The COVID-19 pandemic is putting a lot of Americans under serious financial strain—and in an effort to relieve some of that strain, homeowners across the country are looking for mortgage relief. And for those homeowners, there are a few different options available—namely mortgage forbearance and mortgage deferment.
But what, exactly, is the difference?
A recent article from realtor.com outlined the key differences between mortgage forbearance and mortgage deferment.
According to the article, while both strategies allow homeowners to suspend mortgage payments for a period of time, the main difference is what happens at the end of that suspension period.
With mortgage forbearance, any payments that were missed are due in a lump sum at the end of the forbearance period.
With mortgage deferment, lenders allow borrowers to either pay back the owed money over time or add the missed payments to the end of their loan.
If you’re concerned about your ability to make your...
If you’re planning to buy a new home, you probably have a wish list of features. But how likely is it that you’ll find those features in a new build?
According to a recent survey from the National Association of Home Builders, some of the features
You’re most likely to find in a new home in 2020—rated on a scale of 1 (not likely) to 5 (very likely)—include: