COVID-19 Payment Relief

With uncertain times both the Canadian government and many lenders are offering programs to help home owners. If you have questions or concerns you can also contact us directly.

COVID-19 Payment Relief

In response, banks in Canada have affirmed their commitment to working with customers to provide flexible solutions, on a case-by-case basis, for managing through hardships caused by recent developments. This may include situations such as pay disruption, childcare disruption, or illness. Canada’s banks and lenders have confirmed that this support will include up to a 6-month payment deferral for mortgages, and the opportunity for relief on other credit products. These targeted measures respond to immediate challenges being faced across the country and will help stabilize the Canadian economy.

You may qualify for up to 6 months payment relief if:

Continue making ALL of your regular payments until you have been approved for the program by your lender. You may negatively affect your credit score if you miss your payments prior to being approved for relief. 

A family home with a cat

What is Skip-a-payment?

In the case you don’t qualify for COVID-19 Payment Relief, Some lenders will allow you to skip a mortgage payment, or hold a mortgage payment in cases where life happens.  Each lender that offers this feature has slight differences in rules.  The major common element is you must ask for a mortgage skip-a-payment in advance, NOT after you’ve missed a payment.

Which lenders offer the skip-a-payment feature?

The lenders below offer the skip-a-payment feature but in some cases only on specific products, and they usually just add any missed interest to your mortgage balance. In some cases lenders offer skip-a-payment but don’t clearly state so on their website or even in the mortgage approval. We have done our best to list all the lenders that offer skip-a-payment privileges but we may have missed some.  Most lenders now offer a skip-a-payment option given the current global pandemic.  Your best bet to determine if you have a skip-a-payment feature with your mortgage is to contact your lender directly.

Contact your lender

COVID-19 UPDATE: Lenders are currently experiencing an overwhelming number of calls in some cases hold times of over 8 hours.  Lenders are asking that you contact them through your online mortgage portal OR via a servicing email.  It may take up to 5 days to receive a response even via email so please be prepared to wait.  Please click on the logo of your lender below to find the fastest way to communicate with your lender (a phone call should be a last resort).

To confirm if you qualify for payment relief, ideally, please go to your lenders website to inquire.  You can also call the numbers below however wait times can be quite long given the volume of calls lenders are receiving.

What if you still find yourself in financial difficulty

At Champion Mortgage we work with many different lenders to help provide our clients solutions in even the toughest of times.  From traditional refinancing, to adding lines of credit, to providing short-term no payment loans secured to the equity of your home, Champion has a solution for you, when you need it most. 

Have more questions?

We are here to help

Have questions about this and other mortgage features? Call or email. Our experts will guide you through the process.

Mary Buzmion Champion Mortgage Associate in Guelph

Mary Buzmion

Mortgage Associate

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