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A mortgage is a long-term commitment, and for some people, finances can naturally change over the life of a longer mortgage loan. In some situations, borrowers will find themselves in a financial position where they’re really struggling to make monthly mortgage payments work within their budget.

At Altius Mortgage and our partners at Mortgage Ogden, we’re here to offer solutions. The primary outlet for many people here is a mortgage refinance, something we’ve discussed at length in these blogs in the past – speak to our brokers about how refinancing might benefit you. But did you know there are other options for helping lower mortgage payments without refinancing? Here’s a brief look at a few of these options.

Loan Modifications

In some cases, a severe financial hardship can render your mortgage payment no longer affordable. In these cases, you may qualify for a loan modification, a situation where a lender helps restructure your loan to lower the payment.

You don’t always have to be in default to request a modification. You may be able to request one if you’re facing an imminent reduction to income like the loss of a job or retirement, and it’s always a good idea to get ahead of these issues – contact your lender as soon as you know this situation might be taking place.

Mortgage Insurance

In other cases, you might be able to eliminate private mortgage insurance if you’ve been paying it. This is often an option when home value is rising rapidly – this and your credit score will play a big role. If you have solid equity in your home and a good score, you can often cancel mortgage insurance and lower your monthly payment.

Is the Mortgage to Blame?

In many situations, the mortgage becomes the whipping boy for what’s actually significant budgetary concerns in other areas. This could be credit card debt or other financial concerns, and in some cases, prioritizing ways to attack this debt can do much more to improve your monthly flexibility than lowering the mortgage or putting your home equity at risk. Considering that credit card debt is unsecured and mortgage payments are not, it’s often advisable to prioritize the mortgage if you have to choose.

To learn more about lowering monthly mortgage payments, or to speak to one of our brokers about refinancing options, call us at Altius Mortgage today.

September 15, 2017

Lowering Mortgage Payments Without Refinancing

A mortgage is a long-term commitment, and for some people, finances can naturally change over the life of a longer mortgage loan. In some situations, borrowers will find themselves in a financial position where they’re really struggling to make monthly mortgage payments work within their budget. At Altius Mortgage and Read More
September 1, 2017

Learning the Basics of Down Payments

When looking for a new home, particularly their first, many people are naturally concerned about the down payment. This number, which stands for the amount of cash you put down up front when buying a home, can be intimidating for many homebuyers looking to set their families up for the Read More
August 15, 2017

Learning About the Underwriting Process

Within a standard mortgage process, there are elements that are handled directly between you and a lender, and there are elements handled by a third party. One of the most important processes within the latter area is called underwriting, and it’s one the brokers at Altius Mortgage and Mortgage Ogden Read More
August 1, 2017

Basic Mortgage Application Stages

At Altius Mortgage and our partners at Mortgage Ogden, one of the primary services our mortgage brokers provide is a thorough and complete walk-through of the mortgage process. A home loan is no small undertaking, and we want our clients to have a crystal clear idea of what they’re going Read More
July 15, 2017

When It’s Right to Wait on a Mortgage

Buying a home is a great option for many people, and if you’re looking to be a first time home buyer, we have numerous mortgage options available for you at Altius Mortgage and our partners at Mortgage Ogden. Whatever your income range and desired amenities, we’re here to help. There Read More