26 Mar

How am I Going to Pay my Mortgage During COVID-19?

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According to Tim L. Walker, Faris Team Real Estate Brokerage’s In-House Mortgage Broker, here are some answers to the many shared concerns surrounding mortgages and finances during COVID-19.

Mortgage Deferral Guidance

Unfortunately, COVID-19 has left many homeowners in Canada in the position of having to lean on the aid of employment insurance or facing reduced hours. Although each circumstance is individual, the collective concern remains: “how am I going to pay my mortgage during this unprecedented time?”

As an overview, mortgage payment deferral is a program that can be used during times of financial hardship. It allows mortgage payments to pause for a period of time agreed upon by you and your lender. It is a temporary measure, and once the agreement ends mortgage payments return to normal and the missed payments, including principal and accumulated interest, are scheduled to be repaid.

Something to note – the interest that hasn’t been paid during your mortgage deferral period will be added to the outstanding principal of your mortgage. This can affect the total amount you owe after following the original payment schedule. Speaking with your lender to get a plan in place is an essential first step. In preparation for that conversation, here are some common questions and concerns that offer insight into this option:

What is being offered? 

Most lenders are offering skip-a-payment or mortgage deferral options (for up to 6 months) for clients who are facing financial hardship.

What is a deferred mortgage payment? 

Lenders may allow you to skip a payment in the short term, but you will be required to make it up down the road, with interest. This is not a debt forgiveness program, but a way to provide financial peace of mind in the short term for those facing financial hardship. While the principal and interest portion of your mortgage can be deferred, tax and insurance payments will continue to be withdrawn.

How can I apply? 

Find your lender listed below and reach out to them for instructions on how to request a mortgage payment deferral. Remember to include your full name, address and mortgage number with every communication. Keep in mind that due to overwhelming call and email volumes regarding this relief, you may experience longer-than-normal response times.

When do I apply? 

If you are currently facing a financial hardship (job loss or income reduction), and you have a mortgage payment that’s scheduled to be withdrawn in the next seven days, reach out to your lender to discuss which options are available to you. If your next payment isn’t within a week, or you haven’t seen a reduction in income, lenders are asking everyone to hold off reaching out so that they can best serve the clients most in need.

Is it guaranteed? 

Every lender is evaluating mortgage payment deferrals on a case-by-case basis.

Can I defer payments for debts other than my mortgage? 

Each lender and the financial institution will have a wide range of policies – reach out to them directly to see which options are available.

Mortgage Deferral Contact Information

NOTE: When reaching out to your lender listed below, be sure to include your full name, mortgage number and full property address in each message (email or voicemail).




Complete the financial assistance form here


1.866.243.4301 or


1.877.454.9030 or

Complete the financial assistance form here


1.888.995.2657 or

DUCA Credit Union


Equitable Bank

First National

Haventree Bank

1.855.272.0051 or

Home Trust

1.855.270.3630 or






1.877.765.2265 or

Complete the financial assistance form here


Complete the financial assistance form here or

Login to MyMCAP & submit a skip-a-payment request

Meridian Credit Union



1.877.637.4911 or

National Bank

Sign in to online banking and click “Send Message”



Street Capital/RFA

1.877.416.7873 or


Request via online booking tool

RMG Mortgages

1.866.809.5800 or

Login to MyRMG & submit a skip-a-payment request







Not all mortgages are created equal so the best way to figure out which option is best for you is to allow a mortgage broker to assist you in choosing the right mortgage from the right lender for your specific circumstance.

Have Questions?

Call our in-house mortgage expert, Tim Walker at

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TIM L. WALKER | Mortgage Broker | M11000308

Anthem Mortgage Group | Brokerage #10294

p: 705.721.4509 Ext 400 | c: 705.321.9542 | e:


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