly at 1-877-232-2269 or at BDC.ca

Customer Service Numbers below:

CMHC: 1-800-668-2642

Genworth: 1-800-511-8888

Canada Guaranty: 1-866-414-9109

ATB 1-800-332-8383

B2B 1 800 263 8349

BMO 1-877-895-3278

Bridgewater 1-866-243-4301

CIBC 1-800-465-2422

CMLS 1-888-995-2657

DLC 1-877-637-4911

Optimum 1-866-441-3775

Equitable 1-888-334-3313

Connect First 403-736-4000

First National 1-888-488-0794

Haventree 1-855-272-0051

Home Trust 1-855-270-3630

HSBC 1-888-310-4722

ICICI 1-888-424-2422

Manulife 1-877-765-2265

MCAP 1-800-265-2624

Merix 1-877-637-4911

Marathon 1-855-503-6060

RBC 1-866-809-5800

RFA 1-877-416-7873

RMG 1-866-809-5800

Scotia 1-800-472-6842

Servus 1-877-378-8728

Street Capital 1-866-683-8090

TD 1-866-222-3456

TMG 1-877-637-4911

As always, if you have questions about your mortgage/real estate or options that may be available to you I am always here to help.

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

https://www.canada.ca/en/department-finance/news/2020/03/canadas-covid-19-economic-response-plan-support-for-canadians-and-businesses.html

Best Regards,

Carlos Rodriguez
House Of Real Estate powered by YEGPro Realty
780-242-8285
[email protected]

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