If you have the ability to make a mortgage payment today, do it. Many people are taking advantage of the government’s forbearance program and choosing to delay their payments. You will ultimately have to make these payments, whether they are due at the end of the forbearance period or paid over time.
However, what is not clear today are the consequences of not making a timely mortgage payment. If you do not make the payment, there could be mortgage lates that appear on your credit report and could negatively impact your credit score. This could hurt your ability to refinance your current loan or get a mortgage for the purchase of a new home. I’ve heard of a scenario where someone’s credit score dipped 100 points because they chose not to make a payment during the pandemic. Even though your current lender may allow you to defer your payment, be aware of the possible consequences.
If you have any questions about this, or anything else mortgage related, contact Counsel Mortgage Group.
We offer a variety of products and services, ask us how we can assist you today: Counsel Mortgage Group®, LLC 480-502-1000 NMLS #178927 AZ MB #0909580 CA DBO #60DBO43873
Copyright © 2020 Counsel Mortgage Group®, LLC.