Are you looking for some financial relief this month? Want to take a vacation without worrying about your mortgage payment? TD Bank offers mortgage customers the option to skip a payment. Here’s what you need to know about skipping a mortgage payment with TD Bank.
What Is Mortgage Payment Skip?
Mortgage payment skip allows you to temporarily pause your monthly mortgage payment. With TD Bank, you can skip one payment every 12 months. Skipped payments do not need to be paid back later. They simply extend your repayment term by one month.
This can help free up cash if you have unexpected expenses like car repairs or medical bills. It also allows you to take a vacation without needing to budget for your mortgage.
Benefits of Skipping a Mortgage Payment
- The extra cash that month for other expenses
- Avoid late fees if you’ll be short on cash
- Take a vacation without budgeting for your mortgage
- Lower stress during holidays or seasonal expenses
- Pause payments when renovating your home
Skipping a payment gives you financial flexibility. Just remember that interest still accrues, so your total loan amount will be higher.
Qualifications to Skip TD Mortgage Payment
To qualify for a payment skip with TD:
- Your loan must be current – no late payments
- You cannot have skipped a payment in the last 12 months
- The skip cannot occur in your first or final year of repayment
- Your mortgage cannot be an FHA, VA, or USDA loan
- You must submit the request 15 days before the due date
As long as you meet these qualifications, you can easily skip a mortgage payment with TD once per year.
How to Skip a TD Mortgage Payment
Skipping your TD mortgage payment only takes a few minutes. Follow these simple steps:
1. Mark Your Calendar
You can only skip one payment every 12 months. Pick the month you want to skip and mark it on your calendar. You’ll need to request the skip 15 days before your due date.
2. Review Qualifications
Double-check that your loan meets all the qualifications listed above. As long as you have been current on payments, you should be eligible.
3. Submit Online Request
Go to the TD Bank mortgage site and find the payment skip request form. Provide your contact and loan information. Submit the secure request.
4. Get Confirmation
TD will review your request and send you a confirmation once approved. This will confirm the exact payment you are skipping.
5. Enjoy Your Month Off!
With approval confirmed, you can now use your mortgage payment for other financial needs that month. Remember, interest still accrues.
And that’s it! With just an easy online request, you can skip your TD mortgage payment for a month.
Other Ways to Lower Mortgage Payments
In addition to skipping a payment, here are a few other tips to lower your monthly mortgage obligations:
- Refinance – You may be able to lower your rate with a refinance. Closing costs apply.
- Adjust due date – If your payment is due on an inconvenient day, call and ask to change it.
- Pay biweekly – Making half payments every two weeks saves interest.
- Round-up payments – Rounding up your payment by a few dollars applies that money directly to the principal.
- Make an extra payment – Prepay part of your principal once a year to reduce interest.
Explore multiple options to find the right mortgage relief strategies for your situation. Pausing a payment gives immediate short-term relief while the other methods reduce your interest costs over the long run.
Weigh the Benefits and Drawbacks
Before skipping your mortgage payment, make sure it aligns with your financial goals and won’t cause hardship later. Consider the key pros and cons:
Pros
- Get immediate financial relief
- Avoid late mortgage fees
- Take a vacation without paying mortgage
- Have cash for other expenses
Cons
- Interest still accrues on skipped payment
- Total loan amount increases
- Skipped payments can’t occur annually
- Doesn’t address core affordability issues
For short-term flexibility or a one-time cash need, payment skips are handy. But they don’t reduce your rate or monthly costs over time.
Alternatives to Skipping Mortgage Payments
If you need more permanent payment relief, skipping may not be the best option. Here are a few alternatives to discuss with your mortgage lender:
- Loan modification – Adjust loan terms to permanently lower payment
- Payment deferral – Postpone a set number of payments to the end of the loan
- Forbearance – Temporarily reduce or pause payments for several months
These provide structured payment relief plans. They may have restrictions, fees, and eligibility requirements. But they can provide more lasting payment reduction if you’re experiencing financial hardship.
Contact TD Mortgage Support
If you have any other questions about skipping your mortgage payment with TD Bank, don’t hesitate to contact their support team:
- Call: 1-888-751-9000
- Email: td@emailcustomerservice.com
- Chat: Log in online and use live chat
- Twitter: @TDBank_US
Their mortgage specialists can walk you through all qualifications and requirements. They can also explore other payment relief options that may better fit your financial situation.
Get Temporary Financial Flexibility
Skipping a mortgage payment with TD Bank offers a handy way to gain temporary financial flexibility. With an easy online request, you can free up your monthly mortgage commitment when you need extra cash.
Just consider the interest impacts and alternatives before moving forward. Use TD’s payment skip option as part of your overall mortgage strategy.
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