We recommend members review all original loans documents and documents provided with your deferment to determine the impact to your loan terms, including the maturity date, payment amount, and interest accrual in effect during and after the deferment period.
In general, if you are approved for a deferment on a mortgage or home equity loan, the deferment will not extend the contractual maturity date and the unpaid principal portion will be added to the loan balance upon maturity, which will result in a higher final payment.
In general, if you are approved for a deferment of a loan other than a mortgage or home equity loan, the deferment will extend the maturity date which will result in a higher finance charge than originally stated and you will have additional payments remaining past the original maturity date of the loan.
In general, if you are approved for a deferment on a credit card, finance charges will continue to accrue daily. These may have a significant impact to your monthly payment when your regular payments resume.
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