All customers who are currently in good standing and have been impacted by COVID-19 can apply for mortgage relief from their bank. COVID-related mortgage deferral is available for an indefinite period and customers do not face a deadline for having to seek relief.
These are “compassionate” programs and you will need to apply to the program, and assistance will be determined on a case-by-case basis so don’t start skipping payments without getting approval from the lender first. There is a huge difference between a missed payment and a payment that is deferred with your lender’s approval. A deferred payment is a mutual agreement with the lender done so in advance whereby a missed payment with no communication or explanation can pose a much bigger problem.
If you urgently need this kind of help, get in touch, with your lender as soon as possible. Lenders have been swamped with calls, so you may need some patience to get through this process.
We are all navigating turbulent waters and many things are changing. The most important advice we can give you is to get in touch early if you’re anticipating any challenges.
Benchmark Mortgages Inc. is an Edmonton brokerage designed to establish meaningful long-term relationships with clients and help them achieve financial freedom faster with diverse and customized mortgage options. The term “benchmark” originates from the chiseled horizontal marks that surveyors made in stone structures as an established point of reference. By definition, it is a mark that serves as a standard by which others may be judged or measured.