COVID-19 & Mortgage Industry

March 20, 2020

 

 

 

As we continue to navigate the fallout that the COVID-19 pandemic has inflicted on our day-to-day lives, we wanted to provide some information and resources as it relates to your mortgage and personal finance. 

Industries are being brought to a stand still and others are trimming back their work force due to a decline in overall business. Many households will be seeing declining income which will cause a significant amount of pressure on current budgets. Not to mention the added troubles for hose having their health negatively affected by this virus- both directly and indirectly. 

Federal and Provincial Governments have been announcing support measures that will be put in place to assist Canadians, should their employment income be negatively impacted as a result of the COVID-19 fall out. Within the last 48 hours, lenders have been coming out with their own statements addressing their commitment to help.

There is no specific remedy that all lenders are offering at this time and although their abilities to assist will differ, the level of assistance they will provide will be measured on a case by case basis.
 
Some of the remedies borrowers may be able to seek are, but not limited to, the following:

  • Deferred payments for up to 6 months

  • Increased amortization to lower payments

  • Miss a payment

  • Specialized payments

 
Most, if not all lenders will require you to call in direct (not visiting your local branch) and from there they will listen to your situation. Once you explain how you have been negatively affected, they will make their assessment on what types of remedies they can offer and for how long. 

Here are some direct contact numbers for the various lenders:

 

ATB

1-800-332-8383

 

B2B

1-800-263-8349

 

Bank of Montreal

1-877-895-3278

 

Bridgewater

1-866-243-4301

 

Canadiana

1-877-315-1633

 

CFF Bank

1-855-767-3031

 

Chinook Financial

403-934-3358

 

CIBC

1-800-465-2422

 

CMLS Financial

1-888-995-2657

 

Connect First

1-403-520-8000

 

Dominion Mortgage

1-866-928-6810

 

Equitable

1-866-407-0004

 

First Calgary Financial

403-736-4000

 

First National

1-888-488-0794

 

Haventree

1-855-727-0051

 

Home Trust

1-855-270-3630

 

HomeEquity Bank

1-866-331-2447

 

HSBC

1-888-310-4722

 

ICICI

1-888-424-2422

 

Lendwise

1-866-675-7022

 

Manulife

1-800-268-6195

 

Marathon

1-855-503-6060

 

MCAP

1-866-809-5800

 

Merix

1-877-637-4911

 

National Bank

1-888-835-6281

 

Optimum

1-866-441-3775

 

PC Financial

1-888-723-8881

 

Radius Financial

1-866-550-8227

 

RFA

1-866-939-5005

Mortgage Numbers
Starting with 4

 

RFA

1-877-776-6888

Mortgage Numbers
Starting with 6

 

RFA

1-833-228-5697

Mortgage Numbers
Starting with 7, 8 or 9

 

RMG

1-866-809-5800

 

Royal Bank

1-800-768-2511

 

Scotiabank

1-800-472-6842

 

Servus

1-877-378-8728

 

Street Capital

See RFA

 

Tangerine

1-888-826-4374

 

TD

1-888-720-0075

 

For those who have questions about Employment Insurance and other benefits being made available for Canadians, I recommend you check out the Federal Government's site here as well as the Tri-City Chamber of Commerce site here. For those who don't know, I am currently sitting on the board of directors for the Tri City's Chamber of Commerce. In saying that, I would be remiss in asking for you to continue supporting your local businesses. Big box and medium sized business will likely have the capabilities to weather the storm, however, small businesses need your support. If you have the means, and I know not everyone does, please consider using local services in your area. Local butchers and grocery stores, restaurants offering take out, specialty stores, anyone still open for business while abiding by social distancing policies in place. 

Kevin and I are both here for any clients or anyone reading this article who have questions, concerns, or just want someone to talk to about their current situation. Please, do not hesitate to reach out to us- there are no stupid questions, especially in unprecedented times like this. 

Kevin can be reached at 604-816-6242 or kevin@oakemortgage.ca and I can be reached at 778-237-4876 or ryan@oakemortgage.ca 

We hope everyone has had the chance to reduce their social interactions and continues to monitor their social distancing. Just because you do not have symptoms or aren't concerned about being infected by the virus, does not mean you can't pass it to someone else and act as a vehicle for the spread. 

Thank you everyone who has reached out already and we hope those who have questions aren't too shy to either.

Thank you, 

Ryan Oake
Oake Mortgage
Powered by Dominion Lending Centres
Producers West
info@oakemortgage.ca
778-237-4876 (Ryan) | 604-816-6242 (Kevin)

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