Mortgage-deferral pointers

Generally, by the time I sit down to write I know what I want to talk about. In between columns, I usually find a common theme – something jumps out at me based on my experiences with my clients.

Today, my head keeps coming back to COVID-19 and the impact it is having on all aspects of our lives.

We all cope with crises differently based on our experience, our personalities/outlooks/coping skills, and perhaps, most importantly, how any particular crises affects us and our loved ones personally.

There are mixed opinions as to whether deferring mortgage payments is a wise idea. Depending who you speak to it is either:

  • A great idea
  • A necessary adjustment
  • A horrible idea.

I have had feedback from several clients that have chosen to defer payments. The common theme was that it took them a while to get through to their mortgage lenders, but once they connected with a human being they all found it easy to request payment deferrals.

If you are considering asking your particular lender to defer your mortgage payment, there are a few things you should think about:

  • Do you need to waive payments or will your income continue uninterrupted?
  • Do you have adequate savings or resources to carry you through if you are laid off now or down the road? 
  • How will deferring payments now affect your mortgage over the long haul?
  • Most importantly, how does your lender plan to collect the payments you are deferring now?

For some people, choosing whether to defer payments is not even a decision. If one or both people are laid off and don’t have adequate savings to carry them through, additional interest is a small price to pay to keep themselves fed.

Most lenders have been absolutely amazing in terms of working with their clients to find solutions. We are receiving bulletins and updates every day outlining best contact information for clients to access customer service departments.

On our Facebook page, we have pinned a list of phone numbers for most mortgage lenders. We are also posting other updates from lenders as they become available.

You may be a bit frustrated trying to reach someone. It is helpful if you have your mortgage number handy when you call. Be prepared for a bit of a wait.

If you have a payment due quickly, sending an email referencing your payment due date in the subject line might help.

I’ve had conversations with a few of my favourite lenders and they have told me about the additional staff they’ve moved to help deal with all of the requests coming in. They are trying their best to help clients as quickly as possible.

We are happy to help if you are trying to track down contact information for your lender. Feel free to give us a call at 250-826-5857 if you need some support.

Hope you and your loved ones are managing OK. Stay well.


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About the Author

Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit http://www.okanaganmortgages.com

Visit their blog at https://www.okanaganmortgages.com/blog


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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