A mortgage deferral is an agreement between you and your financial institution. It allows you to delay your mortgage payments for a defined period of time.
After the deferral period ends, you resume making your mortgage payments. You also have to repay the mortgage payments you defer. Your financial institution determines how you repay the deferred payments.
Original Article Source Credits: Government Of Canada , https://www.canada.ca/
Article Written By: NA
Original Article Posted on: 2021-06-28
Link to Original Article: https://www.canada.ca/en/financial-consumer-agency/services/mortgages/mortgage-deferrals.html