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Old 03-21-2020, 10:55 PM   #41
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I couldn't reach stupid Street Capital / RFA yet. Busy tone for 3 straight days!!

Call middle of night or very early am
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Old 03-21-2020, 11:11 PM   #42
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No, rates have been dropping like a rock.
Last week they were this week they are going up speaking fixed mortgage rates not prime rate. The spread on variable rates is pretty much gone from most lenders as well.

It has been a crazy two weeks
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Old 03-22-2020, 08:38 AM   #43
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I couldn't reach stupid Street Capital / RFA yet. Busy tone for 3 straight days!!
One of my mortgages is with Street and this is unfortunate to here. My next payment isn't until April 13 and I'm in no hurry to defer so I'll probably wait a few weeks for everything to die down a bit before trying to call.
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Old 03-22-2020, 09:15 AM   #44
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I've also read that banks are only deferring payments on principal residences not rental properties. If you have a rental with a mortgage maybe don't plan on getting relief on that deal.
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Old 03-22-2020, 09:23 AM   #45
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Yeah probably going to be a difficult discussion if my renters want rent relief and I still have to pay the mortgage
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Old 03-22-2020, 10:25 AM   #46
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Some perspective from someone that works for a big 5 bank, on the commercial side.
-Since the outbreak has started im working 12 hour days to keep up with requests. Situations seem to be changing on a near hourly basis, and it feels like every day we are on another conference call to update the situation.
-As per my first point, the volume of requests are staggering and trying to manage them while at home with a kid out of daycare comes with its own challenges.
-The Banks messaging has been to be there for our customers through this. However, we need to look at things on a case-by-case basis. Principal deferral and loan relief are all available solutions, the preference from risk seems to be to go 90 days and re-evaluate the situation. This could change tomorrow.

Some random thoughts:
- It is a delicate balance for the Banks. We need to support our customers as we would rather have businesses operating then shutting down and going into collections. We are here to work with you. People at Banks are people too. Being a decent human being instead of yelling or demanding will go a long way to getting support
- Bank share prices are an issue. Bank's need to manage stock prices as there are so many things tied to stock prices for Canadians. Pensions, RRSPs, and investments demand that we remain profitable.
-Bank capital is being quickly demised as deposits are being pulled to support shut downs. The big 5 are well capitalized but is a consideration.
-Finally, credit unions are not Tier 1 banks and therefore operate under different regulations. You cannot compare an ATB to a TD or RBC.

If people have concerns please DM me and Ill do my best to provide guidance.

Last edited by Jbo; 03-22-2020 at 10:42 AM.
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Old 03-22-2020, 11:04 AM   #47
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What is stopping banks from providing mortgage deferrals for 6 months no questions asked?

The way it's messaged right now makes it seems like landlords are not passing on savings to their tenants, but we aren't able to get relief.
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Old 03-22-2020, 11:09 AM   #48
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What is stopping banks from providing mortgage deferrals for 6 months no questions asked?

The way it's messaged right now makes it seems like landlords are not passing on savings to their tenants, but we aren't able to get relief.
As an employee why don't you just defer your paycheque for 6 months no question asked to ease the strain on your employer who has had their income slashed.

Honestly banks are business to, if they gave everyone a 6month pay holiday they might not be able to stay solvent.

Not everyone is out of work, some can still pay, so why give everyone a payment holiday? That would be pretty stupid on the banks part.
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Old 03-22-2020, 11:39 AM   #49
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What is stopping banks from providing mortgage deferrals for 6 months no questions asked?

The way it's messaged right now makes it seems like landlords are not passing on savings to their tenants, but we aren't able to get relief.
I would say that Banks are doing what they can, and you can get up to six months for sure. However, and I’m sure you’ve seen the wording, is that it is on a case by case basis. In the case of landlords, we essentially have to take it at face value that the loan relief is being passed on. We have already seen cases where it is not. We also want to understand what measures the landlord is doing to lower expenses if possible.

For home owners, the bank wants to understand the situation. Has an individual been laid off? Has a spouse?

It is pretty Naive to think that a blanket policy for all payments to be waived will occur. What is happening is that people that don’t need deferral are jamming up the system for those that do.

I think the scary part for me is how many Canadians are literally one months payment away from ruin. That is on both the Banks and individuals who lever them self that high
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Old 03-22-2020, 11:22 PM   #50
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I called PC Mastercard, and they kindly offer me for my April payment no interest for a month on any outstanding balance if I cannot pay by the deadline, as long as I make at least the minimum payment.
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Old 03-23-2020, 12:20 PM   #51
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To those asking about Mortgage deferrals, the top 5 banks should all be rolling out on-line requests in the next week or so. This should lower the volume on call centres and allow clients to get through much quicker.

For business, policy is now coming out. This includes principal deferment, bulge to operating lines, increased margin value on operating lines, Cash sweep waivers and Covenant relief.
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Old 03-23-2020, 12:38 PM   #52
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Anyone talked to First National?
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Old 03-23-2020, 03:19 PM   #53
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For anyone with a mortgage through RMG - You can skip a payment through their online portal MyRMG as they are not even answering calls at the moment due to high call volumes.

Has anyone considered reducing car insurance to just fire/theft if they have multiple vehicles in their household?

Is it worth it at all? My wife and I have only gone out twice so far since March 13th and have two vehicles. Would it be worth it at all to reduce on one car?
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Old 03-23-2020, 03:39 PM   #54
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Anyone talked to First National?
Last I checked they are doing the "we examine each base, on a case by case basis"
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Old 03-23-2020, 03:46 PM   #55
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You can stay on the line for hours on end trying to see if they'll let you defer, or you can just stop paying and they'll call you.
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Old 03-23-2020, 04:01 PM   #56
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For anyone with a mortgage through RMG - You can skip a payment through their online portal MyRMG as they are not even answering calls at the moment due to high call volumes.

Has anyone considered reducing car insurance to just fire/theft if they have multiple vehicles in their household?

Is it worth it at all? My wife and I have only gone out twice so far since March 13th and have two vehicles. Would it be worth it at all to reduce on one car?
I went down to one car. Saves about $70 per month. Left comprehensive on it to continue to be eligible for the discount for having 2 vehicles. It was actually cheaper to leave comprehensive on it then having nothing at all.
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Old 03-23-2020, 05:02 PM   #57
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I just renewed today for a 5 year fixed mortgage our broker called and said mortgage rates are going to be going up tomorrow I was hoping to wait a bit longer but whatever we are pretty much locked in for the next 5 years at the exact same price we were at 5 years ago
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Old 03-23-2020, 05:46 PM   #58
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I just renewed today for a 5 year fixed mortgage our broker called and said mortgage rates are going to be going up tomorrow I was hoping to wait a bit longer but whatever we are pretty much locked in for the next 5 years at the exact same price we were at 5 years ago
LOL


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Old 03-23-2020, 07:22 PM   #59
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To be fair rates did see a bounce back Fri/Sat. But only back to the level they were two weeks ago. Still lower than they were ~12 mos ago.
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Old 03-23-2020, 07:25 PM   #60
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LOL


Classic!
I've been waiting for about 4 months now my mortgage is up in april so I decided to take today's rates that were 2.54 fixed at the beginning of January they were 3.04 over 5 years I felt comfortable renewing
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