Covid-19 and Your Mortgage

Unprecedented times call for special measures. I aim to to bring you helpful information to assist you to navigate through the challenging situation that many households find themselves in today.
If this is you, you are not alone! Many Canadians are stressed financially due to a lack of work, and forced isolation that this Pandemic has caused.

Mortgage Deferral Info

Most major banks are offering mortgage deferrals up to 3 months at a time. Each financial institution has different options, it's best to check with your institution. Majority of deferral applications are online.

— When deferring a payment, the interest is still due and added to the amortization of the mortgage. The added interest can be fairly minimal but depends on the remaining amortization period on the mortgage itself.

— Deferring a payment(s) does NOT affect your credit score, and does not go on your credit report
— It's encouraged that you DO NOT defer payments unless you need to

— Deferring mortgage payments on Rental Investments is an option should you have tenants that are unable to make rent payments - There may be a cap on how many properties you defer mortgages on, best to check with your lender.

Helpful links below to find out if deferring your mortgage is the BEST idea for you.

Deferral/Financial Assistance Bank Links
Canada

CIBC
https://www.cibc.com/en/personal-banking/advice-centre/covid-19.html#reliefprograms

RBC
https://www.rbc.com/covid-19/index.html?_ga=2.140801463.409797287.1587574228-824973621.1587574228

BMO
https://www.bmo.com/main/personal/bmo-branches-coronavirus-update/

SCOTIABANK
https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates.html

TD
https://www.td.com/ca/en/personal-banking/covid-19/financial-relief/

VanCity
https://www.vancity.com/

HSBC
https://www.hsbc.ca/customer-service/covid-19-update/

B2BBank
https://b2bbank.com/covid19

Manulife
https://www.manulifebank.ca/personal-banking/plan-and-learn/news.html

Valley First Credit Union
https://www.valleyfirst.com/covid-19

CoastCapital Savings
https://www.coastcapitalsavings.com/contact/precautionary-measures

Prosperca Credit Union
https://www.prospera.ca/AboutUs/ProsperaNews/MemberNotices/COVID-19/#contentTab2

Alterna Credit Union
https://www.alterna.ca/AboutUs/News/NewsArticles/COVID-19/

Meridian Credit Union
https://www.meridiancu.ca/About-Meridian/COVID-19.aspx


USA

Ameris
https://www.amerisbank.com/CoronavirusPreparedness

Bank of America
https://homeloanhelp.bankofamerica.com/en/forbearance.html

HSBC US
https://www.us.hsbc.com/coronavirus-update/

SunTrust
https://www.truist.com/coronavirus-response/help-center

WellsFargo
https://www.wellsfargo.com/jump/enterprise/coronavirus-response

Chase
https://www.chase.com/digital/resources/coronavirus?jp_aid_a=9be66be2-434d-4f28-be43-09889aa6f8c7&jp_aid_p=chasehome_3/hero

If you have any questions with regard to mortgages, I have teamed up with
Rhelda Baschuk rhelda@enrichmortgages.ca
https://youralbertamortgage.net

Take care and stay safe!
Sincerely
Michele Wuerch
Professional Sales Associate