6 Month Mortgage Deferral - What you should know
March 25, 2020 | Posted by: Mike Garganis
We’ve all heard about the 6-month deferred mortgage payment option. It was thrown out there by the government in an attempt to help property owners. We now have some more info that I’d like to share.
The banks and other financial institutions are offering to defer mortgage payments for 6 months. This is GOOD news. There has been some confusion so let’s clear things up:
NO, it won’t harm your credit rating.
NO, it isn’t expensive. Read on…
NO, this isn’t automatic. Your mortgage payments will not be forgiven for 6 months without calling anyone. But most lenders are happy to postpone your payments without much fuss.
This is for people that have had a change in their incomes. If you are fortunate enough to have a job where you are still working, or you work for the government and there has been no change in your employment or your investment property income has not changed, please don’t call the lenders. This isn’t meant for you.
So far, I have seen great support from all financial institutions.
Here’s how it’s working with most lenders (you’ll need to call your mortgage holder for full details). Most lenders are pushing one or two payments back at a time. This is great news as it gives you one less payment to worry about. Just remember. There is no free lunch. You can expect to be charged interest for this. But so what. On a $2,000/mth mortgage payment with a 3.00% mortgage rate, it will cost you around $5/mth.
Be patient. Lenders are swamped with calls. You will get through.
Watch for more updates as more info gets released.
FINAL WORD. We will get through this. We will be okay. There is help.
Reach out to me, your financial advisor, or your mortgage broker for help. We are here for you.
LENDER CONTACT INFORMATION
Bank of Montreal 1-877-895-3278
BluePrint Mortgage 1-877-637-7881
CFF Bank 1-855-767-3031
Chinook Financial 403-934-3358
CMLS Financial 1-888-995-2657
Connect First 1-403-520-8000
First Calgary Financial 403-736-4000
First National 1-888-488-0794
Home Trust 1-855-270-3630
HomeEquity Bank 1-866-331-2447
National Bank 1-888-835-6281
PC Financial 1-888-723-8881
Radius Financial 1-866-550-8227
RFA 1-866-939-5005 Mortgage Numbers starting with 4
RFA 1-877-776-6888 Mortgage Numbers starting with 6
RFA 1-833-228-5697 Mortgage Numbers starting with 7, 8 or 9
Royal Bank 1-800-768-2511
Street Capital See RFA