Has your employment been affected by the COVID-19 Crisis?
If you are self employed and the “shut down” has or will cause you financial pressure OR if you are employed and have been temporarily laid off there may be assistance available to you.
If your mortgage is insured (you put less than 20% down when you purchased and have not refinanced your home since) with one of the three insurers in Canada (CMHC, Genworth or Canada Guaranty) there may be mortgage payment deferment assistance available.
What is deferment assistance?
The lender/insurer may be able to defer a certain number of payments. The interest will continue to accumulate (unless otherwise advised). It simply gives you a “mortgage payment” vacation during times of crisis.
What steps to take:
- Call your lender directly.
- Have your mortgage account number, name and address ready for the call.
- Explain your situation and request assistance.
- Your lender will reach out to your insurer directly and provide further direction.
- Alternatively you can reach out to the insurer directly if your lender is unavailable.
If your mortgage in un-insured (you put 20% or more downpayment OR have refinanced since you purchase) your lender will likely have a policy in place to provide the same type of assistance.
If our office has assisted with your mortgage and you need any information (lender, insurer reference number) please do not hesitate to reach out.
Please keep in mind these deferment programs are intended to assist in times of crisis. If your employment or income will not be affected by this crisis please avoid requesting.
Please note: our response times are not as quick as normal due to the high volume of calls. We will be in touch within 24 hours of any email or call.
Tammy Wandzura, Mortgage Broker
Brydon Wandzura, Mortgage Associate