So You Want to Press Pause on Your Mortgage Payment? Hold My Houseplant (Because Times Are Tough)
Let's face it, adulthood is a never-ending game of whack-a-mole with bills. But sometimes, that pesky mole wielding the "mortgage payment" sign just feels too darn big. Fear not, fellow financially-challenged friend, because there might be a way to hit snooze on that loan for a bit. That's right, we're talking about deferring your mortgage payment.
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| How To Defer Mortgage Payment |
Defer What Now?
Deferring your mortgage payment is basically like hitting the "pause" button on that monthly chunk of change you owe. For a set amount of time, you can hold off on forking over the dough. Important side note: This isn't a magic escape hatch. Those payments will come back to haunt you later, but more on that in a sec.
QuickTip: Don’t rush through examples.
Why Would I Do This?
Listen, life throws curveballs. Maybe your car decided to impersonate a clown car and shoot out a million parts, or perhaps your pet goldfish developed an expensive caviar habit. Whatever the reason, if you're facing a temporary financial hurdle, deferring your mortgage payment can be a lifesaver.
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But Here's the Catch (There's Always a Catch)
Deferring your mortgage payment isn't like hitting pause on your favorite Netflix show and picking up right where you left off. Here's the not-so-fun part:
QuickTip: Don’t ignore the small print.
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- Interest Keeps Ticking: While you might not be actively making payments, interest on your loan will continue to accrue. This means the total amount you owe will actually grow during the deferment period. Think of it as the sneaky gremlin in the attic of your finances, adding pennies to the pile every night.
- Playing Catch-Up Later: Those deferred payments don't disappear. They'll either be tacked onto the end of your loan term (extending the amount of time you're in debt) or you'll have to start making larger monthly payments to cover the difference. So, it's like hitting snooze on your alarm, but then you wake up to two blaring alarms instead.
So, Defer or Not to Defer? That is the Question
Deferring your mortgage payment can be a helpful tool in times of hardship, but it's not a decision to take lightly. Here's a quick cheat sheet to help you decide:
QuickTip: Pay attention to first and last sentences.
- Defer if: You're facing a short-term financial setback and you're confident you'll be back on track soon.
- Don't defer if: You see a long-term financial storm brewing on the horizon. There are other options, like refinancing, that might be a better fit.
Remember: Before you jump on the deferment train, talk to your lender. They can explain your options, the nitty-gritty details, and help you figure out the best course of action for your situation.
Deferring your mortgage payment might not be the most glamorous financial maneuver, but hey, sometimes you gotta do what you gotta do. Just remember, this is a temporary pause, not a permanent escape. Use this time wisely and get your finances back in fighting shape, because that pesky mortgage payment will be back before you know it, and this time, it might be wearing boxing gloves.
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