Skip a payment for your mortgage or loan
If you’re having trouble making a payment on your mortgage or loan, we can help. One of your options is to skip a payment, which you can request by calling 1-833-696-6887.
How it works
You can skip one month’s mortgage payment once every 12 months with no penalty. If you have already skipped a payment due to COVID-19, you are still eligible for up to a total of 6 skipped payments, if they are related to COVID-19. Call Member Services to learn more.
How skipping a payment affects your interest and outstanding balance
When you skip a payment, you’re deferring it, not subtracting it from the total you owe. Instead, you make an additional payment later. The interest continues to accrue but it won’t be added to the outstanding principal balance. This means that you won’t be charged interest on interest.
Is this for you?
Knowing that you can skip a payment is great for your peace of mind. Remember, though, paying off your debt is always going to be better for your finances overall, so if you can make your current mortgage or loan payment, you should. Our skip-a-payment feature is intended to help you if you are incapable of making a payment due to financial difficulties arising from a crisis or emergency.
You are eligible to skip a payment as long as:
- Your mortgage or loan is currently in good standing.
- There is more than 60 days until your mortgage or loan maturity date.