Mortgage Deferrals Now Recorded on Credit Reports

Jen & Cory • August 11, 2020
If COVID-19 has negatively impacted your finances and you're currently deferring your mortgage payments, you should know that this will be visible on your credit report. Here is an image from a recent credit report.

In this scenario, it shows that the mortgage was paid as agreed monthly for 33 months before being deferred for the last two months. It also shows that mortgage payments are currently in deferral.


Some may consider the credit bureau reporting a deferred status as good news. As COVID-19 hit like a freight train, many financial experts wondered about reporting errors on credit bureaus as a result of deferred payments. The fact that there is a system in place to report deferrals is a good sign.


Deferring your mortgage payment won't lower your credit score, but reporting errors from deferrals might. Once you've resumed your payments, it's a good idea to get a copy of your credit report to check for errors.


So, why does this matter to me now?


If you're considering a change to your mortgage, most lenders will be very hesitant to consider lending you new money when you aren't able to make your existing mortgage payments. This will be the case if you are looking to purchase a new property, renew, or refinance your current mortgage.


In fact, some lenders expect to see a history of regular repayment on any previously deferred loans before proceeding with any new application. Length of time after deferral varies by lender. This would include any debt payments (loan, line of credit, credit card) that have been deferred as well.


If changes to your mortgage are on the horizon, you need to have resumed all your regular debt payments before it will be possible to secure new mortgage financing.


If you'd like to discuss your personal financial situation with us, please contact us anytime!

Jen & Cory
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What Online Mortgage Calculators Can—and Can’t—Tell You

By Jen & Cory • June 3, 2026
What Online Mortgage Calculators Can—and Can’t—Tell You Online mortgage calculators are everywhere—and on the surface, they seem like a no-brainer. You plug in some numbers, and out pops what you can “afford.” Simple, right? Not quite. While the math itself is correct, the story behind those numbers is often misleading. Mortgage qualification isn’t just about numbers—it’s about context, risk, and lender policy. And that’s where calculators fall short. The Numbers Are Accurate—but the Picture Isn’t An online calculator can show you what a payment might look like at a given interest rate, or how making extra payments could reduce your amortization. That’s useful information! But when it comes to mortgage qualification , calculators don’t account for the many variables that lenders consider, such as: Your credit history and score Employment type (salary, self-employed, contract) Outstanding debts and monthly obligations Assets, savings, and down payment source The property type and location you’re buying Lenders evaluate all these factors through their internal risk models. That means two people entering the exact same numbers into a calculator could receive very different results when they actually apply for a mortgage. Why Online Calculators Can Mislead You When you see a “How much can I afford?” or “Mortgage Qualification” calculator online, it’s easy to treat the result as fact. But these tools don’t know your financial story—they only crunch the data you enter. A calculator can’t predict how a lender views your risk, how new mortgage rules apply to your file, or how things like spousal support, car loans, or variable income will impact approval. In short: calculators estimate payments, not qualification . Use Calculators the Right Way Don’t get us wrong—online calculators still have value. Use them to explore different “what-if” scenarios: How do payments change with different down payment amounts? How would a rate increase affect affordability? What if you added $100 a month to your payments? These tools are great for helping you understand your comfort zone. Just remember: they’re a starting point, not a green light. The Real First Step: Get a Pre-Approval If you’re serious about buying a home, skip the guesswork and get a mortgage pre-approval . It’s quick, free, and gives you real-world clarity on what you can afford. A pre-approval looks at your full financial picture—income, credit, debts, assets—and provides a framework for your purchase price, payment range, and rate options. It’s the only way to get a reliable answer to the question, “What can I really afford?” Final Thoughts Online calculators are convenient, but they can’t replace expert advice. Think of them as a starting point, not a solution. A professional mortgage broker can interpret the numbers, navigate lender policies, and tailor your financing strategy to your actual situation. If you’d like help understanding your true buying power—or want to get pre-approved with confidence— reach out anytime . I’d be happy to walk you through your options and help you make sense of the numbers.