Sometimes, life throws us a curveball—whether it’s an urgent home repair or unexpected car expense—we get it. Our Skip-a-Payment feature can help manage those unplanned costs by skipping a loan or mortgage payment when you need it most.
Flexibility and Support
Eligible Cornerstone members with a consumer loan or consumer mortgage can defer one monthly payment (including both principal and interest)every 12 months. You can skip up to three payments over the life of the loan or mortgage.
Please Note: Using Skip-a-Payment will increase your interest costs over the life of your loan or mortgage. It’s important to weigh your options and speak to your advisor about what works best for your financial goals. For more information or to see if Skip-a-Payment is right for you, talk to your Cornerstone advisor today.
Skipping a Mortgage Payment
Interest from the deferred payment is added to your outstanding balance, increasing your mortgage balance.
Payments will stay the same for the rest of your term.
At renewal, the payment amount will adjust to account for the higher balance.
Straight Rate Mortgages are not eligible.
Skipping a Loan Payment
The deferred amount is added to the amortization period or loan agreement, lengthening the overall term.
Loan must not in arrears at the time of the request.
Consumer Loans and Dealer Finance Loans are eligible.
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