Mortgagenomics Canada

Key points:YES - most Canadian banks are making the ability to defer your mortgage payments available for eligible applicantsYES - the ability to defer for UP TO 6 months seems to be the generally promoted tenure of deferring your paymentsYES - for those that are anticipating hardship, you need to inquire and apply with, or at the very least inform your lender that you may possibly be defaulting on your next payment. Whatever you do, don’t do ABSOLUTELY NOTHING. If you have already missed a mortgage payment and haven’t had the chance to be proactive about it, continue on the path and try to reach them to explain your situation and proceed to formally apply for the programYES - lack of action from you PRIOR to your first missed mortgage payment will likely impact your credit score. The key is to be forthcoming and proactive - I can’t stress this enough.YES - you will be on the phone or waiting for an online response for a very long time...this is normalYES - you may possibly have to re-apply for the