The holidays are an expensive time of year. Gifts and travel can add up fast!
If a little breathing room would help, our Holiday Skip-a-Payment program is back. Members with a qualifying loan can skip one monthly payment in November, December or January and put that money toward the season instead, if they prefer.
How it works
- Choose your month, November, December or January, and fill out the Skip-a-Payment form. There’s one form for each loan you want to skip.
- Get the form back to us at least five business days before that payment is due.
- The fee is $25 for each skipped payment. On the form, you choose whether it comes out of your Sweet Home savings or your checking account.
- Both the borrower and any co-borrower need to sign the form.
You can download the form here, or pick one up at the branch.
Which loans qualify
- Your loan needs at least three consecutive on-time payments behind it, and it can’t be in its first three months.
- Loans secured by real estate don’t qualify. That covers first mortgages and home equity loans, along with home equity lines of credit. Open-end loans and Visa credit cards don’t qualify, either.
- A loan can be skipped up to three times over its life. Loans that are past due aren’t eligible.
Good to know
- Interest keeps accruing during the month you skip, so you’ll pay a little more interest over the life of the loan, and it will take a little longer to pay off.
- If your loan payment comes out of your account automatically, you’ll need to pause that transfer for the skipped month.
- If your loan has Guaranteed Asset Protection (GAP), skipping a payment may reduce what a GAP claim would pay.
Questions about whether your loan qualifies? Give us a call or stop by the branch!
