Life happens. Both in good ways and not-so-good ways, especially when it comes to finances. And in those times of financial uncertainty, one of the most prominent factors involves mortgages. From mortgage payments and credit scores to interest rates and refinance options, there are several areas where paying your mortgage can overwhelm.
Fortunately, there are a few options for when times get tough. The last thing anyone wants is for the financial burden to overwhelm and impact your ability to live in and pay for your home. Below are three options to help ease the worry and get you in the best situation for you:
Talk to an Expert
This is the ideal first step whenever you have uncertainty about your mortgage or home loan. Wyndham Capital's Loan Officers have the expertise and know-how to give you the advice you need. Even if you haven't worked with Wyndham before, our team members are there to ensure you come out at the end of the process in the best financial shape when it comes to your home loan.
One of the benefits of starting with this step is that you will be presented with options and advice uniquely catered to your situation. We know everyone is different and we know that there can be many factors – both known and unforeseen – that will potentially impact your ability to move forward with your current mortgage. Not to mention, they've probably been asked every question possible about home loans – so ask a loan officer to get more peace of mind.
Look into Refinancing
After speaking with an expert, they may suggest you examine refinancing your mortgage rate. This step can help lower your monthly payment. When you first applied for your mortgage, the economic or market climates may have led to higher finance rates that what they are today. Even a difference of less than one percentage point can mean thousands of dollars of savings.
One of the positives is the minimal cost to refinance, which can open doors to this as an option, allowing for one less fee and cost within the process. And keep in mind, current refinance rates can change, so finding out and locking in the refinance rates today will allow for more informed planning moving forward.
Explore Your Rate Terms and Conditions
Do you have a fixed-rate mortgage and want to consider transitioning to an adjustable-rate option to keep open the opportunity to take advantage of lower rates in the future? Or does a fixed-rate mortgage, with its guaranteed rate over the term of your home loan, sound like a better option? Either way, Wyndham Capital can help you decide.
If the length of your mortgage term is at the top of your concerns, there are options there, too. Conventional mortgages offer loan terms of 10, 15, 20 and 30 years, all with their own set of benefits.
Take a 30-year fixed mortgage loan, for instance. One of the most common types of loans, it allows for maximum flexibility and ease when determining monthly payments, interest rates, and long-term financial planning.
When facing the prospect of uncertain financial times, when the possibility of home loan repayment difficultly is often present, there are options. Options that may not solve everything, but will make it even just a little easier.
Just like a couple of percentage points on your loan interest rate can make a big impact, that little ease may just be the first step to brighter days – days that you’ll be able to experience in a home you love.
Interested in learning more about how Wyndham Capital can help you achieve your home lending goals?