Did you know you can defer monthly mortgage payments for up to six months? Unpaid interest will get added to your principal and accumulate more interest (potentially lengthening your amortization), but it’s a great option.
According to recent media reports, the Canadian Mortgage & Housing Corporation (CMHC) is currently buying mortgages from Canadian banks, paying them hard cash to keep them in the black. It’s looking like a very Canadian way of saying, “Hey, we’re all in this together and the CMHC is standing behind Canadian real estate and the financial industry.” What does this mean for you and your mortgage at one of Canada’s major banks? In most cases, absolutely nothing. You’ll still visit your local branch – not a CMHC office -- to renew your mortgage when your term’s up and it’ll be business as usual.