You can manage your mortgage through Neo by contacting us on requests@servicing.neofinancial.com or by calling us at +1 (866) 290-2649. If you want to make a change to your mortgage or payments, or if you have any mortgage questions.
Currently, you can’t manage your mortgage in the Neo app or website.
Make a change to your mortgage
To make a change to your mortgage, email the details of the change and related supporting documents to requests@servicing.neofinancial.com.
Change your banking information
To change the banking information associated with your mortgage, you must be the borrower or guarantor on the mortgage loan. You need to email us at least 3 business days before the next mortgage payment date with both of the following documents:
- Written request for the change of payment method
- A void cheque or pre-authorized debit form from your financial institution
If you’re sending us the void cheque or pre-authorized debit form, your account details must be visible:
- Bank name
- Transit number
- Account number
The pre-authorized debit form must be printed on a bank letterhead. The account information is hand-written. The document must be stamped by the bank and initiated by the teller.
Change your property address
To change your property address, you’ll need a document from a legal or municipal authority verifying the property address on the mortgage account is incorrect or has changed.
Change names on your mortgage
To change the names on your mortgage, email us a written request with a reason for name change and supporting documents based on the type of name change.
For surname change due to marriage
You must provide a marriage certificate or driver’s license with 1 of the following documents verifying the name change:
- Credit report
- Passport
For legal or family name changes
You must provide a birth certificate with 1 of the following documents verifying the name change:
- Divorce certificate
- Marriage certificate
For any other name change
You must provide a certificate or court order of name change with a government-issued piece of ID.
Change your mortgage payment frequency
To change your mortgage payment schedule, email us your request. Choose from the following payment schedules:
- Monthly: One payment per month
- Bi-weekly accelerated: Payments every two weeks, one extra payment
- Bi-weekly non-accelerated: Payments every two weeks, no extra payments per year
- Weekly accelerated: Weekly payments, two extra payments per year
- Weekly non-accelerated: Weekly payments, no extra payments per year
Scenario 1 - Payment schedule from monthly to bi-weekly accelerated
Casey switches her mortgage from monthly to bi-weekly accelerated payment. Her current payment is due April 1st. She must start the bi-weekly schedule before April 30th to avoid missing a payment and extending her loan term. She contacts Neo in March, and her first bi-weekly payment is set for April 15th, so she adheres to Neo’s policy and avoids extending the amortization period. Casey continues to make payments every two weeks thereafter.
Scenario 2 - Payment schedule from bi-weekly non-accelerated to monthly
Jordan switches from bi-weekly non-accelerated to monthly mortgage payments. He has been making half-payments every two weeks, totalling 26 per year. To simplify his finances, he contacts Neo in early May to adjust his payment plan. Neo agrees, and Jordan’s final bi-weekly payment occurs on May 18th. Starting June 1st, he begins making full payments monthly, aligning his mortgage with other bills and simplifying his finances. Jordan continues with monthly payments thereafter.
Change your mortgage payment date
To change the date your mortgage payment is due, email us with your request to modify your payment due date. A fixed fee will be debited on the same day as the initial adjustment date. To avoid extending the loan term due to the date change, your new date must not exceed:
- 14 days for bi-weekly payments
- 30 days for monthly payments
For semi-monthly payment schedules, alternate dates can’t be selected because payments are due on the 1st and 15th of each month.
Make an additional payment to your mortgage
To make an additional payment, email us at requests@servicing.neofinancial.com to arrange a lump sum or set up a recurring overpayment payment (increasing the regular scheduled payment) to pay down your mortgage faster. If your mortgage term is 1 year, then a lump-sum payment (including the full pre-payment) and overpayment options aren’t available.
Lump-sum payment
You can make a lump-sum payment each anniversary year. Prepay up to 20% of the original loan value directly to the principal balance without penalties. There are a few lump-sum payments restrictions:
- Payments must be scheduled on a regular due date
- Unused allowances from one year can’t be carried over to the next year
- Payments aren’t allowed if there is an active payment request or during a payout
To make a full pre-payment, your account must meet all of these criteria:
- Mortgage account must be in a good standing
- Entire mortgage balance must be cleared in one transaction before a payout statement is issued
- No other payment plans are active when making a full pre-payment
Overpayment
Each anniversary year, you can make a one-prepayment, but the total overpayment can’t be more than 20% of the original scheduled payment. There are a few overpayment restrictions:
- Overpayment must be made on a scheduled payment due date
- Unused overpayment amounts won’t carry over to the next year
- Overpayment made on the anniversary date are counted towards the previous year