How To Avoid Having A Late Mortgage Payment Each Month
August 24, 2021 | June Mckaig
Here are some steps to take to avoid a late mortgage payment. Buying a home is one of the most important purchases you’ll make in your life. Also life-changing is the often hefty monthly mortgage payment you now need to make.
For a variety of reasons, including unexpected financial emergencies, keeping up with your monthly mortgage payment can be challenging. And a late mortgage payment can wreak havoc on your debt, overall finances, and credit.
Here are a few techniques to try to keep afloat even if your mortgage payment is very high and you are struggling to avoid a late mortgage payment.
8 Tips To Avoid Having A Late Mortgage Payment
1. Make Sure You Know When A Late Mortgage Payment Occurs
It sounds simple, but with our busy lives, it’s easy to forget due dates for your slew of bills and even your mortgage payment.
Be sure to make a note on a physical calendar or set a due date reminder on your phone. A late mortgage payment can quickly be reported to credit agencies as soon as 15 days after your due date, and missing a large mortgage payment can significantly impact your credit score.
2. Set Automatic Payments
Check with your mortgage lender to see if you can set up automatic payments for your mortgage. In fact, most lenders offer the service and it goes a long way in helping you make payments on time month after month.
3. Make Sure You’re On Top Of Your Budget
Many people have to deal with a late mortgage payment because they overspent during the month, dipping into the amount they would normally budget for their mortgage.
Having a mortgage means being extra diligent about spending and savings to avoid missing big, needed expenditures like mortgages. An important way to avoid a late mortgage payment is to follow your budget closely.
4. Try Refinancing Or Consolidation
If the high bill amount leads to a late mortgage payment or you have trouble keeping track of your long-term personal, student, and mortgage loans, there is one option for you to consider. Refinancing your mortgage and consolidating your loans may help you out of a sticky situation. By having your bills lowered or recalculated into one bill each month, it’s harder to miss a payment.
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5. See If Biweekly Mortgage Payments Are Available
Paying your mortgage over time instead of all at once at the end of the month makes a late mortgage payment less likely.
With a biweekly mortgage payment, you pay your mortgage every two weeks as opposed to monthly. It adds one full payment each year, but it’s a fair price to pay if you have trouble with a large mortgage payment each month.
6. Make Sure You Keep Up With Savings
A late mortgage payment can get you even deeper into debt. Make sure you keep adding to your savings account as much as possible in case you have no choice but to make a late mortgage payment. Having a nice nest egg to make sure your mortgage is paid on time will have a dramatic impact on your finances.
7. Consider A Side Hustle
If you’re not bringing in quite enough money to cover your monthly mortgage payment, figure out a way to easily bring in the cash you need so you won’t ever have to make a late mortgage payment again.
Find a second job that fits in with your schedule. Things like food delivery, selling crafts, babysitting, and dog-walking. In some circumstances, a second job can entirely cover your monthly mortgage.
8. See If You Qualify For Loan Assistance
If a financial emergency is leading to you making a late mortgage payment, one option for help is qualifying for auto title loans near me. Nevada title loans offer short-term help for short-term financial difficulties.
They are easy to obtain and can take as little as 30 minutes to qualify for auto loans near me for up to $15,000. With auto title loans near me, your car’s title is used as collateral in exchange for a loan — not your vehicle. All you need to bring in are:
- Your vehicle for inspection;
- A lien-free title to your car;
- A driver’s license or state-issued I.D.
Either fill out the short online auto title loans near me form on our website to get started. If approved, you can receive your cash the same day and drive away in your car.
Get Your Mortgage Paid On Time With These Tips
Life is full of financial challenges and ensuring you have your bills paid on time, including your mortgage, is essential. It is important you remember these tips to get your mortgage paid on time. If you need help with overcoming a financial emergency, auto title loans near me are here to help. So, fill out a form online to get the process going.