The COVID19 outbreak is taking a toll on families across the province with many people being out of work or quarantined. This loss of income and financial instability can cause stress and concern about your home and mortgage.
For your convenience I have compiled a list of direct contact numbers for various lenders across the province. Feel free to share it with others.
Depending on the lender you are with, there may be different options available to you during this time such as:
-Deferral of payments
-Re-amortization of the loan
-Capitalization of outstanding interest & costs
-Special payment arrangements
PLEASE NOTE: When you defer payment for (6) months, in most cases, the lender will take the interest that would have been paid compounded and add it to your monthly mortgage balance. Upon maturity of your mortgage term, the payments will be calculated moving forward based on the higher mortgage balance.
Not all lenders are the same though, so you will need to call them directly to discuss your options.
Keep in mind, they are getting a very high volume of calls (especially the "big 6" banks: BMO, CIBC, National Bank, RBC, Scotiabank and TD). So if you call them, please be sure to have your mortgage paperwork ready as well as any questions you have written down. Also, be prepared to be hold (over an hour or two) if you call any of these lending institutions.
If you would like to speak with me about a new mortgage or a refinance please call me at 647-889-5560 or send me a private message to set up a time to discuss your options.
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