Affected by the Alberta wildfires? Mortgage Support Advice

As the devastation from the wildfires in Fort McMurray and surrounding areas continues to affect thousands of Albertans, our thoughts are with everyone during this difficult time. Homeowners may be experiencing financial hardship due to evacuations, home damages, home loss or income loss. At the first sign of financial difficulty, the best thing to do is to contact your mortgage lender to discuss your options.

Contact your mortgage lender or broker right away. Being honest with your lender in the early phases will help you avoid penalties, get you on a payment plan and on your way to the best solution. Your lender or broker can provide you with the right advice, especially because they’ve helped others in similar situations.

• Early intervention by a mortgage broker increases your chance of managing the situation
• Brokers can provide you with the options available to manage your situation
• Keep your broker involved as things evolve

Options for your specific situation depend on who your lender is, but many possibilites are out there:

• Converting to fixed interest rates from variable to protect from rate increases
• Temporary short-term payment deferrals
• Extending repayment period
• Adding missed payments to mortgage balance
• Special payment arrangements

The best reminder for yourself in tough times is that honesty really is the best policy. Looking for more information on how to find help? You can always contact me with any questions.

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