If you need assistance paying your mortgage there are alternatives to forbearance that you may want to consider, including refinancing. Let’s explore forbearance vs. refinancing and which may give you the help you need.
Refinancing can help:
- Lower your payment.
- Take cash out to pay for expenses.
- Consolidate high-interest debt.
Rates are low, so now’s a great time to refinance. Find out if you qualify
What is mortgage forbearance?
- A temporary pause of mortgage payments during a period of hardship.
- The balance of deferred payments will be due later (sometimes in a lump sum at the end of forbearance).
- Mortgage payments typically resume to normal terms after forbearance.
A refinance could lower your payment permanently. Find out if you qualify for a refinance.
Is forbearance mortgage forgiveness?
- Forbearance is NOT mortgage forgiveness.
- Homeowners will still owe the deferred payments and interest later.
- Late charges will not be applied during forbearance.
A cash-out refinance could give you the money you need. Find out if you qualify for a refinance.
Does a mortgage forbearance affect your credit?
- The mortgage account maintains its current status (i.e. current, delinquent, etc.) while in forbearance.
- If possible, be sure the account is current before going into forbearance.
- There is uncertainty around this question. We will update this page as we get more information.
Refinancing into a payment that is more affordable is a great alternative. Find out if you qualify for a refinance.
How to qualify for mortgage forbearance?
- Homeowners seeking forbearance should contact their loan servicer (the company where they make mortgage payments) to find out if they qualify.
- The servicer’s contact information can be found on the homeowner’s monthly mortgage statement.
Forbearance not for you? Explore refinancing.
Fill out this short form to be contacted by a licensed loan officer.
About NFM Lending
NFM Lending is a mortgage lending company currently licensed in 41 states in the U.S. The company was founded in Baltimore, Maryland in 1998. They attribute their success in the mortgage industry to their steadfast commitment to customers and the community. NFM Lending has firmly planted itself in the home loan marketplace as America’s Common Sense Residential Mortgage Lender.™
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