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Old 03-21-2020, 10:29 AM   #21
Cecil Terwilliger
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Originally Posted by Gundo View Post
Some Banks or Company’s will offer a deferral however may require double up payments there after to make up for the deferred time.
Often it has to be made up prior to the term ending which doesn’t mean double.
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Old 03-21-2020, 10:31 AM   #22
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Originally Posted by Mass_nerder View Post
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.
I called my credit union. (6 am so I didn't have to hold).
Deferred for 6 months. No conditions required. They just brought up my file, we took care of it and I was off the phone in 10 minutes.
Right after received the confirmation email with everything in writing. Yay credit unions!

Lucky I have an older vehicle, so no car payments.
I'm going to pay utilities as usual.

Last edited by GordonBlue; 03-21-2020 at 10:34 AM.
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Old 03-21-2020, 10:41 AM   #23
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My wife is a private contractor and lost all her business over night, I am keeping my job and am fortunate enough to still be busy.

I don’t know if I should take advantage of the deferral situation because we are down to one income or wait just in case something destabilizing happening down the road.

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Old 03-21-2020, 10:44 AM   #24
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Change to interest only payments on your mortgage. It doesn't help with the long term prinicipal payment but you should be able to have significant cost savings in the near future.

Most banks do this even when there are no crisises (crisi?) going on.
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Old 03-21-2020, 10:45 AM   #25
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via Imgflip Meme Generator


Hahaha, truthfully good for you man!
I lol'd hard
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Old 03-21-2020, 10:58 AM   #26
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Originally Posted by Wastedyouth View Post
Most banks do this even when there are no crisises (crisi?) going on.
Im sure, but with the volume of people looking for a deferral, I would expect a relaxation on qualifications, in which case some people that don’t genuinely need a deferral will look for one, thinking they are taking advantage of the banks when they are actually just giving their bank an extra 6 months of interest- assuming that is the deferral they set up.

With this crisis, many people have no choice though, which is why the interest only payments are going to irk many people.
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Old 03-21-2020, 11:02 AM   #27
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In related news, I believe the benchmark rate is dropping, making qualifying easier.
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Old 03-21-2020, 11:05 AM   #28
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I lol'd hard
Haha I removed it, didn’t want to seem like a dink.
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Old 03-21-2020, 11:16 AM   #29
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Originally Posted by Cecil Terwilliger View Post
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.
Youre telling me banks can’t step up to the plate in this situation and structure something so that the total dollar amount someone is scheduled to pay them remains the same, even with the deferral and term extension? Fine, if there is an amount to be lost by the bank in a 6 month no payment deferral, add it on, but 6 months of interest? Would be about 4K in my case.
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Old 03-21-2020, 11:29 AM   #30
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I know banks dont want to be seen as "selling" during this time but they should be genuinely offering their most loyal and vulnerable customers interest free loans and other plans.

I posted in the other thread that banks are just sending meaningless generic letters and passing the buck.
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Old 03-21-2020, 11:35 AM   #31
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@Flabbi

I’m not sure how that relates to the original point. Are they doing this to make money? As rich as the banks are (noting the example in this thread isn’t a big bank) they can’t just stop collecting mortgage payments for millions of Canadians. They need that money to operate.
Plus you pay the interest either way. Your mortgage is accruing interest while you’re not paying even if the defer the payments. Thankfully I don’t think they capitalize it every month like your credit card company.

Or are they not being lenient enough? Sure. FN sucks and they suck if OP needed to completely defer for financial reasons. But if I could afford it, I’d pay the interest now instead of later.*

*i literally just did this while unemployed for 8 months. I only started paying the principal last month.

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Old 03-21-2020, 12:18 PM   #32
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Definitely fair point about FN being a lowly $1B revenue bank (no sarcasm intended), but I will be curious to see what the bigger banks, certainly able to absorb more generous deferrals, are offering. Anecdotal evidence, but I did see something mentioned by a mortgage broker about a lot of calls being made by people not nearly at a crisis point, but still inquiring about these deferral options.

I am curious if breaking even is the worst here that banks are willing to entertain, while everyone else is going to be looking at considerably worse.
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Old 03-21-2020, 12:23 PM   #33
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Quote:
Originally Posted by Flabbibulin View Post
Definitely fair point about FN being a lowly $1B revenue bank (no sarcasm intended), but I will be curious to see what the bigger banks, certainly able to absorb more generous deferrals, are offering. Anecdotal evidence, but I did see something mentioned by a mortgage broker about a lot of calls being made by people not nearly at a crisis point, but still inquiring about these deferral options.

I am curious if breaking even is the worst here that banks are willing to entertain, while everyone else is going to be looking at considerably worse.

I dont think the banks want to be seen as 'marketing' and one uping each other offering this and offering that.

But they need to get past that. Customers can sniff those out. This is an opportunity to be creative and do good.
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Old 03-21-2020, 10:07 PM   #34
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Yeah, but they are strait up hiking rates now; I don’t think they’re concerned about looking good.
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Old 03-21-2020, 10:10 PM   #35
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Yeah, but they are strait up hiking rates now; I don’t think they’re concerned about looking good.
No, rates have been dropping like a rock.
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Old 03-21-2020, 10:12 PM   #36
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Yeah mine dropped .75 in 2 weeks
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Old 03-21-2020, 10:12 PM   #37
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https://www.burnabynow.com/interest-...rop-1.24102750


Mortgage Rates Increasing
https://r.tapatalk.com/shareLink/top...ink_source=app
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Old 03-21-2020, 11:46 PM   #38
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Called my bank and deferred for a month. I pay weekly so it'll be nice to add those payments to my credit card. I can always extend but since I'm still working full time with no sign of slowing down, i won't. That took maybe 5-10 mins.


No car payments needed
Will pay utilities as per usual.


but it is nice there is options if something turns for the worse.
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Old 03-21-2020, 11:54 PM   #39
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I couldn't reach stupid Street Capital / RFA yet. Busy tone for 3 straight days!!
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Old 03-21-2020, 11:54 PM   #40
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Haha I removed it, didn’t want to seem like a dink.
Nah. If someone comes to a thread like this to say they already paid off their mortgage, they deserve some dickishness
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