9 Signs That You May Be in Trouble with Your Mortgage
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Home Page > Finance > Mortgage > 9 Signs That You May Be in Trouble with Your Mortgage
9 Signs That You May Be in Trouble with Your Mortgage
Posted: Jul 30, 2011 |
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Up to your head with debt? We find ourselves with anxiety and stress just trying to get out of it! Living pay cheque to pay cheque is hard enough but living off credit cards and lines of credit is a sure sign of big trouble ahead.
How will these financial threats affect your mortgage security?
1. Late Fees: Paying your bills past their due dates or even missing a minimum payment will affect your credit score and can have a negative impact on any future credit applications.
2. Which Bills Do I Pay? If you’re deciding which bill to pay this month because you can’t afford to pay all of them is a sure sign of trouble a head.
3. Making Minimum Payments: You may think by paying the minimum payments due on your credit card is good enough! However, financial experts know by doing this you’re financially incapable of paying down your debt and this may lead to financial hardships in the future.
4. Rainy day Fund: Every home owner should have a rainy day fund. Two to three month’s worth of expenses saved in the bank for such days is what financial advisor’s recommend.
5. Home Maintenance: Stains in your carpet? House needs a paint job? Home maintenance is the key to property value. If you find that you can’t afford to maintain your home and a situation occurs where you are forced to sell, the lack of up keep will de-value your home. You could loose more than you think in the resale value of your property.
6. Reduced Income: Living pay cheque to pay cheque maybe your norm, however this can be dangerous financially if you don’t budget your expense over income properly. What happens if you lose your job?
7. Credit Cards and Cash Advances: The most obvious sign your in financial trouble is when your dependant on using your credit cards and cash advances to pay your monthly expenses.
8. Tapping into your Savings: Pulling money out of RRSP’s, child education fund or your rainy day savings fund to pay your monthly mortgage is a clear indication that you need financial help.
9. You’re Maxed Out: One or more of your credit card balances has reached or gone over the limit. If you are transferring your balances to new accounts in order to avoid paying the debt, this is sign of financial imbalances. While you may be making your mortgage payments just fine, you lost control on all other uses of credit.
If you find yourself in any of the situation mentioned above, there may still be hope. By refinancing your home mortgage and consolidating all debt into one manageable payment maybe the option you need to get you back on your feet.
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About the Author:
Purchasing your First Home is one of the most stressful things that you will do in your lifetime. For most people, it’s the single largest investment that they will make! This is why it’s important to surround yourself with professionals who will not only offer you a tremendous amount of knowledge and support, but will also make the process as seamless as possible – keeping you informed every step of the way.
As your mortgage expert, I will show you that I care about your needs first and foremost. In fact, understanding your needs is a very important part of the mortgage process. By understanding your needs, I can save you possibly thousands of dollars in potential payout penalties, extra legal fees, etc.
John Gesa
Mortgage Agent
(M09002481)
Direct: 416 994 9933
www.buyingmyfirsthouse.ca
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