Is it a good idea to defer your mortgage because of COVID-19?



Canada’s big banks are now allowing homeowners to defer their mortgage for up to 6 months. Naturally, this was great news for people who might have lost their job or experienced a severe drop in income due to the events surrounding the COVID-19 pandemic. But before deciding to defer your mortgage, it’s important to remember is that you’ll have to make those mortgage payments at some point, and that interest is still accumulating.

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