COVID-19 and Mortgages: Tackling False Truths
With COVID-19 still a very real threat around the world, there are many options available for homeowners who are financially impacted by the virus. However, there are also a lot of myths floating around on who is entitled to what financial services. In the next few blog entries, we will be debunking these mortgage myths and giving you the proper advice as to what these so-called “myths” entail.
Myth: Skipped payments will be tacked at the end of your loan
While not 100% true, there is some slight truth to this statement. Some banks will be offering this option for loans they own, rather than government-backed mortgages. This includes major investors like Freddie Mac and Fannie Mae, and even loans such as FHA, VA, and USDA. Instead, banks will be offering forbearance for homeowners who cannot pay their mortgage due to the virus.
This is just one of many false truths that are being spread around due to the Coronavirus pandemic. It can be tough during times like these to figure out what is truth and what is fiction, but you can rest assured in knowing that Mortgages Done Right is here to help you with all of your mortgage and home loan related needs. We care greatly about our clients and are happy to help you in a variety of ways, be it with mortgages or home loan related issues. We will be back with another blog entry soon, but until then, stay safe, and have a pleasant rest of your day.