By: Andrea Blum Team

Deferring your mortgage

Tags: buyers, home, seller, real estare, toronto, Refinancing, Mortgage , Rent, Financials, Blog. prices, CMHC, mortgage deferal

Deferring your mortgage = Short-term relief for long-term pain.

Mortgage deferral it's not mortgage forgiveness. The money you don't pay now you owe later with interest. That means your debt becomes heavier over time. CMHC have started rejecting refinancing application from homeowners who have deferred their mortgages. Your deferral may also show up in your credit score as missed or late payment.