COVID-19 and Your Canada Mortgage Payments
I’m touching base to give you information on financial relief for your mortgage payments.
Canada's six largest banks have announced plans to provide financial relief to Canadians impacted by the economic consequences of COVID-19.
Banks and lenders outside of the largest six are also putting together relief programs, they are communicating with the Broker community as information on their programs becomes available.
The lenders providing relief programs have not released the specific details of the programs they are offering, as of now, they are working with customers on a case-by-case basis to work out a flexible solution.
Here is some information in these uncertain and difficult times:
Mortgages Insurers (CMHC, Genworth, and Canada Guaranty) already had programs in place with the banks/lenders that allowed them to capitalize up to 4 monthly payments.
Today they announced that they will consider extending the program to allow up to 6 months of capitalization provided that:
1. The original insured loan amount is not exceeded
2. Request to cap payments is received prior to Sept 3, 2020
3. Bank/lender confirms the capitalization is being applied reasonably to help mitigate short-term financial difficulty resulting from COVID-19
The insurers have several other default management tools available which include: payment deferral, loan re-amortization, and other special payment arrangements.
All assistance options will be considered on a case by case basis.
I want to assure you that while Axiom has closed our Calgary and Edmonton offices; I’m still hard at work helping my clients. I have increased my office hours to ensure your questions surrounding current mortgage transactions and payment relief are being answered.
If you would like to chat about your situation before contacting your mortgage lender please give me a call, I’m available to help answer your questions, provide guidance and support.
Please reach out with any questions surrounding your mortgage or if you’d like to have your financial or insurance strategy assessed I can refer you to one of the Financials Advisors I work with. I am here to guide and support you. We can do so safely - from the comfort of your phone or email.
If you have any questions, please call Kristi at 403-471-5884
Axiom Mortgage Solutions