Can you skip a mortgage payment and add it to the end?
Life happens and there are things out of our control that can affect a mortgage loan repayment. Whether you are repaying a loan monthly or fortnightly, a disruption in repayments can harm your credit score and credit reputation. To decrease the chances of this, it is best to skip mortgage repayments and add them to the end of your term.
If you have suddenly been hit with unexpected bills and have run out of savings, this short-term relief is a good method to help you temporarily. It is always a good step to speak with your loan officer before making this decision. If a mortgage payment decision has not been accepted by the lenders, this can cause a misunderstanding and lead to a decrease in your credit score.
Keep in mind that skipping a repayment does not lower monthly payments and it is temporary. Also, expect to have a longer term with each skipped monthly repayment. If you are still struggling after skipping your mortgage repayment, why not look into refinancing for a lower interest rate?
Skipping Mortgage Payments Conclusion
Skipping mortgage repayments is not for everyone. That being said, it is a good option for those struggling temporarily. Need more options? Contact one of our Mortgage House experts for more information and appropriate solutions.