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.
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.
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.
COVID-19 UPDATE: 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. To confirm if you qualify for payment relief, ideally, please go to your lenders website to inquire, unfortunately we aren't able to act as an intermediary for you while seeking payment relief.
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412 Laird Rd Unit 101
Guelph, ON N1G 3X7
204, 10941 120 St, Edmonton,
AB T5H 3R3
223 14 St NW, Calgary, AB T2N 1Z6
Broker of Record:
Gord Ross | gord@indimortgage.ca
Compliance Officer:
Gord Appel | gord.appel@indimortgage.ca
indi Mortgage Solutions - Guelph
indi Mortgage Solutions FSRA 12403, Ontario Canada