Mortgage Deferrals

Written by Jeff Gunther

On August 1, 2020
defer?
 
Since March, Canadian lenders have offered borrowers an opportunity to defer mortgage payments (they’re okay with this because interest continues to accrue, and they’re in the business of earning interest).
 
As one of our goals is the rapid repayment of principal, we only considered mortgage deferrals in situations where it would make sense for us to shore up cash reserves. We have never been in danger of default.
 
In the few instances where we did take advantage of deferrals, those either have, or will soon be coming to an end, and we’re in good shape.
Note: While mortgage deferrals do not affect borrower credit scores, they do show up on credit reports and should be resolved prior to seeking new credit.

You May Also Like…

Choose Your Landlord Carefully!

The secret to enjoying a long, happy, and worry-free tenancy is to choose your landlord wisely. If you give yourself plenty of time to hunt for the perfect home, you will find that there are generally plenty to choose from. It’s probably always safe to eliminate those...

The Most Money, The Quickest Sale, and The Fewest Problems!

Almost without exception, when we sell something, what we really want is the most money, the quickest sale, and the fewest problems. Unfortunately, when it comes to selling a house it may not always be possible to achieve all three objectives. Consider this. If we...

Insurance Secrets Revealed

Is insurance good? Of course it is. It’s a great way to protect yourself from the unexpected. Is insurance bad? It is when you have too little or too much! Many people fall into the trap of being over-insured with policies they don’t need or could never collect on....

0 Comments

Submit a Comment

Your email address will not be published. Required fields are marked *