current mortgage rate: Affording Your Payments

2008-03-19 10:26:18

( Financial )



If you have a mortgage out on a property you will want to know what the current mortgage rate is. If you are thinking of taking out a mortgage you will need to know current loan rates and interest rates current. But in either case how do you cope with mortgage payments that are always rising.

Did you get an ARM over the last several years? Well your affordable monthly payments made possible by the law introductory rates are now probably over. Now you’re in shock because at the current mortgage rate your payments are up by hundreds of dollars monthly.

The reason? It’s simple – interest rates current when you took a mortgage had reached record lows. And now that’s not the case.

The current mortgage rate is no longer what it used to be.

One in every few mortgages is due to have their interest rates changed. You’re not alone. Millions of homeowners have to deal with this dilemma.

You are probably asking yourself – what should I do?

The good news? There are some steps you can take. You have to take into consideration how much your payment has increased and keeping in mind that alternatively you want to avoid foreclosure.

Even if some of these solutions seem tough or drastic they’ll give you a starting point to take control again of the situation.

The final goal – do whatever you have to do to make your payments. If you have to make a choice between bills and your mortgage – pay your mortgage first. Consider this – if you can’t pay your credit card bill, you lose your credit card. If you can’t pay your mortgage – you lose your house.

What if your payment is up by 100% per month?
If this is the case you are lucky. That means less than $3.25 every day. Less than a single movie rental. It should be possible for you to meet these higher payments without sacrificing a lot.

Your starting point – examine your daily expenses – decide what you can do without and never miss.

Are you having a coffee and bagel every day on your way to work? Do you snack at a vending machine? Do you eat out every day for lunch?

It’s simply a question of changing your daily routine. Why not eat breakfast at home? You can do without the vending machine – buy some snacks from the supermarket and take lunch to work with you. You’ll find that you have the money you need to pay off that mortgage increase.

And what about your monthly expenses?
Are you subscribed to a premium movie channel but never watch it? Have you signed up for some online services you never use? Cancel them. It’s amazing how much money you waste.

And why not sell some unwanted household goods on Ebay – books you don’t need, movies you’ve watched, kids clothes etc.

Put this into action and you’ll find you can meet that extra mortgage payment every month.


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