Mortgage Payments

The financial responsibility of a monthly mortgage payment can be stressful on its own, but you may be even more concerned about your home investment if you’ve recently lost your job. Fortunately, there are some things you can do and places you can turn if you’re not yet certain where your next paycheck will come from. If you’re struggling with newfound unemployment, here are some important steps to take.

Shake The Piggy Bank

Most people struggle to save and that means they don’t necessarily want to dip into savings when it comes to financial difficulties. Unfortunately, if a job does not appear quickly, you may have to rely on the money you’ve accrued to help you out. It’s important to take a look at how much savings you have and determine how long it will last. Instead of just calculating your monthly payment and leaving it at that, be realistic and include all of your applicable living expenses to see how much leeway you have.

Reach Out To Your Lender

It may seem like mortgage lenders will not be concerned with your plight, but it can be to your benefit to reach out as soon as you think there might be a lapse in payment. It’s possible your lender may be able to offer you some type of payment plan if they’re provided with a timeframe for payment. Plus, they will be impressed with your honesty and quick communication. If you have a solid credit history and have made all of your payments on time, contacting your lender may buy you a bit more time.

Contact Your Government Agency

If you’ve used a government agency to secure your mortgage, there’s a good chance there may be a program available that will assist you in getting through this financial time. Whether you’ve worked directly with the Federal Housing Administration (FHA) or Fannie Mae and Freddie Mac, you may be able to find an opportunity in your unemployment that will cover your loan amount for you. It’s just important to be aware of any financial consequences once you’re back on your feet.

It can be very stressful to pay down your mortgage while you’re out of work, but you may be able to get through it by being aware of your financial picture and communicating with your lender. If you’re currently struggling with your mortgage, your trusted mortgage professionals for more information.

If you’ve decided to invest in a home, you might be wondering how to make all of the expenses work. From the groceries to your mode of transportation, all of those little things can quickly add up. Fortunately, it’s easy enough to ensure you have the money each month by carefully calculating your expenses and ensuring there’s a little wiggle room in case of leaner times. Here are the details on how to begin with your mortgage budgeting plan.

Calculate Your Monthly Payment

Whether you’ve just purchased a home or are trying to determine if your dream home is right for you, it’s very important to establish approximately what your monthly payment will be. It’s critical to have a mortgage cost that is sustainable, so add up your mortgage payment, home insurance, property taxes and any other required payments. While this should give you a ballpark figure, you’ll want to ensure you add a bit of extra room in case your taxes or interest rate should rise.

Determine Your Necessary Expenses

It’s easy to be idealistic and assume that you’ll be able to come up with the money for your dream home, but it’s very important to keep your feet on the ground and be realistic about your budget. Once you’ve determined your payment, calculate the average amount for your utilities, transportation costs and any debt you have. You’ll also want to add in groceries, toiletries, and extras like gym passes, meals or entertainment. By adding up your monthly payment and your expenses, you should be able to determine if a house is realistic for you.

Leave A Little Extra

If your expenses and your home costs add up to balance out, that’s great, but don’t forget to leave a little extra room in your budget for the other things you’ll need. While you’ll want to ensure you’re saving money for the future, if you have any short-term life goals like a travel destination or going back to school you’ll need to save for those. Also, the unexpected can occur at any time so you’ll want to have some cash stashed away for the times when the car breaks down or there’s a medical issue.

When investing in a home, you’ll need to feel confident that you can make your monthly mortgage payment and still have enough left over to pay your expenses and savings for down the road. If you’re currently preparing to buy, contact your trusted mortgage professionals for more information.

The monthly mortgage payment can be one of the most significant household expenditures for a family. However, while it can be a sizable amount, there are certain household things you may be able to eliminate that will help you put down more money and pay your mortgage off a little faster. If you’re interested in ways to save, here are some expenses you may want to consider cutting out.

Giving Up The Cable

Television is an important de-stressor for many people, but it can also be a considerable monthly expense that is often unnecessary. With borrowing materials available at the library and many videos available for streaming online, you can cut your cable cost and may be able to save more than $100 a month.

Coffee On The Go

It may not be a household expense, but the average person can rack up a lot of expenditures each month on caffeine alone. Instead of stopping at the local cafe for a quick fix, consider trying the office coffee or taking a thermos in the morning for savings that will add up by the week’s end.

Dinner On The Town

Going for dinner or getting take-out on the way home can be a great way to finish off a day, but it can also add up to huge monthly expenditures if you’re doing it frequently. While you shouldn’t cut out trying new restaurants altogether, ensure that it’s not something you’re indulging in all the time.

The Grocery Bill

You’ll be able to save a lot of money easily if you’re not buying lunches or dinners, but bargain shopping is still important when it comes to household staples. While this may not make a difference on each bill, it can add up to a considerable dent in your monthly payment overtime.

Saving On Your Smart Phone

Nowadays, most people have a smart phone and have exhausted their need for a landline, but phones can still be quite a money drain when it comes to extra data and an expensive plan. Instead of accepting your bill as is, talk to your provider about deals they can provide so you can save the difference.

The monthly mortgage payment can be a financial burden, but there are many simply ways to save through the year that will add up to big savings and a faster pay-off date. If you’re planning on putting your home on the market, you contact your trusted mortgage professional for more information.