10 Things to Know About Mortgage Payment Deferral Programs
Channel: Arise Mortgage - John Lee Mortgage Broker
Date: 2020-04-15

Learn the 10 things you need to know about mortgage payment deferral programs. Ever since COVID-19 was deemed a pandemic, many Canadians have been laid off. The good news is that banks are working with the government to help you get through financial hardship by deferring your mortgage payments. 

0:46 #1 They're discretionary
1:05 #2 No lender is going to forgive your mortgage payment
1:29 #3 You must be able to demonstrate true financial hardship
2:07 #4 If not distressed, don't call your lender right now
2:50 #5 Deferring mortgage payment won't hurt your credit score
3:20 #6 Deferred payment programs typically capped at 6 months
3:32 #7 Communication is key
3:38 #8 Mortgage deferred payment program is for mortgage payment only
4:15 #9 Other options are often available
4:45 #10 Rental property investors may also be eligible

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John Lee, a Mortgage Broker based in Canada, shares ways to be approved for a mortgage, home buying tips, and other mortgage-related stuff. If you're considering purchasing a home or refinancing your existing property, make sure to subscribe for helpful content-rich videos.

He is a licensed Mortgage Broker, author of The Ultimate Mortgage Guide, and the President and CEO of Arise Mortgage. He's been in the financial and real estate industry since 2006. Before becoming a Mortgage broker, he worked at various big banks and a real estate company that involves property management and large real estate acquisitions. He has helped hundreds of families with a mortgage and one of the most fulfilling parts of my job is working with first time home buyers and securing their dream home.

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604-722-8404
john@arisemortgage.ca

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