We understand that the uncertainty of the coming months has you concerned for your family and we know that you have questions. We will do our best to share what we know regarding available mortgage payment deferral programs and other options relating to your mortgage.
At this point in time we have not heard about solutions for car loans, credit cards, or credit lines. As you may have heard, mortgage lenders have already stepped up and developed options to assist clients with managing their mortgage payments. Understandably, they have been inundated with calls and are doing their best to manage the overload. They are dealing with each request on a case by case basis. We ask that if you are still working or if you are not in immediate need, that you do not call in to ask questions. There are people with mortgage payments due in the next 2 weeks who require immediate help.
Many lenders have online portals, whereby you can leave a message and can often request to skip a single payment without further approval. We encourage you to visit the portal so that you are acquainted with your mortgage lender’s programs, even if you have no concerns at the moment.
Knowing our options will help ease our minds in times of stress.
Here are some of the options that we have seen offered by our lenders:
- Deferral of payment for up to 6 months (you make the payments at a later date).
- Interest only payments.
- Skip a payment/Miss a payment (many lenders already have this option and you can request it via the online portal).
- Adding payment to your mortgage.
Please note that in most situations the interest will still accumulate.
If your income is stable, you may want to consider a refinance or Home Equity Line of Credit so that you can assist family members in these difficult and uncertain times. We can assist with this. We have relationships with all of the major banks and financial institutions.
We are including below, contact info for the lenders we work with. Although we can answer questions for you and help advise you, we cannot communicate with the lender on your behalf, due to privacy regulations.
Please email your lender with your full name, account number and property address
First National – 1-888-488-0794 / email@example.com
First National Excalibur – 1-888-488-0794 / firstname.lastname@example.org
MCAP – 1-866-809-5800 / email@example.com
MCAP/RMG Eclipse – 1-800-265-2624
Scotiabank – 1-800-472-6842
Manulife – 1-800-268-6195
TD Bank – 1-888-720-0075
Street Capital/RFA – 1-877-416-7873 / RFA Deferral Application Form
RMG Mortgages – 1-866-809-5800 / firstname.lastname@example.org
Haventree Bank – 1-855-272-0051
Royal Bank – 1-800-769-2511
Bank of Montreal – 1-977-788-1928
Merix Financial – 1-888-637-4920
CIBC – 1-800-465-2422
ICICI Bank – 1-888-424-2422
DLC Mortgages – 1-866-928-6810 / CAP@paradigmquest.com
B2B Bank – 1-800-263-8349
National Bank – 1-888-835-6281
Home Trust – 1-855-270-3630
Stoneridge Lending – 1-855-407-8663
Solidity Group – email@example.com
Magenta Mortgages – 1-888-267-1744 / firstname.lastname@example.org
DUCA – 1-866-900-3822
First Ontario Credit Union – 1-800-616-8878
LIBRO – 1-800-361-8222
Wealth One Bank – 1-866-392-1088
Equitable Bank – 1-866-407-0004 / email@example.com
Meridian Credit Union – 1-866-592-2226
Lendwise financial – 1-866-675-7022 option 4
Radius Financial – 1-866-299-5282
Paradigm Quest – 1-855-288-4855
CMLS – 1-888-995-2657 / firstname.lastname@example.org
If you do not see your lender listed or are unsure who your lender is please email the team at email@example.com.
The Melville Mortgages Team