Mortgage Broker

Mortgage Advice / 6 Month Payment Deferral On Your Mortgage Due To COVID-19 / What You Should Know!!





Canada’s Six Biggest Banks Announced Today That They Are Taking Decisive Action To Help Customers Impacted By COVID-19. Individual Canadians or Business Owners facing hardship are encouraged to contact their bank directly to discuss options that could be available to them. These measures are an important first step and underscore the resilience of Canada’s financial system and the strength of our major banks. Banks will monitor evolving economic conditions and consider other measures if necessary.

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Disclaimer: The Information in this video is provided for education and informational purposes only, without any express or implied warranty of any kind, including warranties of accuracy or completeness. Any advice or statements do not represent any firm or financial institute that the speaker provides services for, or any carriers the speaker sells products for. You watch with the understanding that the speaker in this video is not engaged in rendering legal, financial, accounting, or other professional services or advice by speaking in this video. Each individual situation is unique. Thus, if legal, accounting, or financial advice or other expert assistance is required in a specific situation, the services of a competent professional should be sought to ensure that the situation has been evaluated carefully and appropriately. The speaker or author of any comments disclaims any liability, loss, or risk resulting directly or indirectly, from the use or application of the contents of this video.
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24 comments

  1. Tanks

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  2. A forbearencs put payment on the back start fresh.

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  3. Really depends on the interest, if you are able to defer, you can put your money to work for you in that time.

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  4. If you paying for mortgage gov.said and says banks will defer your payments for 6 months

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  5. What are some of the requirements to differ?

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  6. TD said that payments are just put on hold for 6 months. So my term is just 6 months longer. They said that they don't report it to the credit bureau and there is no accured interest. Could they be wrong?

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  7. Another question. I am not personally experiencing hardship but my family will be and I'd like to support them. Do you think the bank will still work with me?

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  8. My renewal period is coming up in september. I don't want to push that out, as rates are low AF right now. Will these deferrals extend my term and my amortization or just my amortization?

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  9. Watch out for the Forbearance program. Your credit can be damaged when mortgage companies report late payments.

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  10. About Rental can tenants to get defered payments on rents

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  11. Make your payments because the compounded interest will make it harder for you to catch up later. Unless they say they will wave the interest

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  12. What about zombie companies, REPO market?

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  13. I wonder if the credit unions will offer the same thing?

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  14. This is what RBC is saying "Please note that payment deferrals will result in the interest being added to the mortgage balance. Interest is charged on the combined amount until it is paid. This is called compound interest and is calculated at the interest rate on the mortgage. Interest is then charged on the compound interest until the outstanding amount is paid in full."

    so can you explain the implications of this because it's kind of confusing to me

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  15. but what happens if you contract was terminated and DISCHARGED by your lawyer, back in JAN, ….so you havent been making payments to anyone ….because you still have to sign on with your new lender ….so essentially I'm " in between" lenders with no one to pay now !!!! WTF ??? So in essense ….this isnt my fault, ..as i am willing to pay someone…anyone …but can't !!! And i dont see myself signing on with the new lender for at least another 3-6 weeks …… what a very unique situation i have been placed into eh ??

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  16. Great video. Thank you!!!!!!!!

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  17. Awesome as always!!! Thanks

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  18. Thank you!

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  19. I loved how you threw the papers.

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  20. Excellent video.

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  21. good job and very informative! you released this video right away after the announcement today and answered almost all of my questions.

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  22. Banks are crooks looking to rob you of all your wealth….

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  23. Just currious. Is this "deferral" option like the "skip a payment" option.. where the interest portion per month is added to your morgage?

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  24. nice content keep up the amazing content

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