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Short-term relief options
These options may help if you’re experiencing a temporary reduction or loss of income, or if unexpected expenses are impacting your finances.
Reduce your mortgage payments 
Skip to reduce your mortgage payments. Skip to reduce your mortgage payments.If you're making accelerated payments, learn how you can reduce those payments and revert back to your original amortization schedule.
Pay only interest temporarily
Skip to pay only interest temporarily.Discover how you can reduce your mortgage payments by only paying the interest for a short time.
Defer your mortgage payments
Skip to defer your mortgage payments.Learn how you can temporarily pause your mortgage payments.
Long-term relief options
These options may be right for you if you’re experiencing a permanent reduction in income.
Refinance your mortgage Skip to refinance your mortgage.
Find out how you can refinance your mortgage and consolidate your debt into a single lower payment.
Extend your mortgage amortization period
Skip to extend your mortgage amortization period.Learn how you can temporarily reduce your mortgage payment amount until maturity.
Make a lump sum payment
Skip to make a lump sum payment.Discover how making a lump sum payment can reduce your mortgage payments or shorten your remaining amortization.
Reduce your mortgage payments
If you're on an accelerated mortgage payment schedule, you can revert back to a longer amortization period to reduce your mortgage payments.
Benefits of reducing your payments:
- You'll temporarily increase your cash flow due to the reduced mortgage payment
- You can take advantage of this relief option at any time
Drawback of reducing your payments:
- You'll pay more interest over time and it will take longer to pay off your mortgage
Call us today to learn more about reducing your mortgage payments: 1-877-423-5687 Opens your phone app.
Pay only interest temporarily
If you're struggling with cash flow, you can reduce your mortgage payments by paying only the interest for a short time. If you choose this relief option, you must continue making any applicable property tax or creditor insurance payments.
Benefits of interest-only payments:
- Your cash flow will be increased temporarily
- You'll only have to pay the interest charged on the mortgage
Drawback of interest-only payments:
- Your mortgage payments will increase after the temporary relief period due to missed principal payments
Call us today to learn more about making interest-only payments: 1-877-423-5687 Opens your phone app.
Defer your mortgage payments
You may be able to pause your mortgage payments temporarily if you're struggling with cash flow. Any interest owed over the deferral period will be added to your mortgage balance. If you choose this relief option, you must continue making any applicable property tax or creditor insurance payments.
Benefits of deferring your payments:
- Your cash flow increases for a short period of time
- Your mortgage payments aren't required until the relief period is finished
Drawbacks of deferring your payments:
- You can only defer your payments for up to 4 months
- You'll have to complete an assessment to determine if you qualify
- Your mortgage payments will increase after the relief period is completed due to the missed payments
Call us today to learn more about deferring your mortgage payments: 1-877-423-5687 Opens your phone app.
Explore long-term mortgage relief options
Refinance your mortgage
If you have additional debt besides your mortgage, such as credit card payments, you may be able to refinance your mortgage and consolidate that debt into a single lower monthly payment.
Benefits of refinancing:
- You can consolidate your debt into one easy low-interest payment
- You may reduce the overall interest charges on your debts because mortgages usually have lower interest rates than other forms of debt
Drawbacks of refinancing:
- You must requalify to refinance your mortgage
- You may need to pay additional fees to refinance, including a potential prepayment charge
- It will take longer to pay off your mortgage if you reset your amortization schedule, which means you'll pay more interest over time as a result
Call us today to learn more about refinancing your mortgage: 1-877-423-5687 Opens your phone app.
Extend your mortgage amortization period
You can reduce your mortgage payment by temporarily extending your mortgage's amortization. Your mortgage payment will revert back to your scheduled remaining amortization upon renewal. Learn how a mortgage amortization extension works. Opens in a dialog.
Benefit of extending your mortgage amortization period:
- You'll have a lower mortgage payment temporarily
Drawbacks of extending your mortgage amortization period:
- You'll have to complete an assessment to determine if you qualify
- You'll pay more interest over the remaining term of the mortgage due to the lower payment
Call us today to learn more about extending your mortgage amortization period: 1-877-423-5687 Opens your phone app.
Make a lump sum payment
You may be able to make a lump sum payment to reduce the overall amount owing on your mortgage and pay it off faster. Or, you can keep the same amortization period and reduce your regular mortgage payment amount.
Benefits of making a lump sum payment:
- You'll pay less interest over the life of your mortgage
- You'll pay down your balance owing
- Your amortization period will be immediately reduced, which can decrease your mortgage payments
Drawbacks of making a lump sum payment:
- You must have the funds available right away
- Eligibility depends on your annual prepayment privilege
Call us today to learn more about making a lump sum payment on your mortgage: 1-877-423-5687 Opens your phone app.
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Mortgage affordability calculator
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Take control of your finances with our advice
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