Karen-Carter-Douglas Park-May 2020

CREST REALTY

RE/MAX Crest Realty 1428 W 7th Avenue Vancouver, BC V6H 1C1 Each Office Independently Owned and Operated.

ATTENTION POSTMASTER: Time Sensitive Materials

Karen Carter REALTOR®

604.837.7325

Real Estate Market Report | May 2020

Douglas Park www.LivingDouglasPark.com

Karen@LivingDouglasPark.com www.LivingDouglasPark.com

Published by REAL Marketing (REM) | www.REALMarketing4You.com | 604.841.1739 | ©2020

Visit www.LivingDouglasPark.com for current market activity, community information, and more.

YOUR TRUSTED RESOURCE DURING A CHANGING MARKET Jonathan and Angela-Marie, Instead of the usual statistics this month, Katy Mackenzie, from The Mortgage Group has been kind enough to share information on Deferred Mortgage Payment Programs. If you would like to discuss this option with her, she is happy to take your call. Please see inside for more details!

If there is anything you would like information on, help with, or support doing, please go to the Living Douglas Park Facebook page and send a message. I will do my best to assist in any way I can or connect you with someone who can.

Presented by Karen Carter Your Douglas Park Real Estate Specialist

Also, please share on that page, things like a “Thank You” to someone in the community that has gone above and beyond, or a photo of your favourite things in the community.

I will be doing a drawing on May 6th, for dinner for four from a local restaurant that is still open for takeout… I had takeout from Sorella’s this past Saturday! :-) To enter, like the Living Douglas Park Facebook page, and if you share a “Thank you” or a photo of your favourite thing in the community, you will be entered twice.

Wishing you all the best,

–Karen Carter 604.837.7325 | KAREN@LIVINGDOUGLASPARK.COM

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AG E N T C A R T E R

Thinking Vancouver Real Estate? Think Agent Carter!

Karen Carter

CREST REALTY

REALTOR®

604.837.7325

Connect with me on:

Karen@LivingDouglasPark.com www.LivingDouglasPark.com

MORTGAGE PAYMENT DEFERRAL PROGRAM This is a special program that has been designed to allow mortgage payment deferral for up to six months. Of course, every lender will be treating

WANT TO LEARN MORE ABOUT DEFERRED MORTGAGE PAYMENT PROGRAMS? FOR THOSE IMPACTED BY COVID-19, HERE ARE KATY ’S 10 KEY POINTS TO KNOW: 1. THEY ARE DISCRETIONARY Mortgage payment deferral programs are offered at their sole discretion on a case-by-case basis.

2. NO LENDER IS GOING TO FORGIVE YOUR MORTGAGE PAYMENT

You still pay all of the money you owe, with interest. Just more slowly.

3. YOU MUST DEMONSTRATE TRUE FINANCIAL HARDSHIP

These programs are for people who are genuinely struggling to make their next mortgage payment.

4. IF YOU DON’T FALL INTO THIS DISTRESSED CATEGORY, DON’T CALL YOUR LENDER RIGHT NOW

If you still have an income and have enough money to make your next payment, delay your call to your lender for a couple of weeks.

5. DEFERRING MORTGAGE PAYMENTS WON’T HURT YOUR CREDIT SCORE A lender-approved deferment is not a missed payment and it will not appear on your credit report as a delinquency.

6. DEFERRED PAYMENT PROGRAMS ARE TYPICALLY CAPPED AT SIX MONTHS

If you’re about to miss a payment, call first. Be honest about your circumstances, and have a plan for how you are going to get back on track.

KATY MACKENZIE B.COMM, PFP MORTGAGE PROFESSIONAL

105 - 1385 W. 8th Avenue, Vancouver Tel. 604.612.6970 katy@mackenziemortgage.com www.mackenziemortgage.com

Property tax installments and insurance premiums are entirely separate from these programs and must continue to be paid.

9. OPTIONS ARE AVAILABLE

Deferring the first payment will be easier than deferring the second one, and so on. Right now, the longest reprieve to expect is for six months.

7. COMMUNICATION WITH YOUR LENDER IS KEY

8. A MORTGAGE DEFERRED PAYMENT PROGRAM IS FOR YOUR MORTGAGE ONLY

Lenders also have the ability to refinance your mortgage to pay out other debt, restore your original amortization, hold a payment, or offer you a reduced payment for a specific time.

10. RENTAL PROPERTY INVESTORS MAY BE ELIGIBLE Property investors with tenants who have stopped making their rent payments will also be considered and assessed by the same rigorous standards. Some provincial governments have introduced tenant relief programs. Encourage tenants to apply for these programs, if available.

FOR MORE DETAILS, READ THE FULL ARTICLE AT: https://mackenziemortgage.com/ blog/covid19-mortgagepayment-deferral-programs

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Please contact me today to receive the form or ask any mortgage questions you may have!

– Katy Mackenzie

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LIST OF LENDERS FOR YOUR CONVENIENCE: ALTA West: 1-888-554-9075 collections@awcapital.ca

First National: 1-888-488-0794 customer@firstnational.ca

ATB: 1-800-332-8383

First West: Contact Branch Direct

B2B: 1-800-263-8349 questions@b2bbank.com

First Ontario: Contact Branch Direct

Bridgewater: 1-866-243-4301 Customer.experience@bridgewaterbank Calvert: 403-278-0249 Dale@chmic.ca Cedar Peaks: 403-249-2007 info@cedarpeaksmortgage.ca

Fisgard: 1-866-382-9255 Genworth: 1-800-511-8888 homeassist@genworth.com Haventreebank: 1-855-272-0050 mortgageservicing@haventreebank.com Home Trust: 1-855-270-3630

CMLS: 1-888-995-2657 service@cmls.ca

ICICI Bank: 1-866-726-0825 icicibankmortgagecare@lenderservices.ca

Coast Capital: Contact Branch Direct

Manulife Bank: 1-877-765-2265

Eclipse: 1-866-800-4002

Marathon Mortgage: 1-855-503-6060

Equitable: 1-888-334-3313 customerservice@eqbank.ca

MCAP: 1-800-265-2624 service@mcap.com

Meridian: Contact Branch Direct Merix/Lendwise: 1-877-637-4911 customerservice@merixfinancial.com Optimum: 1-866-441-3775 customer.service@cwbank.com RFA: 1-833-228-5697 rfamortgages@lenderservices.ca RMG Mortgages: 1-866-809-5800 mortgagesupport@rmgmortgages.ca Scotia Bank: Contact branch Servus Credit Union: 1-877-378-8728 Street Capital: 1-877-776-6888 support@streetcapital.ca TD Canada Trust: 1-866-222-3456 TMG Branded: 1-855-288-4855

Karen Carter, Katy Mackenzie, and RE/MAX Crest Realty are not in any way affiliated with Douglas Park Owners Association, nor is this in any way an official advertisement or publication of Douglas Park. © 2020 All rights reserved.

E&OE covered. This market report is not intended to solicit properties already listed for sale nor intended to cause a breach of an existing agency relationship. Each office independently owned and operated.