Mortgage Payment Deferral
The COVID-19, or coronavirus crisis has left many homeowners in Canada without a job or with reduced hours and wondering how to pay their mortgage. Homeowners facing financial stress may be eligible for a mortgage payment deferral up to 6 months to help ease the financial burden.
The COVID-19 Mortgage Payment Deferral program will be ongoing. You can apply at any time during this outbreak.
What is mortgage payment deferral?
Mortgage payment deferrals can help you during times of financial hardship — like unemployment or reduced employment due to the Coronavirus (COVID-19) outbreak.
The deferral is an agreement between you and your lender. Typically, the agreement indicates that you and your lender have agreed to pause or suspend your mortgage payments for a certain amount of time. It’s also known as a mortgage payment deferral agreement or mortgage forbearance agreement and it’s a temporary measure.
After the agreement ends, your mortgage payments return to normal and the missed payments — including principal and accumulated interest - repaid.
How mortgage payment deferrals can help you?
A mortgage deferral helps you when you’re struggling to make your payments by allowing you to skip your mortgage payment for a specified amount of time.