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Photo Credit: Joseph Sohm/Shutterstock/ Business Insider

Source: Pattie Lovett-Reid, bnnbloomberg.ca, March 25, 2020

A mortgage deferral may be the lifeline you may need during a financial crisis, but ensure your questions are answered first.

A word of caution before you defer your mortgage payments amid the COVID-19 pandemic: it will cost you in the long run.

Remember, a deferral isn’t mortgage payment forgiveness.

There seemed to be a collective sigh of relief when Finance Minister Bill Morneau, after consultation with the big banks, highlighted potential mortgage payment and credit card deferrals would be available for Canadians.

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