Mortgage forbearance: What is it and how does it work?
Answers to borrowers most common mortgage forbearance questions
“If you want to leave renting behind, take advantage of all available resources to get the best possible deal on a home.”
— Ruben Caginalp
Ruben Çağınalp is a former associate writer on Bankrate’s Home Lending team. A graduate of Fordham University, he began his professional career with Bankrate in January 2022, where he now covers the housing market, real estate and mortgages. He specializes in exploring topics that empower consumers to build wealth and stability, like preparing to apply for a mortgage and comparing rate offers.
As a college student, Ruben interned as an LGBTQ+ civil rights paralegal, completed three university research fellowships and published his work in undergraduate research journals.
When he’s not working, Ruben enjoys long walks, reading books and traveling.
Homeownership is a more attainable goal than you think. There are a range of mortgages available to borrowers of varying incomes and financial means, including zero-down loans. You should also find out if you qualify for first-time homebuyer programs. Offered by city, state and federal government agencies as well as nonprofits, these initiatives could offer you thousands in gift aid or forgivable loans towards the purchase of your first home. You can also save big in the long run if you shop around and compare rate offers from at least three different lenders.
“If you want to leave renting behind, take advantage of all available resources to get the best possible deal on a home.”
— Ruben Caginalp
Answers to borrowers most common mortgage forbearance questions
Among other things, it helps lenders decide whether you’ll be able to repay your loan.
You don’t have to come up with 20% in cash. But paying less now can cost you later.
The cash you’ll get comes at cost. Here’s how to minimize it.
While an option for some borrowers, there are downsides.
Everything you always wanted to know, from how it’s calculated to how to get a good rate.
Mortgage rates have been volatile, but bargain hunters can find deals.
It’s the reason your mortgage lender gets paid back first from your home sale’s proceeds.