5 Tips for Anyone Struggling to Pay Their Mortgage Right Now

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Lots of people have been struggling financially for the last few years. Are you finally starting to find it difficult to pay your mortgage every month? It’s not your fault we’re in the middle of a global pandemic.

But you will need to do something to change your circumstances if you don’t want to lose your home. Do you know how to get started right now? Here are a few things you can implement to turn your life around as soon as possible.

Refinancing Your Mortgage

You might be scared about refinancing your home in case you end up with a breaking mortgage penalty. It’s something you’ll need to investigate carefully. Whether or not it’s a good idea depends on all your other debts.

For example, if you have debts with sky-high interest rates the penalty for breaking your mortgage might be cheaper. If your mortgage is coming up for renewal in the next 12 months you should just hold tight.

Take A Short Payment Holiday

A certified mortgage agent and broker might recommend you take a short payment holiday to ease your financial burden over the next few months. It’s not guaranteed you’ll get one, but it doesn’t hurt to ask.

While you’re on a payment holiday you’ll only need to pay interest instead of large monthly payments. These will need to be paid back but you’ll have time. Make sure it’s done a while before your mortgage term ends.

Rent Out Your Spare Bedroom

Everyone just assumes they should be living in their own home because it’s the way things have always been. Unfortunately, things are a lot bleaker than they were in the past because house prices have skyrocketed.

Wages haven’t jumped by the same amount, and it’s left working-class people in trouble. If you have a spare room in your home, you could rent it out. I know a roommate isn’t ideal, but it doesn’t need to be forever.

Become A Freelancer After Work

Can you write code or design graphics on the computer? Once you finish work you could come home and sell your services as a freelancer. There are hundreds of things you can do and it’s easy to find something you like.

If you don’t have any skills that will assist in a financial way, you could start learning now. You could be good enough to build basic websites within a few months. The money you make from freelancing should be enough to cover your mortgage.

Move Into a Home on Wheels

Have you seen those people driving around North America in their vans? If you work from home, there is no reason why you wouldn’t be able to do it. Unless you told your boss they probably wouldn’t know where you were.

It means you would be able to rent out your entire home for a few years to give yourself a break from paying the mortgage. Once you’ve paid the mortgage from your rent money, you would likely have some left to pay for gas.

Don’t Stress Out About Your Mortgage

Hopefully, you realize you have options even if some are a little extreme. You’ve got to do whatever you can to survive these tough times.