I was told that if you differ the mortgage 6 months and find yourself with the extra money at the end of six months you may opt to pay the interest at that time. Before they tack the interest onto your mortgage you will be receiving a letter from the bank telling you how much interest has been accumulated over the period of 6 months. At this time you can opt to pay the interest accrued therefore the interest will not be added your mortgage, having to pay interest on top of interest amortizing it over the period of 25 years etc.I called the bank and asked this of CIBC. Is this incorrect? Can someone clarify this?
CALL YOU BANK AND ASK TO CONFIRM https://www.canadianmortgagetrends.com/2020/04/latest-in-mortgage-news-six-month-deferrals-could-cost-you-up-to-12000/
theRIPregistry.com
Leave a Reply