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Covid-19 – We're Here to Help!

Residential Homeowners Skip-A-Payment Program

SUBMIT A SKIP-A-PAYMENT REQUEST

COVID-19 Update: Skip-A-Payment

MCAP understands that these may be difficult times for Homeowners.

In order to provide some assistance, MCAP wishes to highlight that under the terms of your mortgage, you may defer, or Skip-A-Payment. Your request is subject to approval, and you will now be asked to provide information relating to household income and employment.

Since the beginning of the pandemic, MCAP has been supporting Homeowners by allowing mortgage payment deferrals to a maximum of the equivalent of 6 months.

For those who made COVID-19 Skip-A-Payment requests prior to September 30, 2020 you may still make requests one month at a time to a maximum of the equivalent of 6 months of payments. Homeowners that have not made any deferral requests may still seek payment assistance to a maximum of the equivalent of 4 monthly mortgage payments after September 30, 2020.

If you have used the Skip-A-Payment program during COVID-19 but have not deferred the equivalent of 6 months of payments, the remaining balance must be requested prior to September 30, 2020. Should you elect to Skip-A-Payment, MCAP will waive any applicable fees and this will not impact your credit rating.

What assistance is available if I have been impacted by COVID-19 due to being laid off, illness or are acting as caregiver?

Our Skip-A-Payment program allows you to defer a mortgage payment for eligible Homeowners. Please login to MyMCAP to access our Skip-A-Payment program and submit a request from the self-serve options menu.

We are waiving the fee associated with this transaction.

Please note, we require a minimum of 5 business days’ notice to make a change to upcoming payments.

What is a Skip-A-Payment and how does it work?

A Skip-A-Payment is when you opt to defer the principal and interest portion of your regular mortgage payment. Your property tax portion and payments for other products (if applicable) are still withdrawn. When you Skip-A-Payment, you are taking the interest you would have paid, adding it to your outstanding mortgage balance.

A Skip-A-Payment will increase your mortgage balance and temporarily increase your amortization. However, the length of your current term will not be extended.

As every situation is unique to each Homeowner, certain factors such as the number of payments you defer, and your payment frequency may result in your payments increasing at the end of your current mortgage term.

A Skip-A-Payment will not impact your credit score.

What happens to my Property Tax, Mortgage Life/Disability and Home Warranty payments that are withdrawn with my mortgage payment.

The property tax portion, mortgage life/disability insurance and home warranty premiums are still collected on the regular payment date.

How do I contact MCAP about our Skip-A-Payment Program?

The best way to access our Skip-A-Payment program is to login or register to MyMCAP and submit a request from the self-serve options menu.

Do I have to pay a fee to Skip-A-Payment?

We have waived all fees associated with the Skip-A-Payment option as a result of COVID-19.

Please note that, while the principal and interest portions of your payment would be skipped, any property tax portion, Home Mortgage Protection or Home Warranty premiums would still be due on the skipped payment date.

How long am I able to Skip-A-Payment?

Our Skip-A-Payment program allows you to defer a mortgage payment for eligible Homeowners. The situation is evolving rapidly, and we are evaluating our policies regularly in order to help. We will do our best to handle each situation on an individual homeowner basis.

I’ve submitted the request to Skip-A-Payment online, now what?

If you’ve received an email confirmation that we received your request, you will be notified of the status of your request within 2 business days.

We will contact you directly if we need anything further from you. Please keep in mind that any regular payments will still be withdrawn as expected while your Skip-A-Payment request is under review.

I’m unable to login to MyMCAP, what should I do?

If you have been locked out due to password error, you must wait 30 minutes before attempting to login again.

If you have forgotten your login credentials, click on the Forgot my Password or the Forgot my User Name link regain access to the portal to make your Skip-A-Payment request.

Does MCAP plan on deferring mortgage payments for longer periods?

MCAP is committed to working with Homeowners impacted by hardships caused by COVID-19. The situation is evolving rapidly, we will do our best to handle each situation on an individual Homeowner basis as each situation is unique.

What is your turnaround time for emails or voicemails?

Our normal response times are within 2 business days.

Our teams are working diligently to provide the high-level of service you have come to expect of us. Once again, we sincerely thank you for your patience and understanding.

If you have any general inquiries about your mortgage, please click here.

What about the MCAP Home Warranty Program?  Can I get service during COVID-19?

Our home warranty program is an essential service and is running.  Extra precautions are in place – please click here to find out more about the MCAP Home Warranty Program during COVID-19.

Are there other resources you can recommend during the COVID-19 crisis?

Once again, we understand these may be difficult times for Homeowners. If you’re facing any financial uncertainty, please refer to the Government of Canada’s COVID-19 Economic Response Plan here:

Canada’s COVID-19 Economic Response Plan

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