Homeowners that are struggling to make their mortgage payments hold an amazing amount of stress. This stress is as a result of borrowers finding difficulties in the payment of their loans. This is often caused by a series of factors such as a higher standard of living costs, living above your means, or unforeseen factors with income. We want you to avoid mortgage stress! Here are a few ways in which an individual will avoid mortgage stress:
Live within your means
The number one way to avoid mortgage stress is to live within your means. This is the best advice a homeowner needs to consider. Remember, the little things matter! Going out to eat, subscriptions, and credit card debt add up! All of this on top of a large mortgage payment increase your financial stress to the max. Limit your spending and ensure you don’t engage in needless purchases for they can accumulate and leave you in a tough spot.
Purchase a home you can truly afford
Just because you can qualify for a home that maxes out your budget, doesn’t mean it’s beneficial for your financial and emotional health. So remember to always choose a house that will fit within your budget so you can avoid high mortgage stress. Here at The Orlicki Group, we base your pre-approval on what you want to spend and what is within your budget, not the maximum amount you can actually purchase. The majority of our clients are very happy with their monthly payment on their new home.
Create an emergency fund
Prepare for the future! There’s no way to predict your financial future, so create an emergency fund to help reduce any stress that might come in times of financial hardship. Putting in an emergency fund is a good way of confronting the unseen life challenges.
We are here to help you, and are happy to help walk you through the home buying process to make sure you are in a great mortgage situation! As always, contact us with any questions!