- Thrive Mortgage Co.
5 Steps To Defer Your Mortgage
Updated: May 4, 2020
Have you wondered to yourself, "how do I defer my mortgage?"
We're here to show you what that looks like. Thrive Mortgage presents to you the
5 THINGS YOU NEED TO KNOW ABOUT DEFERRING YOUR MORTGAGE PAYMENT:
#1 Look At your Overall Budget
You should be considering the implications and other options before taking action. You should be contacting your lender directly. This can be achieved by going to their website, email, or phone call.
#2 There May Be A Long Wait Time
In times of crisis, you can expect to experience long wait times for a response. This is something you need to be prepared for as it may not be a short process.
#3 You Will Need To Fill Out A Financial Statement
This statement will consider things like your income and expenses.
#4 You Will Have To Pay Back Interest
Any interest that has accumulated will need to be paid. In some cases, a lender will add a second mortgage at the end and you will be making two payments.
#5 Not Every Program Works The Same
Some lenders allow you to defer one payment and some allow it for a period of time.
If after looking at these 5 options, you realize it's not the right fit, we can look at consolidating your mortgage payment.
Reach out to us, we do have alternative options to help our clients!
Call or email us if you have any more questions!
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