In the case of loans insured by some companies, like this easy mortgages, they will offer your lender the flexibility and means to implement measures tailored to your particular situation. Depending on the circumstances, these measures could be:
• Transform your mortgage variable interest rate into a fixed rate loan to protect against the possibility of a surge in interest rates;
• Give a temporary deferment of payment in the short term. Your lender may be willing to make payment arrangements more flexible, especially if you have already made early repayments or if you have previously selected an accelerated payment schedule;
• Extend your repayment period (amortization) to reduce your monthly payments;
• Add all skipped payments to your outstanding balance to be spread over the entire duration of your loan;
• Establish special repayment terms to suit your particular financial situation.
Steps to follow
If you have trouble making your monthly payments, these three steps might help you and your lender to find a successful solution:
1) Talk to your lender at the first sign of financial difficulties. Ask him to show you the options available to you and keep you informed of the situation.
2) Prepare an evaluation of your financial situation, to meet with your lender in compiling a list of your income, your debt, your savings and your investments. You can paint a picture of your financial situation and facilitate the search for a viable solution.
3) Stay informed about the financial situation of your family and the economy as a whole. Plus you have better information and you will be able to make the right decisions for your future.
