Payment Assurance Program
The number one reason people fail to meet their financial obligations is the loss of their job or a drastic reduction
of income. Life happens, and we understand. To help you be more confident in your decision to buy a home,
Cherry Creek Mortgage is including our Payment Assurance Program with your loan. We want you to think of
us as your “first responder” in case you lose your job because we’re here to help.
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
- Provide up to six months of mortgage payments
- Offer up to $1500 per month directly to your mortgage servicer on your behalf
- Help reduce pressure of late payments or default
- Allow you more time to secure new employment
- Enable you to avoid late payments and fees
- Minimize 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.
Here are a few examples of how it works:
Scenario 1: 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 hano negative effect on his credit because his mortgage payment continues to be made on time.
Scenario 2: 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 your peace of mind! Talk to
me today for more details.
*Additional terms apply.