So, you have a house. Are you considering moving out simply because you are having trouble paying your mortgage? Before you call the movers, read on. We’ve got some information you may find helpful!
It is important to understand that saving money isn’t just for people who are looking to buy a home of their own or a rental to move into. People who have their own homes now should also be interested in saving as much money as possible – in today’s day and age, it would be silly not to!
We want to make sure you know how to save money, pay your mortgage, and stay in your home. Moving is stressful enough – relocating because you’re being forced out of your home is even worse. In this article, you won’t find any mortgage calculators or refinancing tools. What you will find are some suggestions on where you can look for help during these trying times.
Where to Look for Help
If you haven’t noticed, there is plenty of news on how mortgage rates are falling, house prices are flip-flopping, and our economy is in trouble. What you probably already know is that, if you play your cards right, you can take advantage of these falling interest rates. But how? Here are some places that you can seek advice in affording the home you already have:
- The local bank – If you already have a relationship with your local bank, take some time to talk to them. You can seek advice here even if your mortgage isn’t set up with them.
- A financial planner – Do you have a financial planner? If so, he or she may be the best source of financial information relevant to your life. This person can help determine how much money you will be saving (or not) by refinancing your home.
- A lawyer – If you have a real estate lawyer, go ahead and sit down with them. This person would be especially helpful in interpreting the legal jargon associated with the mortgage contract if you do decide to refinance.
- An accountant – Your accountant does your taxes and therefore knows what you can and cannot afford. Ask them how refinancing might change your tax situation.
Just remember, if you go to any of these professionals, they are likely to charge you a fee for their services. So, if you aren’t really ready to move forward with such conversations, go ahead and wait before scheduling an appointment.
Your Lender
If you are interested in refinancing and definitely don’t want to sell the house or move out, another option is to speak directly to your current lender. They will be able to offer you free advice as well as a streamlined transaction, fee adjustments, and other perks. Many lenders are prepared to assist you in these matters.
However, it is a good idea to remember that refinancing is all about money. Keep your emotions out of it and you’ll be on the right track!
Jon Huser
