Mortgage Deferral - Should I Apply??
Monday Mar 23rd, 2020Share
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There have been a lot of questions about mortgage deferral that is currently being offered by several banks in Ontario.
Here's what I've gathered:
a) for a period of up to six months
b) the period would be interest-free on the front-end
c) includes the full principle and interest amount that can be deferred
d) at the end of six months, payments will resume with 100% of your deferred payments added to the remaining lifetime of your mortgage.
What the program does not describe is that there will be additional interest owed since your mortgage balance has grown substantially.
People have called their banks and have been told they do not qualify, yet there doesn't seem to be any qualification criteria that the Federal government has imposed with this mortgage deferral assistance program.
Things are changing daily.
If you are trying to call your financial institution and cannot get through or have gotten a message that the number no longer exists (how does a bank's customer service number no longer exist), keep trying. Wish you all good health and safety.
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At the time of production, Fred Tam is a Real Estate Salesperson with Right at Home Realty Inc., Brokerage in Toronto, ON. Fred’s videos do not necessarily represent the views and/or opinions of RAH. The purpose of Fred’s videos are to educate you and help you make sense of the real estate process. If you have questions about home loans, real estate, taxes, finances, real estate law, insurance, professional trades, or any other services where you live, you are advised to reach out to the appropriate professional for further counsel about your own unique situation.