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Who to contact if you need a Mortgage Deferral

Mar 30, 2020

 

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.”

https://cba.ca/mortgage-deferral-to-help-canadians-experiencing-financial-hardship-due-to-covid-19

 

 

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:

 

  • BMO

https://www.bmo.com/main/personal/bmo-branches-coronavirus-update/

  • CIBC

https://www.cibc.com/en/personal-banking/advice-centre/covid-19.html

  • National Bank

https://www.nbc.ca/personal/notice.html

  • Scotia Bank

https://www.scotiabank.com/ca/en/personal/scotia-support/latest-updates.html

  • RBC

https://www.rbc.com/covid-19/

  • TD

https://www.td.com/ca/en/personal-banking/covid-19/

 

 

Update(s) from the Government of Canada:

https://www.canada.ca/en/department-finance/economic-response-plan.html

 

Bank of Canada (our nation’s central bank)

https://www.bankofcanada.ca/markets/market-operations-liquidity-provision/covid-19-actions-support-economy-financial-system/

 

 

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