COVID 19 And Your Mortgage.
Lenders and Insurers are stepping up to help Home Owners. The 3 default insurers which are CMHC, GENWORTH and Canada Guarantee have come to the table to offer deferral of mortgage payments up to 6 months for those who qualify for the assistance program if you have an insured mortgage. Please note that this is not about free money. This is about deferring mortgage payments or interest until the end of the term.
Please review the references that we have put together in a link below for homeownership assistance. This will also include contact information for each financial institution and customer service. Please note to contact the banks directly for your options.
Please be patient because there will be overwhelming congestion with the Banks and Financial Institutions. There is an announcement that will be made tomorrow with more information and we will continue to keep you updated and posted. We are still waiting to see what the plan is regarding non-insured, private and alternative loans.
If you do not qualify then we can always look at what it means to refinance your mortgage in order to get liquidity increase cash flow or lower the rate and extend the amortization.
This can be possible if you are still working and you have built equity in your home. Equity means that the value of your has gone up and your mortgage is less than 80% of the value of the home.
Contact us directly for more information.
Helping Homeowners In Need
Genworth Canada’s Homeowner Assistance Program is designed to help homeowners who are experiencing temporary financial difficulties as the result of an unexpected life event, which may put their mortgage at risk. If your customer has a Genworth-insured mortgage, they might be eligible for our Homeowner Assistance Program at no cost. This program enables you to work in partnership with us to establish alternative arrangements to help your customers stay secure in their home when times get tough.
How we can help
We will consider a variety of solutions that may alleviate the temporary financial burden of the homeowner. Each situation is assessed individually to determine if a workout is possible, and what the ideal workout solution is. Some common options that can be considered are:
- Capitalize arrears
- Increase amortization period
- Partial or shared payment plan
- Deferred payments
- Restructure mortgage
For more information visit www.wilsonteam.ca
Here is the list of lenders and customer service numbers. You may find that some lenders already have a skip a payment option in the prepayment privileges.
- Alterna: 613-560-0100
- Bank of Montreal 1-877-895-3278
- B2B Bank: 1-800-263-8349
- Bridgewater Bank: 1-866-243-4301
- CHIP: 1-855-207-4110
- CIBC 1-800-465-2422
- CMLS: 1-888-995-2657
- Community Trust: 416-763-2291 x 513
- Desjardins: 1-855-688-2433
- DUCA: 1-866-900-3822
- Equitable Bank: 1-866-407-0004
- First National: 1-866-557-5509
- First Swiss: 416-227-2000 x 1016
- Fisgard: 1-866-382-9255
- Haventree Bank: 1-855-272-0050
- HomEquity Bank: 1-866-522-2447
- Home Trust: 1-877-903-2133 x 5901
- ICICI Bank: 1-866-726-0825
- IC Savings: 416-784-0200
- Laurentian Bank: 1-800-252-184
- Lendwise: 1-877-637-4911
- Magenta Mortgage Corp: 613-267-4434
- Manulife Bank: 1 877 765 2265
- Marathon: 1-855-503-6060
- MCAP: 1-800-265-2624
- MCC Centric: 1-877-943-0342
- Meridian: 1-866-592-2226
- Merix: 1-877-637-4914
- Optimum: 1-866-441-3775
- Pillar Financial: 1-877 279-2116 x 109
- Radius: 1-866-550-8227
- RFA: 1-833-228-5697
- RMG: 1-866-809-5800
- Royal Bank 1 800 769-2511
- Scotiabank: 1-800-267-1234
- Secure Capital: 905-709-8633
- TD Canada Trust: 1-866-222-3456
- Wealth One: 1-866-392-1088
- Westboro MIC: 1-844-729-5764
- XMC: 1-877-775-2970