Quickfire & COVID-19
As Canada deals with the evolving COVID-19 global health emergency, I wanted to take a moment to reassure you, my valued clients, that there is no need to worry we can still do ALL things mortgages.
At Brokers for Life, and in my business, we have invested in all things digital to make sure that you can apply, get approved, send documents, communicate and sign all things DIGITALLY, if required. If you prefer, we can also always hold "Face to Face" meetings via, Skype, FaceTime or even Facebook.
Our service levels will still continue to be wonderful, lenders are operating as usual - even with distance. If you have any questions please do not hesitate to contact us
The only things good that I can see out of this is our market is getting back to some record LOW interest rates - these WILL not last, lets get yours secured today for 120 days! This 120 day hold puts you into July 2020 which, by then we are hoping we will all be back to normal and out shopping. If you have a mortgage RENEWAL coming up in the next 18 months OR have a rate higher than 2.80% please contact us for an assessment to see if renewing early makes sense to secure these very low rates.
Mortgage Breaks With Confirmed Terms
Will update lenders as we see them become available and post in the comments - if you shared the post and can’t see the comments my profile is open and available to find this post If you have the capacity to continue to pay - PLEASE do so - this should be used in EMERGENCY cases only
Call volumes will be HIGH please be patient
Clients will need to call their lender directly to take advantage of these - for extended breaks there will likely need to be reasoning why it’s required due to COVID-19
Insurers, CMHC, Genworth, and Canada Guarantee already had programs in place with the banks/lenders that allowed them to defer up to 6 monthly payments. Here are some of the requirements.
- Original insured loan amount is not exceeded
- Request to cap payments is received prior to Sept 13, 2020
- Bank/lender confirms the capitalization is being applied reasonably to help mitigate short-term financial difficulty resulting from COVID-19.
The programs are facilitated through the banks/lenders and therefore you should contact their lender directly for further assistance. Some banks/lenders have their own assistance options as well.
Here is a list of customer service numbers of the lenders and banks that we deal with.
B2B 1 800 263 8349
Connect First 403-736-4000
Chinook Financial 403-934-3358
First Calgary Financial 403-736-4000
First National 1-888-488-0794
Home Trust 1-855-270-3630
Street Capital 1-866-683-8090
Servus CU 1-877-378-8728