Covid-19 and Your Mortgage
Tags: Covid-19,Mortgage, Real Estate
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
Valley First Credit Union
Prosperca Credit Union
Alterna Credit Union
Meridian Credit Union
Bank of America
If you have any questions with regard to mortgages, I have teamed up with
Rhelda Baschuk email@example.com
Take care and stay safe!
Professional Sales Associate