Mortgage Deferral Email - Web Leads

🏡Your Mortgage Update: Mortgage Deferral Payments 101‼

March 27, 2020

Good evening , I hope you and your family are doing well and staying safe as the current COVID-19 pandemic unfolds. As your trusted Mortgage Broker, I felt the need to share some crucial information regarding your mortgage options during this time. Before we get into this, I'd like to say a big thank you to the front line workers battling the virus. As a society, we are truly grateful!

Please visit

for all resources and updates from the Canadian government related to COVID-19 to help protect you and your family with the facts.

Regarding your mortgage, I'm sure you have all heard of the recent Mortgage Payment Deferral program available through most mortgage lenders. Please find below information about what this program entails and how you may qualify and take advantage of it if you cannot afford to make your mortgage payments as a result of COVID-19.

What does payment deferral mean?You won't have to pay your mortgage payment for a specified period of time.Please Note: When you defer payments, the lender will take the interest that would have been paid each period and add it to your outstanding mortgage balance. This means that you're going to be paying interest on an increased mortgage balance. Ultimately, your balance at maturity will be higher, and you will have paid off less of your principal balance.I understand this is a small price to pay to be more financially secure in your home today. Lenders will be working with their clients to cope with the economic fallout of the virus. Canada's 6 big banks and other national lenders (First National, RMG, MCAP, CMLS etc.) and Credit Unions, have stated that they would allow up to 6 months of deferral of mortgage payments. Should I defer my mortgage payments?If you need to, then yes, you should defer. Most lenders will allow you to skip one monthly payment today without question and cost. Please note that payment deferrals are on a case-by-case basis and at this time, borrowers are not automatically eligible.Will, it hurt my credit score?You may have come across a CBC article about the potential for credit scores being bruised with deferred payments.If you obtain permission to defer payments from your lender, there will be no hit to your credit score!Please be sure to confirm with your lender that no credit application will be required for additional comfort. Will I be eligible for deferred mortgage payments on my rental property?If your tenant cannot pay rent due to loss of employment due to COVID-19, you will be considered, but the approval can vary based on the lender. Note: The governments have introduced tenant relief programs. You can alternatively encourage your tenants to apply to these programs if applicable. How do I defer payments?Unfortunately, lenders do not allow Mortgage Brokers to help with payment deferrals.There are 3 ways to defer payments:1. Call Your Lender (Be aware, wait times are extremely high right now)2. Message/Email Your Lender3. Walk to a Branch (only for Banks, if open)*Lender Contact Info can be found below*

When speaking with your Lender, be as specific as you can and help the Lender understand your current circumstance.Lender Contact Info:B2B Bank 1-800-263-8349 WebsiteCMLS Financial 1-888-995-2657 WebsiteEquitable 1-866-407-0004 WebsiteFirst National 1-888-488-0794 WebsiteICICI Bank 1-888-424-2422MCAP 1-866-809-5800 WebsiteStreet Capital / RFA Bank of Canada 1-877-416-7873 Online FormRMG 1-866-809-5800 WebsiteScotiabank 1-800-472-6842 WebsiteTD Bank 1-888-720-0075 WebsiteXMC 1-877-775-2970CMHCAdditional Support: The Federal Government has provided additional financial aid for other areas of your life, click here to learn more.Municipalities, student loans, certain credit card companies and utility companies are also allowing deferred payments and other financial aid to its customers. Reach out to your service providers to confirm their offerings.

Please feel free to share this email with anyone else you know of that could use this information and support. We would love to help them as well! Any other questions? Please reply or call me directly and I'll respond at my earliest opportunity. Continue to stay safe and healthy. Take care,Varshan Thavarajah

Your Mortgage Broker

Feel free to send this info to everyone you know who may find this valuable.

Please reach out if you have additional questions or mortgage-related inquiries unique to your scenario.

How to Reach ME!Call or Text @ 647-404-8812 or Email