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COVID-19 : How can I reduce the impact of my mortgage payment deferral?

Your request cannot be cancelled. However, you can reduce the impact of a mortgage deferral in three ways:

1. Increase your payments after the deferral (additional payment)

You can increase your payments (principal and interest) at any time. It is possible to add up to one time the amount of your payment to accelerate the repayment of your mortgage loan. 

2. Make a prepayment

You can repay up to 10% of the original principal amount of the loan during each calendar year. 

3. Increase your payment frequency

By choosing a weekly or bi-weekly payment frequency, your loan will be repaid faster. The equivalent of a monthly payment is then repaid each year (accelerated payment). 

This option can be advantageous because you pay less interest.  

How to :

You can make an early repayment or an additional payment from your online bank. The steps are as follows:

1. Sign in to your online bank.

2. Click Overview in the menu.

3. Click on your mortgage.

4. Click on the mortgage tier for which you want to make an early repayment.

5. Click Accelerated repayment.

6. Click Mortgage prepayment.

7. Follow the instructions. 

Click here to be redirected to make your mortgage prepayment.

Wait for confirmation that your deferred payment has been processed before making the transaction. 

To make these transactions with the help of an advisor or to increase the frequency of your payments, call us at 1-888-286-8799.

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