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Lower Your Mortgage Payments with DebtQuest USA
July 8, 2020

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Lower Your Mortgage Payments with DebtQuest USA

There’s no place like home. However, the security that your home brings may be spoiled by thoughts of mortgage payments. Whatever your financial goals are, questions like how to lower your house payment are always a priority. It’s a given since a reduced mortgage leads you to financial liberation and greater stability.

There has been an alarming trend in mortgage payments in the US. Due to economic threats and unemployment brought about by the pandemic, mortgage delinquency rates among American homeowners have nearly doubled. About 3.6 million homeowners were past their mortgages by the end of April 2020. This can really hurt their finances and opportunities to apply for loans in the future.

Avoid mortgage delinquency by paying your mortgage on time and by creating financial strategies to lessen the burden of mortgage payments. Explore ways and options for how to lower your mortgage by speaking to one of DebtQuest’s representatives now! Here are also some tips to help you reduce mortgage payments.

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Loan Modification vs. Refinancing

Among the popular suggestions in reducing mortgage payments is to refinance. Despite its known advantages, this can hurt your financial standing in the long run and place you in larger debts. Consumers who opt to refinance may wound up creating additional debts that can be difficult to repay. They can also be strained in paying more over time.

There are alternative ways of how to lower mortgage payment without refinancing. Among these are loan modifications. This refers to the changes made by a lender to an existing loan, depending on the predicaments of the borrowers. Thus, documentation and proof of your financial struggles are required before a lender approves your application for a loan modification.

Supposing your application is approved, the lender can reduce your interest rate, lengthen your loan term, or change the type of loan (or a combination of the three). The main difference between modification and refinancing is that the former alters the terms of your existing loan, while the latter replaces it with another loan.

Loan modifications can also provide immediate relief to borrowers, especially now that their financial capacity is crippled by the pandemic and consequent socioeconomic struggles. Refinancing can take about one month and can cost more, thereby adding financial hardship to the borrower.

Loan modifications can also help you save money on your mortgage. Under the Home Affordable Modification Program (HAMP), the US government will provide a $1,500 cash incentive to borrowers who received loan modifications without falling behind their payments. This amount of incentive can serve as a mortgage payment relief, so it’s really a great benefit if you pay your mortgage on time! About 3 million homeowners have already received government-sanctioned or privately subsidized loans since May 2020. This represents nearly 5.5% of all active mortgages.

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Lender Negotiations and Mortgage Counselling

No one likes to wait for long hours to get through the bureaucratic processes of handling finances. Direct negotiations made with your lender are also advisable, so you can retrieve responses more quickly. You may elaborate on your financial struggles through writing, and then you and your lender can agree on terms that can reduce monthly mortgage payments or make them more manageable.

However, this strongly relies upon your lender’s approval. Hence, it would be ideal to consult with mortgage counseling institutions and debt settlement companies that can assist you in making appealing negotiations. DebtQuest USA is known for its mission of helping borrowers and negotiating with their creditors.

With DebtQuest, you can be assisted in seeking ways on how to lower mortgage payments. The programs and options we suggest are tailor-made for you and would best suit your current financial needs and situation. We offer services from financial counseling to debt consolidation, as well as debt relief.

Mortgage Recasting

Homeowners wanting to save money and lower their monthly mortgage payments should consider mortgage recasting. Also known as loan recast, this is where borrowers pay a one-time lump sum towards their loan’s principal amount. In turn, lenders amortize the loans. The common requirements for recasting are a $5,000 minimum lump sum, and the payment of lender fees that do not cost more than a couple of hundred dollars.

How does recasting work? Set in a practical context, suppose you have a principal balance of $200,000 on a 30-year mortgage that carries a five percent interest rate. Under these conditions, you might pay $1,200 monthly. If you have extra cash to spare and can invest $50,000 to recast your mortgage, plus $150 lender fees, you can save up to about $35,000 in interest payments and cut $300 per month in monthly mortgage payments.

Despite requiring a huge lump sum amount, you can reduce your monthly payments and the amount of interest you have to pay through the life of your loan. However, take note that the interest rate and terms of your loan remain unaffected. Nevertheless, tweaking your payoff mechanism is a small sacrifice for a long-term benefit and convenience.

Know Your Financial Standing

Being aware of your financial situation and capacities is pivotal to managing your mortgage payments. Related to what is stated above, basing your financial decisions on your capacity can help you manage your mortgage payments more effectively.

DebtQuest can assist you in making smarter financial decisions in the context of your circumstances. To ease the burden of paying your mortgage, you can either pay it early or extend the term of your loan.

Paying off your mortgage early basically means you pay extra for it. It might sound daunting at first, but allocating extra cash on your mortgage can save you lots in the long run. Among popular schemes done by borrowers are biweekly mortgage payments. Under this, you pay half of your mortgage payment every two weeks. This fast-paced transaction can cut off eight years from a 30-year mortgage.

You can also significantly reduce your mortgage term by rounding up. When estimating your mortgage payments, round to the nearest hundred and pay that amount instead. Pay $700 instead of $650, and the extra cash paid can save you time and money in the future.

To be able to do this requires self-discipline when it comes to spending your money and incurring expenses. But it will all be worth it in the end. If you feel hesitant, DebtQuest can offer you financial counseling that can guide you to reduce as much as 70% off your debts. They can create payment schemes that can boost your mortgage management and even make crucial decisions, such as opting for downsizing your house.

If you prefer baby steps and want to take it slow, you can consider extending your loan. Stretching a 15-year mortgage to a 30-year mortgage can reduce monthly mortgage payments since you will be granted more time. However, this option can be counterproductive since you will be paying more interest over time.

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Refinance, If You Can Afford It

If you have the required resources, you can apply for mortgage refinancing. Refinancing means replacing your existing loan with a new one. Through refinancing, you can acquire lower interest rates and potentially reduce your monthly payments as well. However, it can bear hefty costs, so ensure that your savings outweigh refinancing costs before going for this option. This can also reverse your mortgage clock and turn your amortization back to square one.

Economists say it is an ideal time to refinance since mortgage rates are in the 3% range. Having low rates implies even bigger savings. Unfortunately, statistics reveal that most Americans cannot benefit from this advantage because of the costs it also entails.

Retract Your PMI

If your down payment to buy your home is less than 20 percent, then you are likely to be paying private mortgage insurance. It augments hundreds or thousands to your mortgage annually, making it more difficult to reduce mortgage payments.

Fortunately, you can evade paying PMI and allocate your money somewhere else. But first, you have to secure 20 percent equity of your house by repaying the corresponding mortgage. Then, you can contact your lender and request to drop your PMI. Your request can be granted after the lender verifies that you hold a 20 percent equity stake.

Enjoy More Manageable Mortgage Payments With Us!

If you’ve read enough of this guide, you’ll realize that lowering mortgage payments does not rely solely on borrowers, but it instead requires frequent discussions and negotiations with creditors. That’s why it is tactical to get in touch with DebtQuest USA. We are established to guide borrowers in making wiser financial decisions and closing beneficial negotiations with creditors, bearing the best interests of borrowers in mind.

Our ultimate goal is to help consumers be freed from debts and attain financial independence. Moreover, we care about educating our consumers and enhancing their financial literacy so that they could manage their finances better, amidst economic situations, risk assessments, and their personal circumstances. You don’t have to fret about incurring additional expenses in subscribing to DebtQuest as there are no upfront fees, nor obligations. Just you, supported by a team of financial experts.

Rest assured that with DebtQuest, you can be geared up for a debt-free future and stronger, more productive financial standing.

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