ALLEVIATING Reverse mortgages
Being a homeowner can be a real headache.
Whether you’re applying to become a homeowner, or dealing with concerns of your current homeownership, it’s going to be difficult. That’s why LeapFrog Mortgage has decided to make active efforts towards alleviating your mortgage stress. Having a solid partner to go the distance with you is an invaluable resource.
The vast majority of US citizens report feeling the strain of their homeownership every month. Tangling with monthly payments, questions of whether to refinance, and more can feel like an uphill battle. But we can help; read on to learn more.
Staying on Top of Payments
The first step to eliminating your mortgage stress is to always stay on top of your payments. Failing to make a monthly payment can lead to a world of extra strain that may prove to make or break your finances. Late fees, interest, and more can begin to pile up if you get behind. Before you know it, you’re drowning in unmanageable debits.
Also, failing to make payments can trigger a foreclosure on your home. This won’t happen immediately, though. Generally, you’re looking at four months before this action comes underway. But again, the amount of extra fees and interest can dig you into a hole that may be impossible to climb out of.
How a Good Lender can Help
Say you’ve fallen behind on payments. You may think you’ve run out of options, but actually, your lender may be willing to work with you. Of course, nothing keeps you in good shape like consistent payments. But any good lender knows that there’s often more value in keeping you as a client than not.
Try reaching out directly to your lender to see what your options are. There are no guarantees, but they’ll likely explore all possible avenues that don’t require terminating your business with them. It’s certainly worth the effort.
First Steps to Managing Your Payments
If you haven’t already secured a mortgage, then there are some preliminary steps you can take to ensure a smoother process. For one, the money you put down at the start is a big help. Try paying 20% upfront to ensure the best rates on the backend.
Another option is to lengthen the lifetime of your loan. Spreading it out over a longer period can lead to lower monthly payments in the long run. Be careful here, though. Doing this can also cause you to have higher interest rates, which in turn can prove more costly over time.
Should You Refinance?
There’s also always the option of refinancing your loan. This comes with a great deal of considerations that we’ve covered in several of our other blog posts. Use these to be fully informed on what awaits you should you go this route.
In the end, the goal of any good lender is to provide you with the best possible solutions and outcomes relative to your situation. For more questions and understanding, feel free to reach out to one of our lenders today. We look forward to hearing from you.