What does “Mortgage Deferral” mean?
“Mortgage deferral means that payments are skipped for a defined period of time, during which interest which would otherwise be part of the deferred payments is added to the outstanding balance of the mortgage. The added interest is incorporated into the monthly payment, either when payments resume at the end of the deferral period or upon renewal at the end of the mortgage’s term.”
If you have a Mortgage Broker, contact them directly. They are there for you.
If you would like to speak with one, please reach out to me and I will refer you to a trusted partner.
If you need to contact your bank about Mortgage Deferral, follow the links below:
- National Bank
- Scotia Bank
Update(s) from the Government of Canada:
Bank of Canada (our nation’s central bank)