COVID-19 & Mortgage Industry

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

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)