Your Mortgage VS Covid-19 ; answer to the questions you ask yourself
Planiprêt
Apr 06, 2020
Can I cancel my real estate transaction?
As mentioned on the OACIQ website: “Once accepted by the seller, a Promise to purchase can no longer be cancelled by either party unless:- a clause to that effect has been provided (e.g. after an inspection);
- it is the will of both parties;
- there is a judicial decision."
What happens to my real estate or mortgage transaction if I lose my job as a result of the government’s restrictive measures?
Usually, a verification of employment is made a few days before the disbursement of a mortgage loan. A loss of employment will cause the cancellation of the mortgage approval. However, some lenders are more flexible in response to people temporarily losing their job as a result of the restrictive measures related to the pandemic crisis. Because each person's situation is different, we invite you to contact us so we can determine your options.Will there be interest rate guarantee extensions?
For the moment, interest rate guarantee extensions are not under consideration. Therefore, we must assume that the answer is no for now.Are there protection measures against loss of employment in these circumstances?
Specifically, there are relief measures such as employment insurance or support for self-employment. More details on this can be found on the Federal Government’s response plan.The lender I chose with my broker is not part of the 6 major banks offering 6 months of payment deferral.
It is important to understand that these 6 banks will not automatically offer six months of deferment. They operate under a case-by-case approach. Even if your lender is not part of the 6 major banks, keep in mind they have other solutions for you in this time of crisis. To know exactly what they can do for you, you must first fill out a request. Follow this link for more details.Can I request a "deferral of mortgage payment" or "deferred payment” through my mortgage broker?
No – you must absolutely follow the instructions provided by your lender. Find these instructions by clicking here.My mortgage term ends in 3 years. Will I need to refinance or transfer my loan with a lower rate bank?
If the charges incurred to break your mortgage loan are higher than the interest saved by renegotiating your loan, you are better off staying with your current lender. If the interest savings are greater, terminating your contract may be beneficial. Read more.
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