How will I pay my mortgage during the coronavirus pandemic?

How will I pay my mortgage during the coronavirus pandemic?

During these very challenging and uncertain times, homeowners are rightfully worried about how they’ll continue to pay their mortgages. You may be experiencing lay-offs or a drop-off in business, but rest assured that your financial institution of choice has measures in place to help give you a hand until everything goes back to “normal.”


Mortgage deferral is likely an option

If you’re having to dip into your employment insurance during COVID-19 or you’ve had your hours reduced, you may be fretting about making your next mortgage payment.

While your lender or bank will assess each case on an individual basis, there are mortgage deferral programs in place specifically for times like this (as unprecedented as this one may be).


How does mortgage deferral work?

To be used during times of financial hardship, a mortgage deferral allows you to suspend payment of your mortgage for a period of time that you and your bank or lender agree on. You get to essentially “skip” payments.

Usual deferral periods range from one or two payments up to 6 months. Once the agreed upon deferral period ends, your mortgage payments go back to normal, and the missed payments and interest accrued up to that point get scheduled to be repaid.

Tax and insurance amounts will continue to be withdrawn during a deferral, as only the principal of your mortgage and interest get deferred.


Do I end up paying more interest with a mortgage deferral?

While you may be able to skip payments with a mortgage deferral program, those payments do accrue interest during the deferral period. These programs are meant as a temporary measure to help you make it through a difficult period, but they do not mean that your bank or lender is forgiving any amount of your debt.


When is the best time to apply for a mortgage deferral?

If your current financial situation is going to make it difficult to make your mortgage payment due in the next seven days, reach out to your lender or bank and ask about your options.

If your next payment isn’t due in the next week or you’re not in financial dire straits, most lenders are asking that you hold off on asking about your options so that they can more effectively help those in immediate need. We’re all in this together!


How do I apply for a mortgage deferral?

A list of lenders and banks is included below. Find yours and call or email them to inquire about your mortgage deferral options. Be sure to include your full name, your full mortgage number, and the full address of your home in your message.


  • Assiniboine Credit Union: 1.877.958.8588 or
  • ATB: 1.800.332.8383
  • B2B: 1.800.263.8349
  • BMO: Complete the financial assistance form
  • Bridgewater: 1.866.243.4301 or
  • Cambrian Credit Union: 1.888.695.8900
  • CIBC: 1.877.454.9030 or complete the financial assistance form
  • CMLS: 1.888.995.2657 or
  • Entegra: 1.888.488.0794
  • Equitable Bank:
  • First National:
  • Haventree Bank: 1.855.272.0051 or
  • Home Trust: 1.855.270.3630 or
  • HSBC: 1.888.310.4722
  • ICICI Bank: 1.888.424.2422
  • LifeCycle: 1.855.805.7107
  • Manulife: 1.877.765.2265 or complete the financial assistance form
  • Marathon: 1.855.503.6060
  • MCAP: Complete the financial assistance form or log in to MyMCAP & submit a skip-a-payment request
  • Meric: 1.877.765.2265
  • Merix/Lendwise: 1.877.637.4911 or
  • National Bank: Sign in to online banking and click “Send Message”
  • Optimum: 1866.441.3775
  • RBC: 1.866.809.5800
  • RMG Mortgages: 1.866.809.5800 or log in to MyRMG & submit a skip-a-payment request
  • Scotiabank: 1.800.472.6842
  • SCU: 1.800.728.6440
  • Servus: 1.877.378.8728
  • Street Capital/RFA: 1.877.416.7873 or
  • Sunova: 1.833.378.6682
  • TD: 1.888.720.0075
  • XMC: 1.877.775.2970



If you have any questions about mortgage deferrals or would like recommendations for trustworthy, helpful mortgage brokers, call or text Gino today at 204-955-5853.