21 Jun 2017
How to Avoid Mortgage Stress
Taking on a mortgage can be stressful. Even when you’re with a fantastic lender and your interest rates are low, there’s no getting around the fact that the experience adds extra considerations and processes to your life.
And when you take into account the current state of Australia’s property market, it becomes easy to understand why some people feel mortgage stress. The cost of living is going up, and for some people, the possibility of home repossession feels all too real.
But having a mortgage can be simple if you handle it correctly. We’ve worked with thousands of homeowners in Australia, helping them get on top of their mortgages and become homeowners free of stress and anxiety.
When it comes to overcoming mortgage stress, here are the most common pieces of advice that we give (but of course, we’re always here to help if you’d like to contact us):
Thorough budgeting
The first step is to set up a thorough budget. A budget gives you total visibility over where your money is going and where it’s coming from.
Once you have this visibility, it’s easy to see the impacts of every financial decision you make. This helps you assess what to do with your money and avoid any nasty surprises. You can use our budget calculator to help out with this, but make sure you remember everything.
In addition to getting visibility over your budget, consider whether debt consolidation or refinancing are right for you. Either arrangement could potentially save you thousands of dollars.
Communication
If you’re finding it stressful to pay off your mortgage, it’s best to communicate with your lender about it as soon as possible. As home loan specialists, we understand that paying off loans can be hard sometimes and that unexpected things do happen.
If we receive a call from a homeowner going through a rough patch, we have several options for the homeowner to help them with their mortgage. The sooner we’re aware, the sooner we can take steps to help the homeowner out.
Mortgage House
At Mortgage House, we’re no strangers to the homeowner’s journey. It’s a long (but rewarding) one.
But don’t worry, we can help with that.
If you’re thinking of buying or refinancing a home, you can contact us for advice about the best options for you when it comes to your mortgage. The cost of your mortgage can drastically affect your financial planning, so it pays to speak to the experts about it.