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Old 03-20-2020, 11:45 AM   #1
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Default What has your Mortgage/Car Loan/Utility company offered thread

I know there is a lot of talk of deferred payments, with or without interest etc.

What has everyone received yet?

Audi/VW Finance offered us a month delay, interest rate is 0% so no interest tacked on.

Haven't called Scotiabank for our mortgage, we're on a variable so it is now quite low with the rate reductions and I think we will just try to keep paying it as long as we can.

What else has been offered?
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Old 03-20-2020, 11:54 AM   #2
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nobody has reached out to us for anything yet...
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Old 03-20-2020, 11:55 AM   #3
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nobody has reached out to us for anything yet...
I should clarify I called to ask, I don't think they will be proactive for a while, if ever.
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Old 03-20-2020, 11:59 AM   #4
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I haven't done much research, but I assume it will function exactly like a mortgage vacation, in that the months just get added onto the mortgage term.
I'm curious what conditions will be required for deferral.
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Old 03-20-2020, 12:03 PM   #5
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MCAP (mortgage) and BMW (car lease) have both reached out, mortgage deferral available, not sure what BMW is offering. Fortunately still employed and have roughly 12 months in savings to cover both.
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Old 03-20-2020, 12:07 PM   #6
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Haven't heard from anyone yet, in terms of mortgage. We don't have vehicle loans so nothing to worry about there. Haven't heard from any of the utilities, aside from our city putting something out on their facebook page:

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In addition to provincial financial support, we have implemented the following temporary measures to help alleviate the financial burden that may be felt during COVID-19:
-The hanging of cards for overdue utility accounts and the applicable $25 charge has been temporarily stopped
-The transfer to tax roll of overdue accounts will continue but the $50 fee has been temporarily eliminated
-Penalties will no longer be charged on overdue utility accounts while this temporary program is in place.
I think for now, with income still coming in, we will just keep plugging away at everything.
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Old 03-20-2020, 12:38 PM   #7
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I called First Calgary and she said to me that she can't guarantee anything because it's a high ratio loan.

Ok. I guess that means the pandemic is over and our day home can reopen?

I shouldn't bitch too much because I have no idea what the actual answer is yet. It just put me off, that comment.
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Old 03-20-2020, 12:41 PM   #8
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I got an email from Direct Energy, telling me I could set up automatic payments online, so I wouldn't have to worry if I was too busy / sick to remember to pay.
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Old 03-20-2020, 12:46 PM   #9
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https://www.cbc.ca/news/business/ban...id19-1.5503478

Frustrated Canadians looking for mortgage deferrals from big banks facing delays, denials
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Old 03-20-2020, 01:06 PM   #10
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I got an email from my car dealership offering to put me in a new vehicle for lower payments.
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Old 03-20-2020, 01:41 PM   #11
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Originally Posted by burn_this_city View Post
MCAP (mortgage) and BMW (car lease) have both reached out, mortgage deferral available, not sure what BMW is offering. Fortunately still employed and have roughly 12 months in savings to cover both.
We're with MCAP as well. They passed through the first 0.5% drop quickly, but I haven't seen anything since about the second 0.5% cut. I emailed them yesterday to see what they are going to do and check in on re-amortizing.
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Old 03-20-2020, 04:10 PM   #12
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Despite all the madness, now is a good time to switch mortgage providers for rate. They’ve dropped a lot. Good deals out there. If you’re still employed.

If not, and you’re looking at a deferral, most lenders are overwhelmed right now and the big 5 are obviously gonna drag their heels, not to mention their crappy customer service. They probably started getting calls before the employees knew it was a thing.

Anything purchase with less than 20% down and it’s CMHC or Genworth whose policies you’ll need to meet I believe. They’re probably getting slammed as well.
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Old 03-20-2020, 04:23 PM   #13
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For the love of god read any mortgage holiday agreement read all the fine print. Everything.
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Old 03-21-2020, 12:03 AM   #14
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First National sent me something today.

They were very clear, they will review your situation, offer you between 0 & 6 months of paying interest only (no principal paydown over the 6 months).

Not the exact math, but would be typical of someone owning like 75% of a $400,000 house. normally paying $1900 / month, instead pay only $850/month. During the 6 months your ownership share remains flat, and your amortization date falls back 6 months.


If anyone has some background expertise in mortgages, Would different banks consider a new 25 year amortization schedule on my existing property, to take over my mortgage?

My amortization date is 15 years away.
The buyout fees on my existing mortgage could be paid for by a drop in interest rate.
I'm in my early 30s so a 25 year mortgage isn't all that scary
Extending 10 years, my monthly payments would drop more than 25%. (the differal program offered isn't all that much better.
If my wifes business can't pay her, or the layoffs come for me, we would have that buffer ready in place.
If we are both able to keep working, we would have that extra cash on hand to invest this year, I am more than willing to bet that index funds out preform mortgage interest rates over the next couple years.

It was I thought I had after looking at offer from the bank, where they take on no revenue hit from this at all, but get to say they are supporting their customers.
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Old 03-21-2020, 08:50 AM   #15
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Yes you could likely go back to a 25 year amort.

Extending am is never preferred but like you said. Plus you can always pay more, you can never pay less. You can always catch up again.
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Old 03-21-2020, 08:59 AM   #16
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First National sent me something today.

They were very clear, they will review your situation, offer you between 0 & 6 months of paying interest only (no principal paydown over the 6 months).
In other words, First National and all the other banks offering interest only would profit considerably on this situation.
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Old 03-21-2020, 09:19 AM   #17
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In other words, First National and all the other banks offering interest only would profit considerably on this situation.
Debatable. They’re not charging anything extra. People choose to refinance, extending am, all the time for their own purposes and the banks make extra money off of it and no one complains because it benefits them.

I don’t see this as any different. If you’re short on money, then extending the am and paying more interest over the life of the term is worth it to keep you cash flow positive.

It’s not like anyone expected the banks to let people just skip the payments completely and they’d pay it for you. You’re just delaying paying it until later and as a result you’ll pay more interest.
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Old 03-21-2020, 09:46 AM   #18
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For the love of god read any mortgage holiday agreement read all the fine print. Everything.

What’s some of the typical scary fine print?
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Old 03-21-2020, 10:27 AM   #19
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What’s some of the typical scary fine print?
Some Banks or Company’s will offer a deferral however may require double up payments there after to make up for the deferred time.
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Old 03-21-2020, 10:28 AM   #20
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Recently payment free, good timing I guess?
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