COVID-19 Update

04.04.20 10:04 PM By maurizio

To all of our valued clients,

As you are all aware, we are facing unprecedented times as the coronavirus has crippled the city, this nation and the world.

We trust that you are doing well and are observing the recommended social distancing in efforts to stay safe. Please heed the warning of our officials and avoid large groups and close interaction as it will help to control the spread of the virus. 

This may be the most significant financial crisis of our lifetimes and at present it is difficult to accurately assess the impact of the pandemic on the overall economy, the real estate and mortgage markets and and life as we know it. We have been bombarded with questions from our clients asking for advice on how to get payment relief, what they should do with their mortgages and if there is an opportunity to benefit from the current mortgage environment. We will do our best to answer each of your questions and evaluate your situations as quickly as we possibly can.  

We are here for you and we will do all that we can to assist you but we ask for your patience during these difficult times. Our staff is working from home as are most of the people who work at the major financial institutions and this has slowed response times and delayed all the processes we rely on. Please be patient as we are all going through the crisis together. 

If you or any of your clients need information regarding mortgage payments and would like to request a deferral, you can find a complete lender list and contact phone numbers below. Again, we've been receiving updates that phone lines are at capacity so you likely will have to make many attempts to get through to your mortgage holder. 

As of today‚Äôs date, this is the latest instruction we have been given on payment deferral. Each request will be evaluated on a case by case basis. You will be asked if your personal income and household income has been impacted and why. If you are granted a deferral you can request the duration you would like to a maximum of 6 months. Interest will continue to accrue over the deferred period and will be added to your payments when payments resume and divided over the number of payments deferred. 

For example, if you have a $400k mortgage at 3.5% and your Principal and Interest payments are $1,790.55 and you choose to defer your mortgage for 6 months, interest will accrue monthly on the $400k which will be roughly $7000. When your payments resume, the $7k in interest that was accrued will be divided by the 6 months and added to your payment for 6 months, making the new payment $2957.22.  {($7000/6)= ($1166.67 + $1790.55= $2957.22)} 

As indicated, we are doing our best to return calls and reply to emails in a timely manner and we will continue to update you on all pertinent information as it becomes available. Please stay safe and be well. 

Together we will get through this.

B2B 1 800 263 8349

CIBC 1-800-465-2422

CMLS 1-888-995-2657

Optimum 1-866-441-3775

Equitable 1-888-334-3313

First National 1-888-488-0794

Haventree 1-855-272-0051

Home Trust 1-855-270-3630

ICICI 1-888-424-2422

Manulife 1-877-765-2265

MCAP 1-800-265-2624

Merix 1-877-637-4911

Marathon 1-855-503-6060

RFA 1-877-416-7873

RMG 1-866-809-5800

Scotia 1-800-472-6842

Street Capital 1-866-683-8090

TD 1-866-222-3456