Mortgagenomics Canada

Key points:

YES - most Canadian banks are making the ability to defer your mortgage payments available for eligible applicants

YES - the ability to defer for UP TO 6 months seems to be the generally promoted tenure of deferring your payments

YES - for those that are anticipating hardship, you need to inquire and apply with, or at the very least inform your lender that you may possibly be defaulting on your next payment. Whatever you do, don’t do ABSOLUTELY NOTHING. If you have already missed a mortgage payment and haven’t had the chance to be proactive about it, continue on the path and try to reach them to explain your situation and proceed to formally apply for the program

YES - lack of action from you PRIOR to your first missed mortgage payment will likely impact your credit score. The key is to be forthcoming and proactive - I can’t stress this enough.

YES - you will be on the phone or waiting for an online response for a very long time...this is normal

YES - you may possibly have to re-apply for the deferred payment every month

YES - most lenders will simply be tacking on your missed mortgage payment on to your existing mortgage principle. So YES, you will technically be paying interest on interest...but seriously, who really cares at this point. If this is a main arguing point for you...you can’t have your cake and eat it. Just get over it.

NO - the program is not and was never called TheMortgageFORGIVENESSProgram. It is known as the DEFERREDMortgagePaymentProgram...and as the name implies, the interest payments that are not being paid will most definitely be deferred in to the future (more on this later)

NO - not everyone will qualify for a mortgage deferral. it is possible that the lender will contest your degree of hardship and decline your application for it

NO - not every lender will allow as high as 6 months in deferred payments

NO - if you are NOT in immediate hardship and are just kind of hoping for extra insurance, just in case things get a little challenging, you want to pre-apply for the deferred mortgage program...no, don’t call and clog up the pathway of communication, you will be declined for it anyway

NO - you will NOT qualify for this if you are still employed

NO - you will likely NOT qualify for this if you have a good amount of cash in the bank or even other sources of unused credit that are available to tap in to (like existing home equity lines of credit & personal lines of credit)

***listen to the episode for more details!

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