| For those struggling during these challenging times, understanding your mortgage is crucial. There are many experts giving advice, prompting some to wonder if they can skip their mortgage payments entirely. Though that is not possible, there are some options to help you delay payments if you have suffered financially during the COVID-19 crisis. Three options are listed below: |
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Refinancing is a great option for lowering your payments, consolidating other debt, and/or creating a cash cushion. A refinance is especially beneficial if current rates are lower than those on your existing mortgage. |
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Forbearance is the plan everyone is talking about since the passage of the CARES Act. It’s when a lender (who you pay your monthly mortgage to) agrees to let you postpone payments until a later date. The payments are not eliminated. They will need to be paid at the end of the forbearance period, spread over time, or added at the end of the loan. |
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Deferment is a plan that allows you to postpone your payments for a set time then pay them at the end of your regular loan term. |
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| Navigating your mortgage can be tricky, especially now. If you would like to discuss any of these options or just do a check-in on the state of your mortgage, feel free to contact me. I am here to help. |
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John Haydin
Branch Manager
(414) 688-9488
(414) 831-3007
J.Haydin@goFCM.com
JohnHaydin.com
First Centennial Mortgage
342 N. Water Street Suite 600
Milwaukee, WI 53202
NMLS ID #260895
WI #260895 |
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NMLS #132763 (For licensing information, go to www.nmlsconsumeraccess.org) 877.463.2610. First Centennial Mortgage Corporation operates with the following licenses: AZ #BK-0928494, CA Licensed by the Department of Business Oversight under the California Residential Mortgage Lending Act. License #413-1113, CO Regulated by the Department of Real Estate, FL #MLD160, IL Residential Mortgage Licensee #MB.0004239, IN #15064, MI #FL0011684, MN #MN-MO-132763, OH #RM.804394.000, OR #ML-5661, PA Licensed by the Pennsylvania Department of Banking and Securities. License #69802, TX, WA #CL-132763, WI #43972BA. This is not an offer for extension of credit or a commitment to lend as defined by Section 12 CFR 1026.2 Regulation Z. Interest rates and products are subject to change at any time without notice or may not be available at the time of loan commitment or lock. All loans must satisfy company underwriting guidelines. 2471 W. Sullivan Road, Aurora, IL 60506.This email was sent as part of my effort to maintain our relationship and keep you well informed of market conditions. It could be interpreted as a commercial message.
