Trouble paying your mortgage? We're here to help.

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.

Our Rainy Day option lets you skip one month of your mortgage payments per anniversary year.

If you're making accelerated payments, learn how you can reduce your payment amount and revert back to your original amortization schedule.

Learn how you can temporarily pause your mortgage payments.

Discover how you can reduce your mortgage payments by only paying the interest for a short time.

Long-term relief options

These options may be right for you if you’re experiencing a permanent reduction in income.

Find out how you can refinance your mortgage and consolidate your debt into a single lower payment.

Discover how you can convert your variable-rate mortgage to a 3-year or greater fixed-rate mortgage at any time.

Learn how you can temporarily reduce your mortgage payment amount until maturity.

Explore short-term mortgage relief options

Skip a payment

If you're having a hard time making your payments this month, our Rainy Day option lets you skip one month of your mortgage payments per anniversary year.   Learn about skipping a payment with our Rainy Day option. Opens in a dialog.

Benefits of using the Rainy Day option:

  • You'll temporarily increase your cash flow because you won't need to make your mortgage payment next month
  • You can skip the equivalent of one monthly mortgage principal and interest payment once every 12 months

Drawbacks of using the Rainy Day option:

Call us today to learn more about skipping a payment with Rainy Day: 1-877-434-6804 Opens your phone app.

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 payment amount. 

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: 1-877-434-6804 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 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 to account for the missed principal payments

Call us today to learn more about deferring your mortgage payments: 1-877-434-6804 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 to account for missed principal payments

Call us today to learn more about making interest-only payments: 1-877-434-6804 Opens your phone app.

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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: 1-877-434-6804 Opens your phone app.

Convert variable to fixed rate

You can convert your variable-rate mortgage to a 3-year or greater fixed-rate mortgage at any time. 

Benefit of converting from a variable to fixed rate:

  • Your payments and interest rate will remain the same even if the prime rate increases

Drawbacks of converting from a variable to fixed rate:

  • You won't benefit from the drop in interest rate if the prime rate decreases
  • You'll miss out on interest savings if the prime rate decreases

Call us today to learn more about converting to a fixed-rate mortgage: 1-877-434-6804 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: 1-877-434-6804 Opens your phone app.

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Use our helpful mortgage calculators

Discover how much you can borrow and an estimate of your monthly payments.

Learn how your payments can change by modifying your payment schedule and making prepayments.

Make managing your money easy with our tips and tools

 

Let's talk about your options

One of our specialists can help you with your mortgage relief concerns. Call us at 1-877-434-6804 Opens your phone app..