Mortgage deferrals are done. What should I do now?

As Canada's deferred mortgage program comes to an end, homeowners are expected to start making their mortgage payments again. If you're unable to make payments just yet, start by talking to your lender about what options they may be offering. Some lenders are offering a four-month extension that isn't a full deferral but gives you the option of lower monthly payments. Borrowing money from family or tapping into a home equity line of credit (HELOC) are also options to cover you for the short-term. If you need a longer-term solution, consider refinancing your mortgage to take advantage of low interest rates, but be cautious of penalties that come with breaking a fixed-rate mortgage. You can also ask the lender to extend your amortization period, which adds to the number of years you have to pay down the mortgage.