For most Canadians, your home is your most important investment. But owning a home also comes with a great deal of responsibility. When unforeseen circumstances impact your ability to meet your mortgage payments, it’s important to take quick action and contact your lender. With early intervention, your lender can help you fund a solution to your financial difficulties.
For mortgages insured by the Canadian Mortgage and Housing Corporation (CMHC), CMHC provides lenders with the tools and the flexibility they need to achieve a solution to your unique financial situation. Depending on your circumstances, this might include:
- Converting variable rates into fixed to avoid sudden rate increases
- Temporary short-term payment deferral.
- Extending your repayment period to lower your monthly payments
- Adding any missed payments to your outstanding balance
- Arranging special payments unique to your particular financial situation
CMHC is also willing to consider other alternatives proposed by the mortgage professional to resolve or avoid mortgage payment default. In every case, the options available will depend upon your individual financial circumstances.
For more information visit: CMHC or contact me on 1.866.824.8057, and we can help guide you in the right direction.
Source: Canada Mortgage and Housing Company/Charmaine Idzerda, Verico Designer Mortgages Inc.