Manage Your Payments
Life changes and sometimes your mortgage needs to change along with it.
Is financial stress keeping you up at night? Matching your financial commitments to your financial capacity can help you sleep. Managing your finances is more than just matching your income to your expenses, it’s about your wellbeing too.
Reducing your Payments – There are several ways to fit your mortgage payments into a smaller budget. First, a mortgage professional can figure out if you qualify for a lower rate or you can consolidate higher interest debt into a lower interest loan. If those options are available to you, this is usually the best place to start. If those options aren’t available to you, there are a number of other options a licenced mortgage professional can provide.
Flexible payments to match your income – There are a couple of things you can do if your income fluctuates significantly. First, some borrowers may be able to use a HELOC (Home Equity Line of Credit) to smooth out your income to make your mortgage payments more manageable. Second, some borrowers may be able to refinance their mortgage with a longer amortization period and use prepayment privileges to keep your interest costs down. These strategies are not for everyone as they require a lot of financial discipline to make them work. Talk to a licenced mortgage professional to find out if these could work for you.
There are a number of other more complex options available to help you manage your financial situation. The best thing is to discuss your specific situation with a licensed mortgage professional.
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