As part of the federal government's package to make life easier for Canadians during the COVID-19 crisis, particularly those who've lost their jobs, or are living off reduced income, there is the opportunity to defer mortgage payments for up to six months.

The owner of High River's Western Mortgage Services, Yousra Jomha says the program is at arms length from the Government so she has some advice on where to start.

"The programs available are through the CMHC, Genworth Canada and Canada Guarantee. They're the insurers. So, Canada Guarantee and the CMHC are requesting people to contact your bank first. Your customer service, whether you're with a chartered bank or a monoline bank, call your bank they will do up an application for you to defer up to six months of mortgage payments."

Jomha says you can defer up to six months worth of payments, but that doesn't mean you won't be paying down the road.

"So, what will happen is depending on the lender, depending on what they'll do for you, those will be put on the back end of the mortgage. And just note that you want to talk to your lender and make sure that if they put that money on the back end of the mortgage, is there a fee attached to that? To defer that payment?"

Jomha says you may not get a full six months as the bank will determine how much, if any, deferment you get depending on the need or the amount of hardship.

She says the maximum is six months, but it could end up being less.

 

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