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COVID 19
March 23, 2020 | Posted by:
COVID-19 Mortgage Payment Relief
While some lenders already have some sort of skip a payment or defer a payment option built into their mortgage products, they are now helping their clients by waiving any associated fees that would normally be incurred to use such option.
In addition to those features already in place, Canadian mortgage insurers (CMHC, Genworth, Canada Guarantee) are working with lenders to further assist by creating stronger default management programs for those with insured mortgages. This includes: payment deferral, loan re-amortization, and other special arrangements. These programs will be facilitated through your lender and are considered on a case-by-case basis.
Contact your lender as soon as possible if you are at risk of missing a payment to learn more about what is available to you.
*Due to the high volume of calls and emails, response time may take longer than usual*
While some lenders already have some sort of skip a payment or defer a payment option built into their mortgage products, they are now helping their clients by waiving any associated fees that would normally be incurred to use such option.
In addition to those features already in place, Canadian mortgage insurers (CMHC, Genworth, Canada Guarantee) are working with lenders to further assist by creating stronger default management programs for those with insured mortgages. This includes: payment deferral, loan re-amortization, and other special arrangements. These programs will be facilitated through your lender and are considered on a case-by-case basis.
Contact your lender as soon as possible if you are at risk of missing a payment to learn more about what is available to you.
*Due to the high volume of calls and emails, response time may take longer than usual*
If you have any questions or concerns please contact your Broker Directly
