Missed Mortgage Payments: How Do They Impact Refinancing?
Financial circumstances change. Sudden events such as emergency vehicle maintenance, job loss and unexpected health care costs happen. Emergencies throw a wrench in a person’s finance, which can throw everything else out of whack. Missed mortgage payments are serious because you risk losing your home. There are several steps to take if you fall into this predicament including refinancing.
Speak with Your Lender
First and foremost, speak with the lender. Any correspondence mailed to you must be read and acknowledged. The weight of the world is on your shoulders, and you have to see your way through the dilemma. A homeowner has no shortage of responsibilities. Weathering this figurative storm is one of them.
As you prepare to speak with the lender, organise your financial documents. Gather your hardship’s proof, too. The lender wants to understand the reason for the missed payments. It is in their interest to help you through this especially if the situation is temporary.
Heading off a problem is always better than getting into it. If you believe you are on the cusp of missing a payment, refinancing is on the table. Once you have missed a payment or two, the lender offers solutions at their discretion based on predetermined standards and findings.
Refinancing makes sense when it leads to lower payments. If interest rates dropped, it presents an opportunity. The possibility of stretching the mortgage over additional years to lower the monthly repayment is available, too. Our team walks you through all scenarios.
Missed Mortgage Payments Conclusion
Over a 30-year period, ups and downs are bound to occur. Missed mortgage payments, however, cannot be taken lightly. Our Mortgage House team is ready to discuss your situation and refinance home loan options. We aim to offer solutions based on your circumstances and payment history. If you believe repayments are challenging, our mortgage repayment calculator is at your disposal. So is our group of financial experts.