JACKSONVILLE, Fla — Inflation has impacted all aspects of our spending. That monthly mortgage payment may start feeling a little bit tighter, but there are ways you can lower it.
These won't be an easy quick fix, but they could help you make ends meet for the time being.
1. Refinancing: In layman’s terms, you’re trading in your old mortgage for a new one. There’s a few different ways you can do this:
- You could extend your term meaning it’ll take a little bit longer to pay off your mortgage. PRO: Lower payments now. CON: you’ll pay more in interest in the long run.
- You can get a lower interest rate. PRO: lower monthly payment. CON: you have to pay closing costs.
2. Apply for a forbearance: That's when your lender agrees to suspend or lower your payment for a specific amount of time, but be aware you will have to make up that payment eventually.
3. Loan modification: That's where your lender will restructure your loan.
4. If you live in Florida, you can apply for the Homeowners Assistance Fund.
- To be eligible, you must have experienced a financial hardship after January 21, 2020 related to COVID-19 and meet an income requirement.
- Apply here.
A mortgage is a big deal, but there are ways to make it work for you.