Tonya Russell
466 Bowlen Street E3A 2T4 Fredericton, NB, Canada

Contact Numbers to defer mortgage payments due to COVID-19

Financial Resources Available

Government of Canada - Mortgage Basics *feel free to share!*

For most a mortgage is the biggest debt of your life .. you really should understand it ....

Just had this very convo with clients on Friday ... they have always gone variable ... but the fixed options looks better now ....

I've done many refinances due to divorce ... It's rarely a pretty situation ... thankfully though ... spousal buyout (insured) can refinance your property up to 95% LTV to payout the former partner and any joint debts listed in the Separation/Divorce Agreement.

READ the fine print on this one! .... Not sure what I think about it just yet ....... "The insured mortgage plus incentive cannot be more than four times household income" ... (IF) household income is $50K ... the mortgage cannot be more than $200K ...... - CMHC will contribute 5% of a down payment for the purchase of an existing home, or 10% for the purchase of a new build... - The mortgage MUST be default insured - The applicants’ household income must be less than $120,000 - This amount can be paid back at any time, or upon the sale of the house - CMHC shares in both the proportionate gains or losses in home value

Potentially good news for borrowers ...

Well .. interest rates are down NOT up ... one of the reasons for the stress test was to ensure potential homebuyers could still afford payments when/if rates increased ...... that didn’t happen .....

Businesses that remain open in Fredericton

Feel free to Share! "Equifax’s expectation is that the lender would take actions on its system to ensure that it does not report any derogatory/missed payment... information to the credit bureaus that is misaligned with the program it has implemented. - Request electronic or written confirmation that the payment is being deferred. - Ask for the employee number or service rep’s name that confirmed your deferred payment. - Write down the day and time you talked to the customer service rep. - Place all supporting documentation and record keeping in a safe place where you will actually remember where to find it. - Track both your Equifax and TransUnion credit reports for at least the next few months - If you do see an error, reach out to your lender and the credit reporting agencies to open up a dispute.

Important info if you need to apply for EI benefits (and info for those who do not qualify for EI)

Contact Numbers to defer mortgage payments due to COVID-19

Financial Resources Available