What happens if you’re unable to pay your monthly mortgage payment? There are a few possibilities.
Most Canadian mortgages have a 15-day grace period. You won’t be charged a late fee before you pass that threshold.
If you can quickly make up a single missed payment, there shouldn’t be much of an issue.
Miss a payment or two and it may ding your credit score a bit.
Each missed payment snowballs onto the next and keeps accruing late fees.
Maintain consistency and pay on time to avoid credit score drops and late fees.