My Mortgage Blog

COVID-19 Update: Skip-A-Payment

MCAP & RMG understands that these may be difficult times for Homeowners.

In order to provide some assistance, MCAP & RMG wishes to highlight that under the terms of your mortgage, you may defer, or Skip-A-Payment* at any time subject to certain conditions. Should you elect to Skip-A-Payment, MCAP & RMG will waive any applicable fees and this will not impact your credit rating.

Our Skip-A-Payment program allows you to defer a mortgage payment for one month at a time for eligible Homeowners.

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.

When you Skip-A-Payment, you are taking the principal and interest you would have paid, effectively adding it to your outstanding mortgage balance. 

A Skip-A-Payment will increase your mortgage balance.  The length of your term will not be extended, however your amortization, or the time required to fully repay your mortgage in-full, will be slightly increased.

A Skip-A-Payment will not impact your credit score, and repayment will not be required until you pay your mortgage off.

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

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

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.

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

If you’ve received an email confirmation that we received your request, we will process the Skip-A-Payment(s) as requested.

We will contact you directly if we need anything further from you. Please keep in mind that any payment within 5 business days of your online request will still be withdrawn as expected and your Skip-A-Payment request will be processed for the following payment date.

Please do not call or email, you can submit another request through MyMCAP or MyRMG the day after the last skipped payment date from your previous submission has passed.

Please keep in mind we require 5 business days’ notice to make modifications to upcoming payments.

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 following links regain access to the portal to make your Skip-A-Payment request.

MCAP Forgot my Password or  MCAP Forgot my UserName  

RMG Forget my Password or  RMG Forgot my Username

MCAP & RMG 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.

Our normal response times are within 24 hours, however during this time email and voicemail response are 10 days in most circumstances.

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 for MCAP and RMG

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 Home Warranty Program during COVID-19.

Please note that:

  • The services offered by the Home System and Home Appliance Program are currently deemed essential and remain available to our Homeowner Participants enrolled in the program. Should Homeowners have any questions about Home System or Home Appliance Program, and how to access services, please refer them to the link above.
  • We continue to offer the Home System and Home Appliance Programs on new and eligible mortgages (please contact your mortgage broker for more information).
  • We continue to monitor all updates from the Government of Canada and Provincial Governments relating to COVID-19. We will update our policies regularly to ensure the safety of our service partners and Homeowners.

*The Skip-A-Payment program is subject to approval and we reserve the right to adjust our policies at any time.

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