The last thing any homeowner wants? Feeling overwhelmed by their mortgage.
Yet, despite the advice from financial experts to keep housing costs under 30% of income, 37.2% of homeowners are exceeding that threshold. If you’re in that group, or worried about becoming part of it, you’re not alone.
The good news? There are ways to lighten the load. Here are a few strategies I’ve seen work:
1. Keep an Eye on Interest Rates
Mortgage rates fluctuate, and refinancing could be a game-changer if rates drop below what you’re currently paying. A lower interest rate can mean significant savings over the life of your loan, reducing both your monthly payment and the overall cost of your home.
2. Get Rid of Private Mortgage Insurance (PMI)
If you put down less than 20% when buying your home, chances are you’re paying PMI. The good news? You may be able to ditch it! If your loan balance has reached 80% of your home’s original value or you’ve hit the halfway point of your amortization schedule, your lender might allow you to remove PMI—saving you hundreds each month.
3. Take a Deep Dive Into Your Spending
It’s easy to lose track of where your money goes each month. Reviewing your expenses can help identify areas to cut back, freeing up cash to make your mortgage payments more manageable. Even small changes, like reducing subscription services or dining out less, can add up over time.
Whether you’re a first-time buyer or a seasoned homeowner, I’m here to help you navigate the process with confidence. Schedule your strategy call today.
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