Tips to Keep Up Your Mortgage Payments on Time!
It is quite horrifying to know that you have accumulated negative credit score and have a huge pending arrear
. The loan bills are piling up and you are unable to concentrate on your work. What can you do to avoid this situation and make your payments on time?
Refinance mortgages with a fixed rate have become popular as a way to use this asset to reduce the monthly payment and put extra money aside. When you refinance your mortgage, you can take advantage of the equity in your home and if put to use wisely you will benefit from the remortgage.
You just have to follow these steps, it is simple and will make you be more organised.
Extra cash
Extra equity value
Shorten the length
Low remortgage rate
If you have been unable to make your payments, what could be the reason behind it? Simple, you cant afford the equated monthly installments (EMI) every month. It may be high due to the rate of interest on your loan. If you think, the current base rate is lower than what you are paying then you must switch over to another rate plan. If you have a fixed rate loan, you must switch over to a floating loan. This helps you pay less in comparision to your earlier rate plan.
Extra equity value: If you think your house has accumulated additional value with the boom in real estate market, then you can pledge your refinance mortgage as against the higher value collateral (house).
Extra cash: With an increased collateral you will get better rate of interest and extra cash. Make your borrowed funds affordable to repay. Avail extra cash and pay back on time with an easy pay back scheme.
Shorten the length: If you opt to refinance, you can shorten the duration of your mortgage. The new plan offers you better payment scheme, a more flexible approach. This way you can request for shorter duration on your loan.
-Mortgage protection payment insurance helps safe guard your payment in times of a crisis situation. May be you are redundant, feeling sick or have met with an accident and bed ridden. You may be unable to pay back during this period. Hence, obtain a secured insurance plan against your payments. Breathe a sigh of relief!
Other options that you can make use of are:
Lower down your payments for a set period
You can also consider extending your term to lower down your premiums.
charge your interest only for a while, if you've got a repayment mortgage (usually you pay capital and interest)
Request for a 'payment holiday'.
Tips to Keep Up Your Mortgage Payments on Time!
By: Vijay Koragappa Shetty
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