In today’s economic climate, many Canadians are feeling the pinch of rising mortgage payments and overall affordability. If you’re finding it hard to keep up with your mortgage, rest assured, you’re not alone. The good news is that there are several steps you can take to ease the burden before it becomes a bigger issue.
Here are three ways to manage your mortgage payments before missing a payment:
1. Speak to your mortgage agent early. One of the most important things you can do when starting to feel mortgage payment burden is reach out to your mortgage agent. The earlier you address the problem, the more options you’ll have. Your mortgage agent can help you explore solutions like refinancing your mortgage or adjusting your payment schedule to better fit your financial situation.
2. Consider a home equity line of credit (HELOC). If you’re facing a short-term cash crunch, a HELOC could be the answer. A HELOC lets you tap into the equity in your home to access funds at a lower interest rate, which can be a lifesaver when dealing with immediate financial challenges. It’s a flexible solution that can provide the breathing room you need now and into the future.
3. Reevaluate your expenses. Sometimes, small changes in your spending habits can make a significant difference. Take a hard look at your budget and see where you can trim expenses. Cutting back on non-essential items or adjusting your lifestyle can free up cash to help cover your mortgage payments. Start with things like eating at home more often, cancelling unused subscriptions and/or eliminating impulse purchases.
Taking proactive steps can make all the difference in managing your mortgage and avoiding missed payments. Work with your mortgage agent to find the best solution for you, so you can stay on track and move forward with peace of mind.
Have questions about managing your mortgage payments? Answers are just a call or email away!