Advice For Avoiding A Late Mortgage Payment
The average mortgage payment in the United States is around $1,500. With home prices across the country rising at a record level, that average is almost certain to rise even with low mortgage rates. Owning a home is a major responsibility and making your monthly payments in full and on time is a must. If you’re worried about the impact of a late mortgage payment on your financial stability, here are some easy ways to ensure that it won’t happen.
How To Avoid Late Mortgage Payments
Be Sure You Understand Your Mortgage Terms Inside And Out
The first step to avoiding a late mortgage payment: making sure you understand all the basic terms of your mortgage. Make sure you know how exactly how much your mortgage is, when it is due, and where you need to pay it, either online or through the mail.
Reach Out To Your Mortgage Lender
Mortgage providers don’t need to be your enemy. If you miss a mortgage due date or know that you will be making a late mortgage payment, talk to your mortgage lender about the situation.
Many lending companies will work with you on a plan, especially if you have a good history of on-time mortgage payments. Everyone deals with financial issues now and then, and you may be surprised by how understanding mortgage companies can be. They may waive your late fee and even connect you with a financial counselor in your town.
Be sure not to wait too long to talk to your lender. There is typically a 15-day grace period for mortgage payments, but late fees are often assessed right after that period. If you’re 30 days late, credit bureaus may be informed about the delinquency, and it could impact your credit score.
Keep Track Of Your Payment Due Date
Even though mortgages are usually due at the beginning of the month, it can be difficult to keep track of the due date when you have numerous monthly bills.
Either keep a physical or virtual calendar that alerts you of upcoming due dates or get a spouse or partner to help you keep track of them, be sure it’s someone you can rely on to be organized. These little steps can go a long way in avoiding a late mortgage payment.
Consider Auto Draft
If calendar organization is not your forte, look into whether it’s possible to pay your mortgage by auto-draft. You set a day and time to pay your mortgage every month through an automatic withdrawal from a bank account of your choice.
See If Forbearance Is An Option
If you know that you will need to make a few late mortgage payments, check with your provider to see if you qualify for mortgage forbearance. This means your monthly payments will be paused for a set amount of time, helping you avoid foreclosure.
Commit To Bringing In Additional Income
Not being able to pay your mortgage is a major financial emergency. If you’re having regular trouble making ends meet, it may be time to look for additional income sources to keep yourself afloat.
Look for side gigs on freelance sites such as Fiverr and Upwork, sell your unused or lightly used electronics, clothing, books, and albums, or find a solid dog walking, or babysitting gig.
Get a Little Help From A Pro
Money management can be challenging, that’s why there are professionals that can do the work for you. Daily money managers can organize documents, pay bills, and help you avoid a potentially damaging late mortgage payment.
Get Back On Better Financial Footing With A Title Loan Online
When an unexpected financial emergency strikes, your ability to pay your monthly bills on time may be impacted. That’s where a title loan online comes in.
A title loan online is designed specifically to help with financial emergencies such as a hefty hospital emergency room bill, last-minute travel, or vital home and car repairs.
At Texas Car Title and Payday Loan Services, Inc. it may take as little as 30 minutes to qualify for a title loan online of up to $15,000.
We’ve streamlined the title loan process. Get started online by filling out the quick inquiry form on our homepage. One of our loan representatives from the Texas Car Title and Payday Loan Services, Inc. location closest to you will give you a quick call to guide you through the rest of the process.
We can either come to a location of your choice or you can come to us. Whatever works best for your schedule. Once you qualify and are approved for a title loan online, you get the cash you need either the same day or the very next business day.
Get Started Today
Do you feel like you have no option except to make a late mortgage payment? A title loan online may help you overcome an impactful financial emergency quickly and easily. Get started online today, give us a call, or visit the Texas Car Title and Payday Loan Services, Inc. location nearest you.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.