You may be feeling the pinch right now as you struggle to keep up with your monthly mortgage repayments, but don?t worry, there are options for you when you need to trim a little off the mortgage budget.
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Many people will tell you to try to make larger payments so you can get out from underneath your loan faster, but that is easier said than done for most home owners. Instead of paying more than you can afford, explore alternative options that will keep you afloat, and put more money back into your pocket.
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Redraw Options?
Have you been making extra payments, or did you make any in the past? If so, talk to your lender about possible repayment redraw options. Sometimes when borrowers are in a pinch, they have funds available for them through redraw, to provide them with relief when they need it the most.
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Manageable Payments
If you find it hard to make your payment in one lump sum, split your payment up into more manageable amounts. Make a payment every 2 weeks, instead of one large payment on the due date.
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Refinance
Take advantage of the falling interest rates. If you have been waiting for them to fall further, jump on the opportunity now. Don?t wait too long, or the rates will pass you by. Shop around for another loan. Talk to lenders and discuss your needs. Make sure you are in control of what you are prepared to repay. Just remember a few important questions when you are shopping around for a more affordable mortgage.
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Will you be subjected to an early termination fee from your current lender?
What are the settlement costs associated with the new mortgage?
What is the lowest interest rate available to you?
Will you incur new annual fees?
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Ready For the Change?
Don?t feel committed to your current lender. If you are looking for a better deal, go get it. Borrowers are refinancing more and more, and they are saving thousands as a result. The average borrower refinances their mortgage after just 4 or 5 years. As you get older, the market changes and so do your needs.
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