Cut Expenses to Make Mortgage Payments
How to approach your mortgage payment in a fresh way
In difficult economic times, many families are forced to re-evaluate their spending habits and expenses. Even when examining necessities like providing meals for your family, a roof over their heads and ensuring your children are well educated, there are ways to cut back. Take a look at the costs associated with owning and maintaining your home to determine which expenses are necessary and which might be possible to scale back. You may find your monthly mortgage payment to be one of your biggest costs, but if you manage the rest of your spending well, you can afford to put more money towards your mortgage loan payment.
Use a mortgage payment calculator to structure monthly payments
When you're considering ways to save money on your mortgage and other home expenses, you might be thinking about a home loan refinance. You can use a mortgage payment calculator to determine mortgage payment options under your current terms or when you would be able to pay back your loan under new terms from a refinance. Our mortgage payment calculator will tell you when you'll break even on a loan and also breakdown your monthly payments to show you how much you could save with a refinance. In order to qualify for a refinance you need to stay current with your mortgage payments, so it’s very important to be open with your lender as soon as you start having troubles. Once a loan is 30-60 days delinquent, it can be difficult to catch up. However, your lender can help you explore available mortgage payment options before you reach that point.
Even if you decide you're not ready for a refinance, our monthly mortgage payment calculator can help you determine how to structure your monthly payments to pay off your current loan. Visualizing your balance may help you decide if you want to make larger payments towards the principal and how often. This can also help you structure your savings and show how much you need to cut back to be able to afford your mortgage loan payments.
Find areas to save money so you can make a larger mortgage loan payment
For most families, the monthly mortgage payment is a necessary expense, but they can economize other areas of spending so that they can more easily meet their mortgage obligations. If you're already in a good position with your mortgage payment, these cost savings may even help you pay off your loan faster by paying a little more each month.
Look to your utility bills and discretionary purchases for places to cut back and speak to a credit counselor who can help you manage the repayment of your debts. There are often budget plans available to smooth out billing cycles, and expenses you can scale back for a little until you get back on your feet. Once you have a strong budget created and your household is sticking to it, talk to your lender about your options should you miss a mortgage payment.
Manage your mortgage with mortgage payment calculators from Citizens Bank
Take a fresh look at your mortgage with help from Citizens Bank. Our mortgage payment calculators can help you visualize monthly payments and decide if you want to restructure your mortgage with a refinance. For more information about Citizens Bank's mortgage rates and mortgage payment options contact a home loan advisor at 1-888-514-2300. Or, if you want to apply for refinancing, you can start the process online.