real estate financing

Mortgage Forbearance Explained

mortgage forbearance explained

 

What is mortgage forbearance? The CARES Act of March 28, 2020 included an allowance that those with government loans could suspend mortgage payments for up to 1 year.

I asked my good friends Jim and Stacy Brebner to explain mortgage forbearance more in-depth. When is a good time to take advantage of it? With rates so low, you may want to refinance – but will it be possible if you have already started the forbearance process?

Activating forbearance does not affect your credit score, but it will still show up on your credit report. And this might make it harder to buy a new home, refinance to lower your mortgage rate, or get cash out for at least 1 year.

Watch below video to get the full scoop, and if you need more information, contact The Brebner Team at 253-576-7968 or brebnerteam@apmortgage.com.