Ontario mortgage help
Mortgage payment difficulties in Ontario
Contact the mortgage provider early. Relief may affect the payment, amortization, interest cost, and future options, so request the impact in dollars before agreeing.
What to do first
Contact the lender or mortgage provider as soon as you expect difficulty making a payment.
List every housing payment and essential expense due during the next 60 days.
Ask what relief measures may be available and request the total-cost and amortization impact.
Keep copies of all letters, notices, agreements, and payment records.
Important considerations
Earlier contact provides more timeFCAC advises borrowers experiencing financial difficulty to contact their financial institution as soon as possible.
Payment relief is not automatically freeDeferrals or amortization extensions can reduce immediate payments but increase the total interest cost.
Treat legal notices as urgentIf you receive a demand letter, notice of sale, or court document, obtain independent legal advice promptly.