How can I defer my mortgage?
Depending on your lender, there may be options available to you during this time such as:
• Deferral of payments
• Re-amortization of the loan
• Capitalization of outstanding interest & costs • Special payment arrangements
Please note that when you defer payment, in most cases, the lender will take the interest that would have been paid compounded and add it to your monthly mortgage balance. Upon maturity of your mortgage term, the payments will be calculated moving forward based on the higher mortgage balance.
Big banks including Royal Bank of Canada (RBC), Toronto- Dominion Bank (TD), Bank of Nova Scotia (Scotiabank), Bank of Montreal (BMO), Canadian Imperial Bank of Commerce (CIBC) and National Bank of Canada have opted to provide or their customers.
In addition to mortgage insurers and big banks, credit unions are also working diligently to provide some relief for customers amid the COVID-19 pandemic.
To connect with your lender, see below:
|Bank of Montreal||1-877-895-3278|
|First Calgary Financial||403-736-4000|
|RFA||1-866-939-5005||Mortgage Numbers Starting with 4|
|RFA||1-877-776-6888||Mortgage Numbers Starting with 6|
|RFA||1-833-228-5697||Mortgage Numbers Starting with 7, 8 or 9|