What is the wild card fee on a mortgage loan, and how should you use it?Uncategorized
One of the benefits offered by most financial institutions by granting you a mortgage loan is the possibility of accessing wild fees. Below we explain what the wild card fee in a mortgage loan is, and how you should use it.
What is the wild card fee on a mortgage loan?
The wild card fee is a benefit that gives you the ability to skip the payment in any monthly installment of your loan. That is, after coordinating with the bank, you may not pay a fee on your loan, without implying any penalty. Or fall into default and thus affect your credit history.
Each financial institution limits the amount of wild fees that you can access during the credit period. They also do it with the frequency of it, so you can not request wildcard fees very often.
For the Flexible Mortgage Credit
As an example, for the Flexible Mortgage Credit of Good finance , the rules of the wild card fee are the following:
- You can request it after the twelfth installment, that is, after one year of the payment period.
- You can request it four times in total, throughout the entire payment term.
- Between requests for consecutive wild cards, twelve months must pass.
How to use the wild card fee in a mortgage loan?
Because it is a benefit that you can access a few times, you should use it with extreme caution. In particular, use it only in case of extreme need, due to some unforeseen event that affects your ability to pay. For example, in case of:
- Medical emergency.
- Dismissal from work.
- Abrupt and significant decrease in income or passive income.
In these cases, the wild card fee gives you a brief respite, so you can adjust your finances and recover your ability to pay.