Homeowners feeling the pinch from rising inflation may want to consider ways to reduce their mortgage payment, which is often their biggest monthly expense. Financial experts recommend your mortgage shouldn’t be more than 30 percent of your monthly income after taxes. If it is, here are ways to save.
First, see if your lender will allow you to extend the repayment term. If your interest rate is the problem, check into refinancing the loan at a more favorable rate before mortgage rates increase.
You can also reduce your payment by putting a larger down payment into the loan initially. More property equity can help get the best deal from the lender. Some banks require private mortgage insurance but if you have your own life insurance, see if you can avoid this additional cost.
For those who wind up with financial problems, there are federal loan modification programs that might be a help.
Council of Seniors Wants to Make Retirement Easier
We at Council of Seniors want seniors to stay comfortably in their homes. That’s why we’re dedicated to getting Congress to pass The SAVE Benefits Act. Because the annual Social Security cost-of-living adjustment (COLA) hasn’t always met seniors’ needs, this bill is an absolute must. If it passes, $581 will be returned to eligible seniors.
Don’t delay in signing our petition. Working together we can show Washington politicians how many people support this bill. Your participation in this effort will be deeply appreciated.
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