Krista Klein March 2020 Mortgage Newsletter - Deferring your Mortgage Payment, Rate Volatility, and Back-to-Basics

Krista Klein - Mortgage Broker

Powered by Pacific West Mortgages & Mortgage Architects

krista@kristakleinmortgages.ca
604 618 2017
http://www.kristakleinmortgages.ca

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How to Defer your Mortgage Payment

 

We believe that nobody should have to worry about their mortgage because of financial impacts of COVID-19.  CMHC made an announcement that they're working with Genworth, Canada Guaranty and lenders to help, by increasing their flexibilities to allow payment deferral of up to 6 months starting now. 

This applies to borrowers with an insured mortgage (generally those who bought with less than a 20% down payment - but not exclusively)

 You can read the entire CMHC COVID-19 Announcement

 Tools include:

 - Deferral of payment

- Re-amortization of the mortgage

- Capitalization of outstanding interest arrears and other eligible expenses

- Special payment arrangements

 If you find yourself in the position that you are about to be self-isolated, or quarantined and need help with your mortgage payments, please reach out directly to your lender. 

Most lenders have options available to skip-a-payment or put a payment on hold (even before this new CMHC announcement). 

It is imperative that you reach out to the lender and request this though.  Each lender has different options, and with how quickly COVID-19 is developing, lenders are updating their policies to help, regardless of whether you have CMHC default insurance on your mortgage, or not. 

To help make it easier for you, we have listed some of our most common lenders below, with phone numbers to their customer service department to get further details on skip or hold a payment options. 

Call volumes are very high, I would recommend that you try in the evening when call volumes have decreased a little.

LIST OF LENDERS CONTACT NUMBERS

ATB 1-800-332-8383
B2B 1 800 263 8349
BMO 1-877-895-3278
Bridgewater 1-866-243-4301
CIBC 1-800-465-2422
CMLS 1-888-995-2657
Optimum 1-866-441-3775
Equitable 1-888-334-3313
Connect First 403-736-4000
Chinook Financial 403-934-3358
First Calgary Financial 403-736-4000
First National 1-888-488-0794
Haventree 1-855-272-0051
Home Trust 1-855-270-3630
HSBC 1-888-310-4722
ICICI 1-888-424-2422
Manulife 1-877-765-2265
MCAP 1-800-265-2624
Merix 1-877-637-4911
Marathon 1-855-503-6060
RBC 1-866-809-5800
RFA 1-877-416-7873
RMG 1-866-809-5800
Scotia 1-800-472-6842
Servus 1-877-378-8728
Street Capital 1-866-683-8090
TD 1-866-222-3456
ATB 1-800-332-8383
Servus CU 1-877-378-8728



Whats Going on with Rates?

 

March 2020 has been whirlwind for mortgage rates. How did the rates go down and then go up at the same time?

 

Here is a detailed video explanation from the President of Mortgage Architects, Dustan Woodhouse on what’s happening.

Watch the video here: Rate Volatility



Instead of Netflix....

 

As we try to find normalcy with your new schedule, there are many different ways to occupy your time. These 8-Ivy League schools has created over 500 online courses that open to the general public.

 

Check out the link here for the full story and classes available Here.

 

Keep me in the loop of any classes that catch your eye! I’d love to hear from you!



Personal Note - Back-to-Basics

 

As we continue to go deeper into the unknown, I can’t stop thinking of what is truly important in our lives. Only a few weeks ago, I was able to enjoy my 38th birthday with dear friends at a 7-course dinner in Kitsilano. Yes, the food is amazing.

Now, as I stay home, social distance oneself from everyone including my family and friends.

 

I am currently bunked up at my mother-in-law’s house. To some, this probably sounds like a bad thing, but we get along amazingly and her pantry is packed full (#winning).

 

As we realize this may be longer than just a few weeks, I am creating normalcy for myself and finding gratitude in what is truly valuable. 

I am thankful that my niece turned 2years old and my nephew was apparently such a good boy, he received gifts as well. My brother and his wife who are keeping the kids safe. I am thankful that my parents are safe with a pantry full of food. I am thankful for my sister who is considering ‘front-line’ with the City of Vancouver that she is safe. She is considered the eyes and ears of the world.

 

Let’s use what the universe has thrown at us to bring us back to basics. Take a moment to find something you are thankful for and share it with the world.

We need good news like this.



How can I Help You?

 

Please reach out to me if you have any mortgage concerns. If you are considering your current options, ie. Mortgage payment deferring, pulling equity out, consolidating your debt into your mortgage.

Let’s talk through your options. Book a call with me here: Book Call with Krista



You Might Have Hidden Money with the CRA

 

Yes, you read that right. The CRA has made a way for you to see if you have un-cashed cheques. This could include missed GST payments, HST payments (remember this?), tax refunds, etc. 

There are approximately $1 billion in cheques that have gone uncashed. This money belongs to Canadians and we're making it easy for them to get the money intended for them.

As of May 2019, approximately 5 million Canadians had an estimated 7.6 million uncashed cheques with the Canada Revenue Agency (CRA), dating back to 1998.

In order to reunite taxpayers with their long lost funds, we piloted a new uncashed cheque feature in My Account in early February. It lets taxpayers know if they have an uncashed cheque waiting for them and lets them request it be reissued.

There has not been a better time then now to see if you have some 'surprise' money waiting for you. 

Full details can be found here: Show me the money



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