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How To Keep up With Your Mortgage Payments

For many people, paying a mortgage can be one of the most difficult financial obligations. With rising housing costs and stagnant wages, it’s becoming increasingly hard for homeowners to keep up with their payments. Unfortunately, when a homeowner falls behind on their mortgage payments, the situation can quickly become dire.

Foreclosure is always a looming possibility for those who are unable to make timely payments.

Mikhail Nilov/Pexels | Renegotiating the terms of your mortgage can be an effective way to improve your financial situation.

Fortunately, there are ways to avoid this worst-case scenario and get back on track with your finances. If you are having difficulty making your mortgage payments, it is important to take action quickly in order to avoid missing payments and accruing additional fees or interest on the loan. One of the best ways to handle a situation like this is to renegotiate, refinance, or request a delay on your mortgage payments.


Renegotiating your mortgage can be one of the most effective ways to get back on track with your home loan. Renegotiating involves asking your lender for more favorable terms on the loan, such as lower interest rates or reduced monthly payments. This could also include extending the term of the loan, which would lower your monthly payments but increase the total amount that you will pay over time due to additional interest accrued.

RODNAE Productions/Pexels | Refinancing your mortgage can help you get a better interest rate and loan terms that are more favorable for you.


If you are unable to successfully renegotiate with your lender, another option is to refinance your mortgage. Refinancing allows you to replace the existing loan on a property with a new loan that has different terms than the original agreement.

With refinancing, you can obtain a new interest rate and a repayment period that works better with your current budget. It is important to note that there may be closing costs associated with refinancing so it is important to evaluate if these costs outweigh any potential savings before making decisions about refinancing.

Delay In Payment 

Finally, if neither renegotiating nor refinancing works for you, then requesting a delay may be worth considering. Delaying can help bridge financial gaps by giving you extra time between payment periods without any late payment penalties or higher interest rates being charged by lenders.

It is important to note that this option does not reduce how much money needs to be paid back overall and is simply an extension of time until payment must be made in full so it should only be used when absolutely necessary and other options have been exhausted first.

Mikhail Nilov/Pexels | If neither restructuring your loan nor securing a new loan is possible for you, then requesting a deferment may be worth exploring as an alternative.


No matter what step you decide upon when struggling to make mortgage payments, it is important that you act quickly and responsibly in order for potentially damaging financial consequences from being put into effect due to missed payments or other issues with repayment plans. Renegotiate, refinance, or request a delay. Each of these solutions has its own unique benefits and drawbacks depending upon personal financial needs and should be considered carefully before making any decisions about them.

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