Mortgage Deferral Update

We have been getting many calls and emails over the past few asking about mortgage deferrals. We have put together a list below of various banks, credit unions, and mortgage lenders along with their contact details. A few quick points about mortgage deferrals and the process:

Remember this is a deferral – you still have to make the payment at some point – The payment is deferred so the interest gets added to your mortgage balance and your mortgage balance does not go down so effectively your mortgage balance is increasing.
A mortgage deferral should not hurt your credit. Mortgage companies have indicated that they will not put a derogatory rating on your credit. However, we all know errors happen. If you are deferring your mortgage payments please make sure you check your credit once things have returned to normal to make sure you weren’t dinged on your score with a late payment
Banks are getting thousands of calls and emails regarding deferrals. Most are suggesting that you make sure to send ONE email and include all you information in that email. From what we are hearing many banks are 3-5 business days behind so don’t expect an immediate response.

We are here to help you if you need it with your deferrals and mortgage questions. Please feel free to comment on this post with questions or email us at admin@mortgagefit.ca or michael@mortgagefit.ca.

Please feel free to share this lender list if you think it might help someone.

Lender list:

Merix

Phone # 1-877-637-4911

Email: customerservice@merixfinancial.com

http://info.merixfinancial.com/COVID-19-Customer-FAQ

RMG

Phone #: 866 809 5800 (toll-free)

Email: mortgagesupport@rmgmortgages.ca

For answers and the form to fill out for Covid19 skip a payment program please follow this link

https://www.rmgmortgages.ca/covid-19

CMLS