Worried you won’t be able to make your next mortgage payment? We have options to help.
RMG Mortgages offers short-term assistance to help our homeowners get through challenging financial times. We don’t expect you to immediately pay back funds provided for payment assistance and payment assistance won’t impact your credit score. Since different situations call for different solutions, we offer a number of assistance options that can help you through a rough patch.
Please note the options below are subject to qualification and approval.
Please note the options below are subject to qualification and approval.
Interest-Only Payments
You can reduce your payments by paying just the interest portion of your mortgage payment along with any tax, Home Service Plan, Mortgage Life Insurance, or Disability Insurance amounts.
Things to keep in mind:
- You will not be paying down the principal portion of your mortgage
- The amortization period remaining on your mortgage will therefore increase
Increased Amortization
The amortization of your mortgage is the
length of time it will take you to pay off your
mortgage in full. By increasing the amortization period, the principal portion of each mortgage payment decreases, reducing your overall payment amount.
Things to keep in mind:
- By increasing the amortization period remaining on your mortgage, it will take longer to pay it off in full
Mortgage Deferral
A mortgage deferral is when you decide to defer the principal and interest portion of your regular mortgage payment. Any property taxes and payments for other products would still be
collected.
Things to keep in mind:
- The interest you would have paid during the deferral period will be added to your outstanding mortgage balance
- The principal amount of your outstanding balance remains the same
Frequently Asked Questions About Payment Assistance
Will getting payment assistance affect my credit score?
No, getting payment assistance will not affect your credit score in any way.
What should I think about before asking for payment assistance?
Payment assistance can help you get through challenging times – but because it will increase your total mortgage cost and/or amortization, it’s worth looking into other options that can help you through your cash flow crunch. For instance, can you eliminate or decrease spending in other areas of your budget?
Before requesting payment assistance, it’s also a good idea to closely evaluate your personal budget, including your debt and your cash flow, to have a clear picture of your financial situation. Whatever path you take, be sure to continue making your minimum payments on outstanding debt.
Will taking payment assistance put me in mortgage default?
No, getting payment assistance will not put you in default. You may see that your mortgage is “in arrears” on MyRMG on the mortgage payment due date, but rest assured, your credit score will not be affected.
Will my mortgage renewal be affected?
Getting mortgage payment assistance will not affect the renewal process with RMG or the rate you will be offered.
Will getting payment assistance make it harder for me to borrow in the future?
Whatever your reason for getting payment assistance, refinancing your mortgage down the road will depend on your financial situation at that time. If a mortgage deferral was approved by RMG and your situation has changed since that approval, a future refinance will consider your individual qualifications.
How can I request payment assistance?
To request Payment Assistance, please follow the below steps:
1. Log in to MyRMG.
2. Click on “Request Payment Assistance”.
3. Complete the short form to submit your Payment Assistance request.
4. You will receive an email confirmation that we have received your request.
1. Log in to MyRMG.
2. Click on “Request Payment Assistance”.
3. Complete the short form to submit your Payment Assistance request.
4. You will receive an email confirmation that we have received your request.
Log in to MyRMG to request payment assistance
