With the economic landscape quickly shifting, people’s employment situations are changing, many lenders are offering mortgage payment deferrals if needed… Where does one start? This subject can easily feel overwhelming, but our friends at Browne Mortgages have got you covered!
If you have a trusted mortgage advisor please call them for updates; but if you don’t:
The financing experts at Browne Mortgages have compiled a list of banks offering mortgage deferral plans, as well as their contact information.
Mortgage payment deferrals can help you during times of financial hardship — loss of employment due to the Coronavirus (COVID-19) outbreak.
The deferral is an agreement between you and your lender. It’s also known as a mortgage payment deferral agreement and is considered a temporary measure that in most cases does not affect your credit rating as it has been agreed to by yourself and your lender ahead of time.
Global News recently reported: "Before deferring any payments, financial experts say to check with your lender about their deferment options to make sure they are available. Generally, defaulting on payments would hurt your credit score, however, if you were given the green light you should be okay.
If a lender has given you permission to make payments, without penalizing you, then they should not be reporting that to your credit bureau, so you want to make sure you’re checking your credit regularly,” said Kelley Keehn, FP Canada Consumer Advocate."
The mortgage deferral agreement does not cancel, erase or eliminate the amount owed on your mortgage. At the end of the agreement, you will have to resume payment according to your regular payment schedule.
If you have been preapproved, be sure to talk to your broker about mortgage rates and interest rates today.