During the ongoing pandemic situation, many homeowners are struggling for survival. The biggest reason behind this devastating problem is unexpected lockdown that has restricted humans from moving out for livelihood and earn for their survival.
The government has come forward with many options to support middle and lower-class people striving in this global outbreak. However, still, people are looking for a reliable yet trustable opportunity to sustain their life and protect the family from corona effects.
Mortgage payment holidays are a sound option that is beneficial for everyone in this crisis. But do you know that it doesn’t suit everyone?
FACT: According to industry sources, about 1 million mortgage holders applied for a payment holiday on the first day.
Mortgage Payment Holidays are Cheap; Not FREE:
Undoubtedly, it’s a market truth that there is nothing FREE when it comes to banking services. Still, to tackle the current pandemic situation, the mortgage payment holidays are available with the lowest interest rates ever. Nevertheless, you must remember that repayment is essential to maintain your debts and bring your life to be healthy after the pandemic situation ends. Prefer planning your payments accordingly to avoid last-time repayment troubles.
No Impact on Credit Score:
In this critical situation, when not everyone is capable of repaying their debts, the mortgage payment holiday gives you relief to some extent. Moreover, your credit score isn’t affected by this payment holidays. This step is taken by the agencies to overwhelm this emergency without changing your financial issues and try to omit your financial crisis. However, post-payment holidays your credit score will be impacted due to late payment of the loans.
Banks are now Offering Mortgage Holidays:
Banks were not obligated to offer mortgage holidays in the early state of coronavirus pandemic situation. However, with the increasing cases, banks were compelled to provide these holidays. However, not everyone is eligible to get mortgage payment holidays. Your current job, salary, and other financial information are required to ensure you are suitable for this. For people who are still getting regular wages are exempted from getting mortgage payment holidays.
You can Still Migrate to a Better Deal:
Social distancing has paused new loan procedures as well as getting any new deal. But, from your existing lender, you have the option to get a better deal and migrate to it without trouble. Because of this emergency, you can’t analyze the market, but your existing loan from the lender will help you roll over to a better option with the same lender.
Still, if you have any queries, the best way to acknowledge complete information is connecting with your lender. Think Plutus is a renowned firm that will help you with the mortgage holiday. For those who are looking to end needs must take a break from their mortgage payment and opt for a mortgage holiday.
So, what are you waiting for? It’s time to gather together mentally and put an end to this global pandemic situation without struggling for your day to day needs.
Stay Safe Stay home!