Great news! Major lenders have stepped up to offer assistance programs which provide payment relief to those in need over the next few months. Here is information regarding your payment deferral options.
What this means for you:
- You can delay a payment or a series of payments for up to 6 months
- Most lenders are stating that this will not adversely affect your credit score. We recommend you clarify this with your lender.
- Many lenders are waiving the fees commonly associated with this option.
- 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 times.
As you can imagine, lenders are experiencing extremely high call volumes. To date, RBC has already processed more than 60,000 deferrals across Canada. We urge you to be patient and only call if you are looking to exercise your option to defer. If you simply have questions, please reach out and we can introduce you to one of our preferred Mortgage Brokers who may be able to assist.
In addition to mortgage relief, the Federal Government also announced that they would be waiving the waiting period for EI Benefits. More announcements are coming to help those who are self employed or are not eligible for EI Benefits.
Please let us know if you have any questions – we’re here to help!
Important Phone Numbers & Websites regarding COVID-19
- Canadian Mortgage and Housing Corporation (CMHC)
- Royal Bank
- Bank of Montreal
- National Bank of Canada
- TD Bank 1-888-720-0075
- Scotiabank 1-800-4-SCOTIA
- HSBC 1-888-310-4722
- Business Bank of Canada- support for entrepreneurs
- Government of Canada- COVID-19 Updates
- Province of Ontario- COVID-19 Updates
- Public Health Ontario
- COVID-19 Self Assessment
- City of Hamilton
- Halton Region
- Niagara Region
- City of Brantford
- Haldimand County
- Realtors Association of Hamilton/Burlington
- Ontario Real Estate Association
- Tribunals Ontario Social Justice Division
- EI Benefits Canada
- Centers for Disease Control and Prevention
- World Health Organization