Mortgage payments while on military deployment?

Hello there! I'm considering joining the military post-graduation. However, I'm curious to know how mortgage payments work while on deployment. Do you still have to continue making payments or are there some exceptions? Any response would be really helpful!

When you join the military and are subsequently deployed, your mortgage payments do not automatically pause or stop. In general, financial obligations, including mortgage payments, continue to be your responsibility. However, there are protections and benefits in place for service members to ease this burden.

For instance, the Servicemembers Civil Relief Act (SCRA) provides a number of financial protections to active duty service members, including a cap on interest rates for mortgage payments. The interest rate on a mortgage loan obtained before active duty can be reduced to 6% during military service. You must, however, notify your lender, provide proof of your military service, and explain how your service materially affects your ability to pay your mortgage.

Another strategy could be to apply for a loan deferral, which allows you to postpone payments for a certain period. But remember, the accumulated interest might still apply to these deferred payments.

If you're in severe financial hardship due to military service, you could explore relief under the Military Lending Act or apply for a VA Home Loan, a mortgage option available to veterans and service members which is provided by private lenders but backed by the U.S. Department of Veterans Affairs.

I'd highly recommend speaking with a financial advisor or a military legal assistance attorney to fully understand your options and rights when managing a mortgage during military service. They can give you the most accurate advice tailored to your specific situation and ensure you're aware of all the protections and benefits available to you.