Found 2 blog entries tagged as Deferral.

People use the equity in their homes for many different reasons. Home equity is often used to pay off other debt, fund home renovations and upgrade projects as well as help purchase other necessities. It’s important to know these few facts when obtaining a Home Equity Line of Credit or HELOC to ensure that this is something you can manage.

  1.        HELOCs do not have fixed rates. This means your monthly payments can fluctuate. The interest rate is determined by the prime rate plus the percentage rate that the bank has set.  Let’s say the interest rate at the bank is prime + 1.5%. If the prime rate is 2%, then take 2% and add 1.5%. This gives you a total interest rate of 3.5%.
  2.        You might be paying way more than expected if the interest…

5108 Views, 0 Comments

Read Full Post

This post is time sensitive, with implications for your mortgage, cashflow, and credit for April - Sept 2020, all due to Covid-19.

 I am not a medical professional.  I know NOTHING about health.  There are hundreds of news stories out there about Covid-19.  Many more about government actions.  About social distancing.  This is NOT one of those posts.  It should also be noted, that as with everything Covid, the situation is fluid and changing.

 The federal government announced the Covid-19 Mortgage Payment Deferral Program.  Essentially freeing up extra cash flow for mortgage holders NOW, in the middle of the outbreak.  The best page directly from the government describing the program…

3850 Views, 0 Comments

Read Full Post