COVID-19 Frequently Asked Questions

We understand this is a time of uncertainty as the events around COVID-19 continue to evolve. Please be assured, we are here to help.

If you have been affected by sudden loss of income due to the pandemic, please reach out to us. We are here to listen and want to hear your story. One of our Client Care Specialists will work with you to find the best solution to help with your mortgage.

We are currently experiencing very high call volumes. We recognize that these are challenging times, and everyone has many questions. If you are not experiencing a loss of income, we ask that you wait to call. In these difficult moments, we want to allow those who might need us the most get through and speak with a Client Care Specialist.

Your well being is important to us. We understand that finding and navigating different financial resources can be difficult. We recommend visiting Prosper Canada’s website as they have a collection of excellent resources to help Canadians navigate the various financial support programs available.

Your mortgage broker is also a very valuable resource of mortgage information. They may be able to answer some of the questions you may have.

Who do I contact if I have experienced sudden job loss due to the pandemic?

You can connect with one of our Client Care Specialists by email or call 1.855.272.0051. It might take us a little longer to get back to you as we are experiencing a higher than normal call volume. We truly appreciate your patience.

Will my mortgage payment be automatically deferred?

No, your mortgage payment will not be automatically deferred. If you have lost income due to COVID-19, we ask that you contact us well in advance of your scheduled mortgage payment.

What happens if I decide to defer a payment?

The principal and interest will be added back onto your mortgage balance while no money comes out of your account during the payment cycles. Your Payment amounts will remain the same. As a result, your mortgage balance at the end of your term will be slightly higher than it would have been if you didn’t defer a payment.

How do I qualify to defer a payment?

If you have lost income due to COVID-19 and are experiencing financial hardship, we are here for you. Qualifying to defer a payment is on a case-by-case basis so please call us and tell us your story.

If you are still receiving normal income, we kindly ask that you wait to call us as we are trying to place priority to those who have lost income.

Are there any fees or penalties for deferring payments?

No, there are no fees or penalties for deferring payment(s).

Does deferring a payment affect my credit score?

No, deferring payment(s) will not affect your credit score.

How many mortgage payments can I defer?

Every story and every situation are different. The number of payments you can defer is evaluated on a case-by-case basis depending on your unique circumstances.

What happens when the financial relief period ends?

Your mortgage payments will revert to the original repayment schedule as per the agreed terms of your Mortgage Agreement. Upon renewal, your mortgage will be re-amortized, and payments will be recalculated based on the outstanding balance at the time.

Can I defer my payments on my rental property?

We know that everyone’s circumstance is different which is why each situation is evaluated on a case-by-case basis. If you have experienced income loss due to COVID-19. Please call us and tell us your story.

Can I call my mortgage broker to discuss options?

Yes, your Mortgage Broker is a great source of information. Tell them your story and they can discuss the available options.

Can my regular mortgage payment amount fluctuate because of my property taxes?

Yes, your regular mortgage payment amount can fluctuate if Haventree Bank collects funds with your mortgage payments to pay your property taxes.

We will set aside the Property Tax portion from every mortgage payment, until we receive the municipal invoice. If we did not collect enough because of increased Property Tax or deferred payments, your future mortgage payments may be adjusted to compensate for the shortfall.

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