📣 Support for Alberta Teachers During the Strike

Alberta teachers have now been on strike for nearly two weeks, and I’ve started receiving inquiries from educators concerned about their mortgage payments during this challenging time.

Since teachers aren’t compensated while on strike, many are facing financial strain. If you're in this situation, please know that most lenders offer options like mortgage payment deferrals or skip-a-payment programs to help ease the burden.

Here’s what you should know:

🔹 During a Deferral:

• Payments are paused, offering immediate relief.

• Interest continues to accrue on your mortgage balance.

• Deferred interest is added to your principal, increasing the total owed.

• Other payments (like property taxes and insurance) must still be made.

🔹 After the Deferral Ends:

• You’ll need to repay the deferred amount.

• Your total mortgage cost may increase due to added interest.

• Your lender may adjust your payments or extend your amortization.

• There may be a credit score impact, depending on how it’s reported.

💡 Each lender handles this differently, so it’s important to speak with your mortgage provider to understand your specific options.

If you’re a teacher affected by the strike and need guidance, feel free to reach out—I’m here to help.

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