In this unprecedented time, more and more information is now being released by the lenders as well the three mortgage default insurers in terms of relief measures for Canadians who are facing financial difficulty as a result of the effects of the COVID-19 virus.
The big six banks, including TD, Scotiabank, RBC, CIBC, National Bank of Canada, and Royal Bank, have all made commitments to work with personal and small business clients on an individual basis to provide up to six months of mortgage payment deferral along with other credit products. Customers will need to contact their financial institution to discuss their options.
Mortgage lenders have also begun contacting their clients to bring awareness to options that may be available such as Hold-a-Payment and Skip-a-Payment programs that would provide temporary relief to those who have this option as a part of their mortgage product.
For insured mortgages, CMHC, Genworth, and Canada Guaranty have announced additional deferred payment flexibility for those who have been affected by the virus.
Wondering what your options may be? Contact your Mortgage Lender directly:
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