The novel coronavirus outbreak has forced Canadians to hole up in their homes, bringing normal life to a standstill. With government and health bodies advocating for social distancing to flatten the curve, many businesses are on the verge of shutting down. Many Canadians are fearing layoffs as a massive economic slowdown looms.
While people are scrambling to put food on the table and save the roof over their heads, there is a ray of hope to guide us through these financially challenging times. TD Bank has announced that six of the biggest private financial institutions in the country will be providing mortgage relief and financial aids to those impacted by the COVID19 pandemic.
Bank of Montreal, CIBC, National Bank of Canada, RBC Royal Bank, Scotiabank, and TD Bank will provide financial relief to personal and small business banking customers on a case-by-case basis for those with mortgages. Canada's Big 6 have declared their commitment to providing financial solutions to those affected by wage disruptions and illness related to coronavirus outbreak. But, more importantly, the big banks are set to provide mortgage relief with up to six months of mortgage deferral options to those jolted by COVID19 economic slowdown.
How to apply
Call your bank to discuss your financial situation. Remember that the mortgage deferral option would be provided on a case-by-case basis. So it is essential to contact your bank to chalk out a plan for you.
While we wait to get some clarity on who is eligible for mortgage relief, CMHC has made it clear that those who got insured mortgages from them will be benefited by their deferral programs. The motive behind mortgage deferrals is to provide temporary relief so that Canadians can pay their bills. “It is a deferral, not a general amnesty. No shortcuts, only relief,
Other lenders like RMG Mortgage and private mortgage insurers like Canada Guaranty and Genworth Canada are also offering mortgage payment deferrals. This ranges from only deferring one payment to also matching the Big Banks with up to six months of deferrals. If you used a broker to get a mortgage, then contact them to see if you’re eligible for a deferred payment.
Here is a list of banks phone numbers. If you have any questions regarding your mortgage deferral or any credit deferral questions give them a call.
Scotia Bank 1.800.472.6842
TD Bank 1.866.222.2456
Equitable Bank 1.888.334.3313
B2B Bank 1.800.263.8349
First National 1.888.488.0794
Home Trust 1.855.270.3630
Street Capital (RFA Bank) 1.866.683.8090
National Bank 1.888.835.6281
Merix Lendwise 1.877.637.4911
via Rick Bowal, PREC