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It’s OK to take a breather – How to slow down my mortgage payments

Situations can change unexpectedly. It’s good to know that your mortgage may have flexible payment options to offer some relief. Here are two ways to slow down your mortgage.

Payment Pause

If you need to take an unplanned break from your payments, you can request to skip the equivalent of one monthly payment, partially or in full. This can be requested no more than once per calendar year, up to four times over the length of your amortization period.

Payment Vacation

If you know change is on its way, you can prepare by prepaying in advance. Request to take up to four months off your payments, partially or in full, if you have a prepaid amount that has reduced your amortization schedule. Prepayments can be made by either lump sum payments towards your principal balance or by increasing your regular payments.

Different rules apply depending on your lender and mortgage product. Talk to a member of our team to review your options.

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Tracy and her team are here to help. Apply online or contact us today and allow us to help you along your journey in life. We will always provide sound financial advice on the best options for your mortgage.