Monday Mar 30th, 2020



How mortgage deferral works -

Spoke to my bank re mortgage deferral. Basically this is how it will work:

- Only applies to your principle residence. So if you have investment properties, doesn't apply unless your tenant has lost his/her employment and can't make rent. Will require proof of that.

- It's not a true deferral. Two scenarios available.

Scenario one:
The Bank will defer your payments but will add the interest for the deferred period to your mortgage amount on which you will pay additional interest. So basically, think of it as a loan from the bank. The bank is making more money this way and not losing a dime.

Scenario 2:
The deferred period will increase your amortization period which will mean more interest over the term and this will require a full credit check and assessment from their underwriters. You have a chance of getting denied.

In both scenarios, you must produce proof of loss of income. It will take a few days before deferral can be approved.


Mortgage Payment Relief 

Here is a list of customer service numbers:
ATB 1-800-332-8383
B2B 1 800 263 8349
BMO 1-877-895-3278
Bridgewater 1-866-243-4301
CIBC 1-800-465-2422
CMLS 1-888-995-2657
Optimum 1-866-441-3775
Equitable 1-888-334-3313
Connect First 403-736-4000
Chinook Financial 403-934-3358
First Calgary Financial 403-736-4000
First National 1-888-488-0794
Haventree 1-855-272-0051
Home Trust 1-855-270-3630
HSBC 1-888-310-4722
ICICI 1-888-424-2422
Manulife 1-877-765-2265
MCAP 1-800-265-2624
Merix 1-877-637-4911
Marathon 1-855-503-6060
RFA 1-877-416-7873
RMG 1-866-809-5800
Scotia 1-800-472-6842
Servus 1-877-378-8728
Street Capital 1-866-683-8090
TD 1-866-222-3456



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