Should You Defer Your Mortgage? 3 Thing To Consider
Updated: May 4, 2020
Are you thinking about deferring your mortgage? Here are
3 Things You Should Consider Before Deferring Your Mortgage Payment:
#1. Look At Your Overall Budget
You should be looking at your budget and cashflow. Have you recently had the chance to put down your expenses on a spreadsheet to understand things that you could get rid of? Some of these things to eliminate can include subscriptions, additional payments, and additional shopping. Doing this can help make sure you make that mortgage payment.
#2. What Are The Long Term Implications
What are the long term implications of deferring your mortgage? It could impact your credit long term which can increase your cost of borrowing the next time around. The interest will also be added and calculated over the remainder of the term. This means, in the long run, you will pay more interest.
#3. Consider An Alternative
After looking at your spreadsheet you may find additional expenses such as car payments, or a line of credit, or a credit card. If you're still working, you may want to look at consolidating those debts to a lower payment. We often save people thousands of dollars in cash flow by using this one lever.
If you have any other questions about deferring your mortgage or any questions in general, 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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