Making Mortgage Payments After a Job Loss: What You Need to Know
Losing a job can be stressful. Especially when you still have bills to pay and a mortgage to manage. While it can feel overwhelming, the key is to act quickly and stay proactive. There are so many options available to help you bridge the gap and protect your home.
Talk to your lender right away
If you’ve recently lost income, contact your lender before you miss a payment. Many lenders offer short-term relief options, like payment deferrals, interest-only periods, or temporary amortization extensions. The sooner you reach out, the more flexible they can be.
Review your financial picture
Take a close look at your savings, severance, and any Employment Insurance (EI) benefits you may qualify for. Build a clear picture of your monthly essentials: housing, food, transportation and cut back where possible to stretch your budget.
Check for mortgage insurance coverage
If you have mortgage protection insurance, you may be eligible for coverage that helps with payments during job loss or disability. Review your policy and contact your provider to start a claim if needed.
Explore government and community resources
Programs like Canada’s Employment Insurance, provincial income support, or local job placement services can provide short-term financial and career assistance. These resources can help you regain stability faster.
Stay in touch with your mortgage professional
Your mortgage broker can help you explore refinancing, restructuring, or switching to a more manageable payment plan. You’re not alone. There are options to help you stay afloat while you get back on your feet.
Losing a job is temporary. With open communication and smart planning, you can protect your home and regain financial footing one step at a time.