Purchasing your new home and setting a move-in date brings a huge sigh of relief. While you may feel like the hard part is over, there is still one of the most important things to consider: scheduling your mortgage payments. New homeowners encounter many financial responsibilities in a short period of time, learning how to manage your payments early on will reduce financial issues in the future.
Consider Setting up a Payment Schedule
If you haven’t done so at closing, you might want to consider setting up a monthly payment plan with your bank. Choose a day each month and ensure your bank is transferring funds automatically. This eliminates your responsibility of having to remember when the payment is due every month and the consistency will help you maintain your reputation as a responsible borrower.
Review Responses to Income Change
If your income changes from time to time, for example, if you are a business owner, you may want to consider reviewing the potential impact this could have on your mortgage payments. It is important to plan ahead for these changes so you will be ready. You can prepare for this by analyzing cost and estimated revenue.
Inform your Lender When Making a Payment Change
A great way to quickly pay down your home is to increase the amount you’re paying each month. However, giving your bank a heads up about this change will prevent them from putting a hold on your account because of the sudden change.
Discuss Options with Your Lender
If you haven’t already, you should discuss the complete list of payment options with your lender. It is important to keep that communication line open between you and your bank because of potential changes in your payment due to fluctuating rates.
Investing in a home is one of the most exciting things you will commit to in your adulthood. Reduce your chances of mortgage payment problems by connecting to the proper resources that can help you in your journey. Contact one our professionals at Concord Mortgage Group for more information.