Flexible mortgage options

Take a Break Option*

To tide you over a cash crunch, you can skip up to one month of mortgage payments (principal and interest) per calendar year. Choose to skip one of:

• 1 monthly payment
• Up to two consecutive bi-weekly or semi-monthly payments
• Up to four consecutive weekly payments

Family Care Option*

Skip up to four months of mortgage payments (principal and interest) once per year if you or your partner must leave your job to care for a new baby or a sick family member. Choose to skip one of the following:

• four consecutive monthly payments
• eight consecutive bi-weekly or semi-monthly payments
• 16 consecutive weekly payments

Keep in mind, any time you skip a mortgage payment, you continue to accrue interest. This means you’ll pay more over time. You can pay back your skipped payments anytime without penalty. Some restrictions apply for both options, so ask us for details.

*Take a Break or Family Care Options are not available with the Low-Rate Fixed Closed Mortgage, Take a Break and Family Care options apply to principal and interest payments on conventional and Genworth/CMHC-insured mortgages for owner-occupied single-family dwellings only, including condominiums and duplexes. For mortgages insured against default, customers must have prepaid principal at least equal to the amount of payment(s) to be skipped. Any mortgage insurance premiums and tax payments cannot be skipped. For MICC mortgages, only the Take a Break option is available. The Family Care option is not available to self-employed individuals. Customers currently receiving Mortgage Disability benefits (provided by Sun Life Assurance Company of Canada) are not eligible for skipped payments. Interest for the skipped payment is added to the principal. The balance of your current mortgage plus the skipped payment must not exceed the original amount of your mortgage with us. For conventional uninsured mortgages, the balance of your current mortgage plus the skipped payment must not exceed 80% of the lesser of your home’s present value or the original amount of your mortgage with us.