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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24 comments
Rui Carson March 26, 2020 8:36 am
Tanks
ColesR205 March 26, 2020 8:36 am
A forbearencs put payment on the back start fresh.
themax37 March 26, 2020 8:36 am
Really depends on the interest, if you are able to defer, you can put your money to work for you in that time.
Rui Carson March 26, 2020 8:36 am
If you paying for mortgage gov.said and says banks will defer your payments for 6 months
zSEVENz WolfPack March 26, 2020 8:36 am
What are some of the requirements to differ?
Joe Lubo March 26, 2020 8:36 am
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?
recoil669 March 26, 2020 8:36 am
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?
recoil669 March 26, 2020 8:36 am
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?
Greg Rohrer March 26, 2020 8:36 am
Watch out for the Forbearance program. Your credit can be damaged when mortgage companies report late payments.
Rui Carson March 26, 2020 8:36 am
About Rental can tenants to get defered payments on rents
D Babijowski March 26, 2020 8:36 am
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
Fillmore Hillmore March 26, 2020 8:36 am
What about zombie companies, REPO market?
Jean Baril March 26, 2020 8:36 am
I wonder if the credit unions will offer the same thing?
yanga90 March 26, 2020 8:36 am
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
ezcashflo March 26, 2020 8:36 am
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 ??
superwoofer21 March 26, 2020 8:36 am
Great video. Thank you!!!!!!!!
samwizzy1 March 26, 2020 8:36 am
Awesome as always!!! Thanks
Natalie Guerrero March 26, 2020 8:36 am
Thank you!
Chad Pescod - Real Estate Sales Representative March 26, 2020 8:36 am
I loved how you threw the papers.
Chad Pescod - Real Estate Sales Representative March 26, 2020 8:36 am
Excellent video.
chris20sith March 26, 2020 8:36 am
good job and very informative! you released this video right away after the announcement today and answered almost all of my questions.
aggenara March 26, 2020 8:36 am
Banks are crooks looking to rob you of all your wealth….
Jamie Drover March 26, 2020 8:36 am
Just currious. Is this "deferral" option like the "skip a payment" option.. where the interest portion per month is added to your morgage?
TheComicalCanadian March 26, 2020 8:36 am
nice content keep up the amazing content