It happens to all of us. It could be an emergency, or simply higher than expected expenses. Whatever the reason, if you find yourself a bit short of cash, consider our Skip-a-payment option: Once every 12 months, you have the option to skip your mortgage principal and interest payment on the following conditions: • your mortgage is up to date • your current mortgage balance, together with the amount of the payments you wish to skip, does not exceed the original of your mortgage. You can skip up to: • four consecutive weekly payments • two consecutive bi-weekly or semi-monthly payments • one monthly payment And, if you made Double-Up payments during the term of your mortgage, you can skip an equal amount of payments. You will still be responsible for paying your usual Home Protector insurance premiums and property tax installments, where applicable. There is no fee for this option, and our payments won’t change during the term of our mortgage. Instead, any skipped interest is added to the principal balance. If you wish, you can repay your skipped payment anytime during the term of your mortgage. Using Skip-a-Payment may increase interest costs over the life of your mortgage. We advise you to take stock of your financial situation and priorities before exercising this option. Count on your mortgage specialist to also suggest alternative solutions, where appropriate, to fit your individual circumstances. • Skip-a-payment is not available for mortgage with terms of 10 or 25 years. Additional requirements apply for CMHC-insured mortgages. You may skip up to four consecutive months of mortgage payments once during your mortgage term if you face exceptional circumstances such as: • maternity and parental leave • temporary lay-off with recall The conditions and approvals for Skip-a-Payment also apply to Extend Skip-a-Payment. Also, just like Skip-a-Payment, Extended Skip-a-Payment may significantly increase interest costs over the life of your mortgage. We suggest you discuss this and other options with your mortgage specialist first. • extended Skip-a-Payment is not available for mortgages with terms of 10 or 25 years • additional requirements apply for CMHC –insured mortgages