𝟔 𝐁𝐢𝐠 𝐁𝐚𝐧𝐤𝐬 𝐎𝐟𝐟𝐞𝐫 𝐌𝐨𝐫𝐭𝐠𝐚𝐠𝐞 𝐃𝐞𝐟𝐞𝐫𝐫𝐚𝐥 𝐑𝐞𝐥𝐢𝐞𝐟
There was rumor earlier this week that there might be an option to have Mortgage payments deferred.
It was announced that the 6 Big banks will allow a mortgage deferral up to 6 months. This includes RBC, TD, BMO, Scotia Bank, CIBC, National Bank.
This will be effective immediately.
Talk to your Bank about what this looks like for you. I would imagine the phone lines will be very difficult to get through. We have reached out to National Bank and can offer what this looks like for our clients should they need to take advantage.
My only suggestion is to not treat this as a financial holiday. At this point we don’t know the long term economic effects. If you take the deferral now for 6 month, do what you can to prepare should this situation prevail longer.