Keeping you informed: COVID-19

Last Update: April 24, 2020

We are monitoring all government announcements that may impact your mortgage now or in the future. Stay connected on our social media for relevant and timely updates. Additional resources are shared at the bottom of this page.

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Please share this important message! You might be able to help someone in difficult times:

1.

There are mortgage payment deferral programs now available with specific lending institutions and the government, if needed.

2.

We’re all in this together and we will get through it! Take a deep breath. We’ve been through pandemics before, such as H1N1, SARS, the financial meltdown 2008, and as bad as they were at the time and many people did lose lives. But things eventually settled down and the economy recovered.

3.

Have some sort of liquidity (money in the bank, line of credit) to cover expenses. Your emergency fund will ensure you have funds you can access to cover expenses. It might be hard to build up an emergency savings account now, but start putting more away in case things get worse.

4.

Stay healthy and positive. We are here if you need us, and we are wishing you strength. Take time to self-educate: take a free online course, subscribe to a motivational podcast, and avoid listening to the news all day.

5.

Get support – check for eligibility and register for all Government Income Support Programs.

It is relatively easy to apply for these programs and payments are getting out to those who need them in a timely fashion. If you don’t qualify for the programs currently being offered, we might have an alternative solution available.  Give us a call.

6.

Re-negotiate your credit cards and debts into a lower interest rate – unsecured debt is a major problem for many Canadian households and income interruptions can cause huge problems and lead to unnecessary stress. Make minimum payments on any outstanding debts, this way you won’t hurt your credit score during this time. Also, contact the financial institutions that hold your debts and negotiate with them for a lower interest rate – even for 6 to 12 months, this can really help take some pressure off.

7.

If your mortgage is coming up for renewal in the next 6 months, don’t wait, start your renewal process with us now so that there are no last-minute surprises or holdups and you can have peace of mind that your home is taken care of. This is also a great opportunity to refinance any consumer debts into your mortgage to increase your monthly cash flow.

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Customer Service Announcement from our bank and lending partners. A gentle reminder that you can’t just skip mortgage payments. Please call your bank directly to make arrangements for your mortgage deferral (you must qualify):

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 | Royal Bank 1-800-769-2511 | Equitable 1-888-334-3313 | 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 | Merix 1-877-637-4911 |  Street Capital (RFA) 1-866-683-8090 | RMG 1-866-809-5800 | Scotia 1-800-472-6842 | TD 1-866-222-3456

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It’s an overwhelming time for everyone right now, so we have made it our priority to keep you informed about programs related to COVID19 to support your Financial Health. If you don’t qualify for the programs currently being offered, let’s talk about your financial needs.

Check out our recent Blog Posts where we answer FAQs.