Are You Worried About Making Your Mortgage Payments?

Uncategorized

Mar 18

Many people have been calling the office to gain help in planning ahead in regards to their mortgage during COVID-19 period. Many lenders are creating a deferred payment program to help prepare for these times. Here at Mortgage Teacher, we have the connections and information to guide you through this process. We are here to help. Contact us today at contact@mortgageteacher.com

Canada’s big six banks will allow mortgage payment deferrals for up to six months as part of extraordinary measures to help customers struggling with the financial impacts of the novel coronavirus pandemic.

In a joint press release, the big six banks said they are committed to working with retail and business customers on a case-by-case basis to provide “flexible solutions” for those facing hardship due to the disruptions caused by COVID-19.
The announcement comes as Canada’s housing agency, the Canada Mortgage and Housing Corporation (CMHC), has been working to ensure struggling homeowners aren’t forced into default during the health-care emergency.

On Monday, CMHC announced it would bring back a revised version of the Insured Mortgage Purchase Program it used during the 2008-09 financial crisis. The government plans to purchase up to $50 billion worth of insured mortgage pools.
The move, CMHC said, is meant to “provide stable funding to banks and mortgage lenders in order to ensure continued lending to Canadian consumers and businesses.”

Canada Guaranty announced on its website it’s ready to extend its Homeownership Solutions Program to allow the deferral of up to six monthly payments, up from a current limit of four payments.

In Canada, homebuyers with a down payment of less than 20 per cent must have mortgage default insurance.
For uninsured mortgages, many lenders offer flexible payment options, often allowing borrowers to avoid making one or more regular payments per year without affecting their credit rating.

Flexible payment options may be special features attached to specific kinds of mortgages or standard offerings available on all mortgages, depending on the lender.

Here at Mortgage Teacher, we are here to help. Here is at list of all the major mortgage lenders, their website, and phone numbers:

Scotia:
1-800-4-SCOTIA
https://www.scotiabank.com/…/reli…/coronavirus-covid-19.html

TD
1-888-720-0075
www.td.com/covid19.

RBC
https://www.rbc.com/covid-19/index.html
1-800-769-2511

CIBC
https://www.cibc.com/…/a…/covid-19/financial-assistance.html
1-800-465-2422

BMO
https://www.bmo.com/…/pers…/bmo-branches-coronavirus-update/
1-877-788-1923

National Bank
https://www.nbc.ca/personal/mortgages/faq.html

First National
1.866.557.5509 or by email at accounts@firstnational.ca
https://www.firstnational.ca/residential/covid-19

RMG
https://www.rmgmortgages.ca/
1-866-809-5800 mortgagesupport@rmgmortgages.ca

CMLS
1-888-995-2657 selection 4. service@cmls.ca
https://www.cmls.ca/covid-19-response

MCAP
1-866-809-5800
https://www.mcap.com/

Manulife
1-800-567-9170
https://www.manulife.ca/…/contact-us/update-on-covid-19.html