With foreclosures at a record high across the country, it’s more important than ever to stay on top of your home loan payments. Here are a few ways you can simplify the process to keep your mortgage payments organized and up-to-date:
1) Mark the calendar. Don’t wait until your bill arrives to make sure you’ve got enough in the bank to make your mortgage payments every month. On your calendar, highlight the day your payments are due so that you can prepare your finances beforehand. Keeping your pay-dates scheduled will help you stay organized, on time and responsible.
2) Put it away on payday. As soon as you receive your paycheck, you should deduct your mortgage payment for the month and put it in a secure account or location. If you make sure to put the money away as soon as you receive it, you can ensure that you’re able to make your payments on time no matter what happens.
3) Modify your loan. If you know you’re going to miss a significant amount of work because of illness or a death in the family, don’t wait until it’s too late to refinance your mortgage. If you’re in good standing with your lender, they should be amenable to lowering your monthly payments for a period of time with the understanding that you’ll make up for it later. Many times people wait until foreclosure is imminent to try this, but refinancing is a preventive measure, not a reparative one.
4) Prioritize your debts. The best way to keep track of your mortgage is to create a debt hierarchy so you know which debts to pay off first. Because foreclosures are so rampant, your mortgage should be near the top of the list every month to make sure that your real estate investment is secure.
Organization is the key to staying on top of your mortgage. As long as you keep your finances and bills neatly sorted, finding the money for your monthly loan payments should be simple and easy.
