Since the banks announced that homeowners struggling in the COVID-19 pandemic could defer mortgage payments for up to six months, more than a million Canadians are reported to have tried to take up the offer.
But with phone lines jammed, and websites unable to process applications that are assessed on a case-by-case basis, many homeowners looking for a deferral or seeking answers have had little success.
Confusion reigns over what makes a homeowner eligible for an emergency deferral, how the program works, whether interest is payable and whether deferring payments will affect credit scores. Unfortunately, with the situation changing on a daily basis, and lenders forced to make up rules as they go, it has been impossible for most people to get any information.
To clear up some of these issues, Glacier Media Real Estate spoke with five mortgage experts who offered their insights and advice on some frequently asked questions.
Read more here: Western Investor
Angela Calla is a 16 year award-winning woman of influence mortgage expert. Alongside her team, passionately assisting mortgage holders get the best mortgage, and educating them on The Mortgage Show on CKNW for over a decade and through her best-selling book The Mortgage Code available on Amazon. To purchase the book click here: The Mortgage Code. Proceeds from all sales will be donated to Access Youth Outreach Services. Angela can be reached at firstname.lastname@example.org or 604-802-3983.