Failing to make a mortgage payment on time can lead to late fees and negatively impact your credit score. If the payment is more than 15 days late, you’ll incur a late fee. After 30 days, the missed payment is reported to credit bureaus, which can lower your credit score and potentially lead to further financial consequences.

*The information provided is for educational purposes only and should not be considered legal advice. For specific legal concerns or questions related to your mortgage, it is always best to consult with a qualified legal professional.*

Mortgage Education

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  • Title Insurance

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  • Should You Co-Sign a Mortgage

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  • Home Buying Guide

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  • Understanding Mortgage Terms and Amortization

    When it comes to securing a mortgage in Canada, two critical concepts you need to understand are mortgage terms and [...]