Job Loss Protection --
Payment Assurance Program
For more information:
The biggest reason people fail to meet their financial obligations is the loss of their job or a significant reduction of income. Life happens, and we understand.
To help you be more confident in your decision to buy a home, Cherry Creek Mortgage offers our Payment Assurance Program at no added cost with many loans. You simply have to "opt-in" and qualify under certain requirements. This is a program we've invested in simply as an added benefit to our customers.
How would your mortgage payment be made if you were to lose your job?
We understand this is a real concern, especially when you have other expenses such as student loans, kids, and savings goals. Our Payment Assurance Program was designed with you in mind.
For no additional cost to you, if you experience an involuntary job loss within the first two years after closing*, this program:
Provides up to six months of mortgage payments
Covers up to $1500 per month directly to your mortgage servicer on your behalf
Helps reduce pressure of late payments or default
Allows you more time to secure new employment
Enables you to avoid late payments and fees
Minimizes the stress you feel over how the job loss will affect your finances
Job loss can be distressing, and it is even worse when the fear of losing your home is part of the equation.
With our Payment Assurance Program, you can have the additional security if you experience involuntary unemployment.
Examples of How it Works
John is responsible for his full $1200 monthly mortgage payment when his employer is bought out and his position is eliminated. He begins looking for new employment and initiates the process of his Payment Assurance Program benefit, which pays his mortgage payment on his behalf. John’s job loss has no negative effect on his credit because his mortgage payment continues to be made on time.
Robert earns 55% of his household income, and his wife Stacia earns 45%. Their monthly mortgage payment is $1500. Robert’s company lays him off, and he files for unemployment while he searches for a new employer. Meanwhile, the Payment Assurance Program pays his portion of the mortgage payment based on his lost income. Stacia pays 45% of $1500, which is $675, and the plan pays the remaining $825, thus avoiding late payments and fees so Robert can focus on his job search without fear of losing their home.
The Payment Assurance Program is all about peace of mind! Talk to me today for more details.
How Can I get More Information?
If you're thinking about buying a home, it's absolutely critical to start out intelligently and intentionally. Don't wait until the last minute to get in touch. You will be competing with other buyers, and procrastination means you'll be slow and uncompetitive. Get in touch early so we can help you plan and prepare for your home purchase.
If you're targeting a home purchase within the next three months, get in touch immediately! Complete the information at our Get Started Online page as a starting point.
If you're beyond three months away, you can use the form below to request an informal, free consultation by phone. We'll get in touch to help you plan and prepare.
*Additional terms apply.
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