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Mortgage News 2022

How To Get Mortgage Relief If You Have An Insured Mortgage

3/15/2020

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During the next few months and maybe even longer, depending on the extent of the economic damage caused by COVID-19, Canadian mortgage borrowers may find themselves in difficult financial circumstances, which may make mortgage payments impossible. 


During the annual march break up to April 5th, most services in Ontario have closed. Many employers, professional colleges, and unions have also taken steps to encourage employees to work from home by closing corporate offices and suspending routine medical visits. 


Some people are staying home without pay, while those currently with pay may soon find it eliminated during this unprecedented time of minimal social interaction and retreat and unemployment.


Luckily, the Canadian Government has put together a stimulus package that includes Employment Insurance and necessary relief for those who will not be receiving their regular salary now or in the near future. Additionally, CMHC has offered relief for those in high-ratio or insured mortgages. 

An insured mortgage is a type of loan (usually taken out on a purchase transaction) that involved a downpayment of 19 percent or less and where an insurance premium was charged or a mortgage through a Mortgage Finance Company, for example. 

If you are unable to pay your insured mortgage because of unemployment, I can help find you the right solution. I will work with CMHC on your behalf. 


For all mortgages insured by Canada Mortgage and Housing Corporation (CMHC), we can take the following approaches: 


  1. Converting a variable-rate to a fixed rate to protect against payment shock. 
  2. Requesting a short-term payment deferral. 
  3. Extending your amortization period, which lowers your monthly mortgage payments. 
  4. Add missed payments to the mortgage balance and spread them over the remaining mortgage repayment period. 
  5. Looking at arranging a payment schedule unique to your financial situation. 


If none of these solutions work, CMHC is willing to consider other alternatives I present to them that make sense. 


As always, if you'd like to learn more, please do not hesitate to call or write. 


Sarah A. Colucci
Mortgage Agent Lic. M14000929 
Mortgage Edge, Broker 10680 
Direct: (647) 773-4849
Email: sarah.colucci@coluccimortgage.com 

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411 Queen St. 
Newmarket, ON
​L3Y 2G9

Sarah A. Colucci, Mortgage Agent Lic. M14000929
Sherwood Mortgage Group
Licence # 12176

Telephone

Direct: 647-773-4849
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Email: scolucci@sherwoodmortgagegroup.com
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  • Home
  • WHY USE SARAH FOR YOUR NEXT MORTGAGE
  • APPLY ONLINE
  • PRODUCTS
    • Free House Value Tracker Report
    • CASH-BACK MORTGAGE
    • BRIDGE FUNDS
    • REVERSE MORTGAGES
    • SELF-EMPLOYED MORTGAGES
    • FIRST-TIME HOME BUYER PRE-APPROVALS >
      • FIRST-TIME HOME BUYER TAX CREDIT
    • MORTGAGE REFINANCE >
      • Prepayment penalties
    • SPOUSAL BUYOUTS
    • INVESTMENT PROPERTIES AND RENTALS
    • BRUISED CREDIT
    • PRE-APPROVALS
    • NEWCOMERS
    • DEBT CONSOLIDATION
    • HOME EQUITY LINE OF CREDIT
    • PURCHASE PLUS IMPROVEMENT PROGRAM
    • WHY INVEST IN REAL ESTATE
    • MORTGAGE RENEWALS >
      • New Mortgage Rules and Mortgage Renewals
    • SECOND MORTGAGE LOANS
    • LESS THAN 20% PROPERTIES
    • DOWN PAYMENT
  • CONTACT ME
  • PRIME RATE CANADA
  • CLOSING COSTS
  • DOCUMENTS REQUIRED FOR MORTGAGE FINANCING
  • MORTGAGE DICTIONARY
  • MORTGAGE NEWS
  • GOVERNMENT MORTGAGE RULES
  • MORTGAGE TIPS
  • HOUSE HUNTING CHECKLIST
  • APPRAISALS
  • FIXED OR VARIABLE RATE?