30 May 2022
How Much Can I Borrow for a Mortgage?
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Sometimes trying to keep up with your mortgage repayments is challenging. If you are having difficulty, contacting your lender and explaining your situation can be beneficial. By being honest, your lender may be willing to work with you to find ways to reduce your mortgage repayments. There are many options, but here are just a few.
If your lender allows you to reduce your payments, it may be a way to free up some extra cash. You can also see if you can change from a traditional home loan to an interest-only loan for a while until you are in a more secure financial situation.Â
As long as you’ve owned your property for a while, you should have enough equity to refinance your loan structure and consolidate debts. By refinancing, you may have access to a line of credit that will allow you to make both mortgage and debt repayments. Another option to consider is a cash-out refinance. This option will enable you to receive cash for the existing equity in your home.Â
If you don’t budget your money well and run out before your mortgage repayment is due, consider asking your lender if you can switch your repayment date to a more viable option. For instance, you could have your mortgage payment be due on the same day you get paid, ensuring that the mortgage is the first thing you repay.Â
Lenders want to work with you and want to find a way to make your mortgage repayments affordable. However, if you are in a dire financial situation, there are three hardship variations you may qualify for.
If you are struggling to make mortgage repayments, Mortgage House may be able to help. Contact one of our financial consultants to learn about possible options.