The coronavirus pandemic is continuing to sweep nearly every part of the world. For homeowners living in Canada, it can be difficult to pay your mortgage if you've lost a job or have had emergency expenses because of Covid-19. While there are some measures in place to prevent a property from going into foreclosure because of the pandemic, it is still important that you keep up with your monthly payments as best as you can. There are several ways to make these payments more affordable for you and your family.

Consider Looking into Deferment

Deferment essentially means that you won't be responsible for paying the mortgage for a specific amount of time. What you don't pay right now will either be lumped into one sum once it's deemed payable or it will be added to the end of your current loan. This can be beneficial for homeowners who cannot afford their monthly payments and who need a little bit of a break from them until they can recover financially. It's important to look into understanding how mortgage deferments will impact your finances before choosing this option.

Budget Cuts

Now is as good a time as any to work on sticking to a strict budget. The last thing you need to do is to frivolously purchase things that will cut deeply into your already-suffering bank account. Creating a budget does not have to be difficult, and because you're staying home more often, you'll be able to avoid overspending when going out with the family. Try to stick to buying only essential items when doing grocery or online shopping.

Talk to Your Lender

Because of the pandemic, many mortgage and loan lenders are putting programs into place that help their customers. It can be downright impossible to pay your monthly dues when you've been let go from a job because it was considered non-essential. Even if you do work in an essential business, your hours or position might have been cut due to lack of work. While Canadians can obtain EI (employment insurance), it can sometimes take weeks to be approved to start collecting benefits. Your lender can walk you through the different options available to help you save money without letting go of your property.

File for Unemployment

Canadians are eligible for a program known as EI, or employment insurance. In the event that you lose your job, it is critical that you apply for these benefits right away. The sooner you submit and file a claim, the quicker you'll be approved. Because of the large number of people who have been losing their jobs due to the virus, it can be three to five weeks to start receiving benefits. However, keep in mind that all previous benefits will be lumped together once you start collecting them.

Refinance

Refinancing a mortgage can be a smart decision if you're struggling with making payments. When you refinance, you basically take out a new loan in order to replace the old one. This both extends the term of the mortgage and gives you a lower interest rate, thus lowering the amount that you pay each month to the lender.