A mortgage payment deferral allows you to defer your payments (principal and interest) for 3 months, for a maximum of 6 months.
If you choose to defer your mortgage payments:
- You must continue paying administration fees, insurance, and municipal and school taxes. There may be a delay before these amounts are withdrawn from your bank account. Make sure you have enough money in your account to make these payments.
- Interest continues to accrue during the deferral period and is added to the principal balance of your loan on each deferred payment date.
- The Bank will reimburse the interest on the interest accumulated on the deferred payments for the entire deferral period.
- The amount of your payments will not change after the deferral period.
- Upon renewing your payments, the balance of your loan will be higher due to the outstanding principal and unpaid interest. However, you can make a payment to pay off the deferred payments at no charge.
- Your deferral request cannot be cancelled. However, if you change your mind, you can pay your deferred amounts by making an early repayment. The desired outcome will be the same.
A deferral is not applicable in certain cases, including:
- The first and final payment on your mortgage
- An All-in-OneTM home equity line of credit linked to a mortgage loan
- A progressive disbursement loan
- A loan where the balance and the amount of deferred interest exceeds the original amount disbursed
Your request will be processed within 10 to 20 business days. In the meantime, your payments are not withdrawn unless they are scheduled within the next 5 business days. If your request is accepted, we will send you a confirmation by email. If it is refused, we will contact you to resume your payments.