Lots of people have been asking us questions surround the whole Mortgage “deferral” surround economic hardship resulting from COVID-19. While every bank or lender might have some small variations, the following is a pretty clear outline from TD Bank.
Deferring your TD Mortgage payments.
If you’re experiencing financial challenges as a result of COVID-19, you can request to defer the equivalent of up to six monthly mortgage payments.
It’s important to note that by deferring mortgage payments, you’re not paying the mortgage principal, and interest will be capitalized (i.e. it will be added to the outstanding mortgage balance, so your balance will increase). It is important you understand the impact.
You can find more helpful information on TD mortgage deferrals here.