If you're facing financial hardship due to COVID-19, we're here to help.
Check out our Frequently Asked Questions (FAQs) below to learn more about your options.
The mortgage payment deferral program has come to an end. What does this mean?
The six-month mortgage payment deferral program offered to Canadians in response to COVID-19 ended on September 30, 2020. If you are still experiencing financial hardship due to COVID-19, you may be eligible to receive further payment assistance depending on your individual situation. Please submit a payment assistance request form found on this page below our FAQs. Please note that payment assistance is subject to approval and additional documentation may be required.How can I obtain mortgage payment assistance?
Please complete and submit a payment assistance request form found on this page below our FAQs.Are there fees?
There are no fees for deferring a mortgage payment. Fees may be applicable for other forms of payment assistance provided.How does mortgage payment deferral work?
A mortgage payment deferral means that eligible borrowers in the existing program will not make their regularly scheduled principal and interest payment due to specific financial hardship. The interest on the amount that you haven’t paid during the deferral period will be added to your outstanding mortgage balance. You will be charged this interest over the life of your mortgage, and this will affect the total amount you owe as your mortgage balance will increase.
When you begin making regular mortgage payments again, your payment amount will not change during the term of your mortgage and the length of your term will not be extended. When you renew your mortgage, your payment amount will be automatically adjusted to ensure that your mortgage is paid off at the end of your original amortization period.What happens to my property tax payment?
The property tax portion of your payment will still be collected on the regular payment date. Property tax payments are not subject to the mortgage payment deferral program. Please contact your local municipality to determine if they offer a property tax relief program.I’ve submitted a request and have not heard back. What does that mean?
You will receive a confirmation email after submitting our online request form. This will confirm that we have received your form and if you are eligible under the current program, we will process your mortgage payment deferral as requested. Any payment within 5 business days of your online request will still be withdrawn as expected and your deferral request will be processed for the following payment date. If you are not eligible for a mortgage deferral under the current program, a customer service representative will contact you to discuss your options.
Please keep in mind that our call, email, and online request volumes are very high. As a result, our response times are longer than normal. Be sure to check your spam and junk folders if you have not received a confirmation email.How can I cancel a mortgage payment deferral?
Please complete and submit the cancellation request form found on this page below our FAQs.What is your response time for emails and voicemails?
We are experiencing a high volume of calls and emails at this time. As a result, our response time may be up to 10 business days. Our team is working hard to help each of our customers as quickly as possible. If you sent us a payment deferral request and we are/were unable to process it before your next payment, we will be refunding any non-sufficient funds (NSF) fees charged and you will not be reported to any credit bureau agencies.
Thank you for your patience as we do our best to support all of our customers in need.
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