New Journey Housing News
Are you worried about making your mortgage payments? Job losses and drastic decrease in household incomes at this times are making the stress of mortgage payments even more serious.
If you are concerned about being able to make your regular mortgage payments, the best thing you can do is contact your mortgage lender ASAP – this is the financial institution that you got your mortgage from (Assiniboine Credit Union, Royal Bank, Scotia bank, Cambrien Credit Union, etc)
Your mortgage lender will met with you and talk about your payments and what the mortgage deferral will look like for you. If you are approved for the mortgage deferral then those skipped payments will just get added onto the end of your mortgage. So, if you skip 6 months of your mortgage you will end up adding those 6 months to the end of your amortization period (it will take you 6 extra months to pay off your mortgage).
If this is something that you want to look into you can either reach out to NJH and we can help you connect with your mortgage lender OR you can reach out to your mortgage lender directly and ask them about their mortgage payment deferral options.
More information from CMHC is available here https://www.cmhc-schl.gc.ca/en/finance-and-investing/mortgage-loan-insurance/the-resource/covid19-understanding-mortgage-payment-deferral?utm_source=twitter&utm_medium=cmhc_ca_organic&utm_campaign=cor-org&utm_term=0f89979e-a509-4f77-ac07-8ea83a6bc8ec