Homeowners who are worried about mortgage payments while transitioning in this time of uncertainty can breathe a slight sigh of relief.
While so many are adjusting to work shortages and closures in wake of the COVID-19 pandemic, some banks are allowing some flexibility and say they will allow their customers to defer their mortgage payments for up to six months.
Deferred mortgage payments are usually placed onto the end of a mortgage term, which would mean that borrowers are able to postpone their payments.
RBC Royal Bank, Scotiabank, The Bank of Montreal, TD Bank, CIBC and National Bank of Canada have all put this option in place for people needing it - effective immediately.
The institutions have stated that they will work with people as well as small businesses and help them to navigate through any pay disruptions due to COVID-19.
Anyone facing disruptions in income, people needing to arrange childcare due to the closure of schools as well as those who are in fact facing illness from the coronavirus are eligible.
Clients who are facing financial challenges in wake of COVID-19 are encouraged to reach out to their financial institutions to learn your options and put a plan in place.