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Deferments & FAQs

 

We are currently offering deferments for your auto loan, mortgage, credit card and home equity line of credit (HELOC) 

If you get a deferment it will not negatively impact your credit score and we are not charging deferment fees.  

 

How does repayment work?

Your loan term will be extended.   

All payments will go towards paying off the interest owed first. This means that when you make your payment it will be applied towards the skipped interest until that has been paid off. Then all future payments will be applied towards principal and interest, as normal.   

What about interest?

Your skipped interest payments will need to be paid before payments will begin being applied towards principal.   

When you begin your repayment, you are not required to make a lump sum payment to cover the skipped interest.  

How does repayment work?

Your loan term will be extended.   

Your interest owed for each monthly payment skipped will be added to the end of the loan.   

When you begin repayments your payment towards principal and interest will be the same.  

If you do not pay towards escrow during the deferred months your payment will go up at the end of the year Your monthly payments will increase to cover the unpaid escrow that is owed.  Your payments next year will remain higher to cover the escrow payments. 

What about interest?

Any unpaid interest on deferred payments is added to the end of your loan. If you decide to make a lump sum payment towards principal, that payment will first be applied to the months of unpaid interest.  

If you do not make additional payments towards principal during the term of the loan, when you pay off your loan, any unpaid interest will be added to the principal. 

When you begin your repayment, you are not required to make a lump sum payment to cover the skipped interest.  

 

How does repayment work?

When you begin your payments, they will go towards paying off the interest owed first. This means that when you make your payment it will be applied towards the skipped interest first. Once all interest from skipped payments is paid off, the future payments will be applied towards principal and interest, as normal.   

Paying just the minimum payment will extend the time it takes for you to pay off your credit card, because the principal is not being paid down until the deferred interest is paid.  

What about interest?

Your skipped interest payments will need to be paid before payments will begin to be applied towards principal.   

When you begin your repayment, you are not required to make a lump sum payment to cover the skipped interest.  

 

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How does repayment work?

Your loan term will be extended.   

All payments will go towards paying off the interest owed first. This means that when you make your payment it will be applied towards the skipped interest until that has been paid off. Then all future payments will be applied towards principal and interest, as normal.   

What about interest?

Your skipped interest payments will need to be paid before payments will begin being applied towards principal.   

When you begin your repayment, you are not required to make a lump sum payment to cover the skipped interest.