If anyone reading this is worried they won't be able to afford the increase in payments...
If you have an insured mortgage (you put less than 20% down), insurers are allowing households that are "in financial distress" to increase amortizations up to 35 and potentially even 40 years.
The process is as follows:
1. Contact your insurer to explain situation
2. If insurer approves, they will contact your lender on your behalf to increase amortization and reduce payments
- If you don't know who your insurer is (because who does really), feel free to PM me and I can find out on your behalf, free of charge. Just happy to help families that may be struggling.
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