COVID-19 Mortgage Payment Deferral Program In Canada Explained

COVID-19 & How does a mortgage payment deferral work?You're watching this for one of two reasons... 1) Your income has been reduced because of the COVID-19 2) You want to prepare, but your income hasn't been affected yet I discuss both these options: 1.COVID-19 Has affected your income! You or a member of your family has been affected by the COVID-19 virus, then every mortgage lender in Canada are offering options mortgage payment deferral options. Payment deferrals range from 1 to 6 months. Each lender is different, so speak with your lender to discuss solutions specifically to your situation. How do you get the deferral? Your first option is to call them. I will provide a list of most lender's phone numbers for your reference, at the bottom of this summary The lender phone lines are very busy so call early in the morning or later in the day (early evening), when fewer people are calling. If you can log into an online portal provided by your mortgage lender, you may have an option for deferring the payment without talking to anyone. You could do that, then you can wait until things have settled down in a week or two before you call your further mortgage payment deferrals.