Can You Skip A Mortgage Payment and Add it to the End?
Over 30 years, a homeowner can experience a financial bump in the road. If it happens to you, remain in contact with your home loan provider. You may qualify as a candidate to skip a mortgage payment and add it to the end.
This provides short-term relief. Any alterations made to the original mortgage agreement have consequences. In this case, it makes the home loan more expensive. Skipping a repayment doesn’t make it go away. It still exists. So it extends the mortgage by one repayment. Plus, the homeowner becomes responsible for one more month’s worth of interest rate charges.
Sometimes the benefits outweigh the extra charges, especially if it helps the homeowner remain in their house. Lenders don’t jump into the foreclosure process. Instead, they work with their clients to find solutions.
Mortgage House remains an innovator in the lending industry. As a non-bank lender, we offer innovative products for first-time homebuyers, freelancers, and owner-builders.
Homeowners who find themselves in a financial crunch can contact our loan specialists. Walk them through your financial circumstances, goals, and fill out the appropriate application. Once they evaluate your current finances, they have the necessary information to move forward.
If skipping a repayment alleviates the financial hardship, our loan specialists help make the adjustments.
Try our mortgage calculator for free.
Skip a Mortgage Payment Conclusion
To skip a mortgage payment and put it at the end, fill out the proper application. If you’re a Mortgage House client, our loan specialists evaluate your financial circumstances. Then they offer solutions. Contact our team today.