I spent the morning contacting banks to see if our mortgages are eligible for the skip-a-mortgage program. Some banks offer it as a new service to customers while others see it as a privilege that must be carefully reviewed and only granted in financial straights.
As a investor it's crucial to always be proactive with your property. When vacancy rates are high the most important thing to do is keep your cash reserves high and maintain the staying power fund of your property.
Here is a short list of banks and their policy on deferred payments:
RBC - just enrol in the "Skip-a-mortgage" payment program
TD - in times of financial hardship and under branch review
First National - offers many options but not skip a payment
Optimum Canwest - couldn't find information
Scotiabank - up to four skipped payments allowed
MCAP - available with $75 service fee
If you bank is listed here check their website or contact your branch for your mortgages privileges.
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In 2012, the banks’ regulator also introduced a new guideline that sets out requirements for prudent mortgage lending and the amount that banks can lend through a home equity line of credit.
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