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We hope everyone is well and staying healthy. Here is some information regarding the forbearance of your mortgage payments during these unprecedented times. The Government has created the CARE Act, to assist homeowners whose income may have been adversely impacted by the Coronavirus. One of the components of the CARE Act is the possibility of mortgage forebearance. Forbearance is often misinterpreted. And while it is intended to help, it can have some dangerous repercussions.... Many people are mistakenly thinking that forbearance equals forgiveness. It does not. Forbearance means that payments will be suspended for a short period of time, initially up to 6 months, but will need to be caught up when the forbearance period is over. Think about when you buy something at a furniture store that offers "no payments" for 3 months. You still must pay for the furniture... the payments are just deferred. But mortgage forbearance is even worse if the borrower has dug themselves in a deep hole and can't catch up. Should this happen, the lender will enforce their right to be paid, which may cause the borrower to be foreclosed upon. They could lose all the equity in their home in the process. Forbearance is designed to help those as a measure of last resort. It is not a free pass and may have serious consequences. PLEASE MAKE SURE YOU ARE FULLY INFORMED BEFORE MAKING A DECISION. BRIK Home Loans is here to help! We pray that you and your families stay well during these difficult times. We're in this together and will make it through!

We hope everyone is well and staying healthy. Here is some information regarding the forbearance of your mortgage payments during these unprecedented times. The Government has created the CARE Act, to assist homeowners whose income may have been adversely impacted by the Coronavirus. One of the components of the CARE Act is the possibility of mortgage forebearance. Forbearance is often misinterpreted. And while it is intended to help, it can have some dangerous repercussions.... Many people are mistakenly thinking that forbearance equals forgiveness. It does not. Forbearance means that payments will be suspended for a short period of time, initially up to 6 months, but will need to be caught up when the forbearance period is over. Think about when you buy something at a furniture store that offers "no payments" for 3 months. You still must pay for the furniture... the payments are just deferred. But mortgage forbearance is even worse if the borrower has dug themselves in a deep hole and can't catch up. Should this happen, the lender will enforce their right to be paid, which may cause the borrower to be foreclosed upon. They could lose all the equity in their home in the process. Forbearance is designed to help those as a measure of last resort. It is not a free pass and may have serious consequences. PLEASE MAKE SURE YOU ARE FULLY INFORMED BEFORE MAKING A DECISION. BRIK Home Loans is here to help! We pray that you and your families stay well during these difficult times. We're in this together and will make it through!

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Looking for a home can be a challenging road. An even harder road could be coming up with your down payment. Depending on what type of mortgage you're looking at applying for, that amount could be higher than you think.