05/09/2024
The last thing I want for my buyers...
Being stretched too thin by their mortgage payments.
Finance experts wag their fingers at spending 30% or more of your gross income on housing.
But with 37.2% of homeowners grappling with this reality, if you’re among them, you’re certainly not alone.
Below are some methods I’ve seen implemented to reduce the burden:
1.) See if you can ditch your private mortgage insurance. Your lender may be willing if your mortgage balance has reached 80% of your home’s original value or the halfway point of your amortization schedule.
2.) Take a deep dive into your monthly spending to see where your money is going. For me, I found eating out to be an opportunity to cut back.
3.) Consider house hacking by renting out a bedroom, parking space, or a mother in law suite.
4.) Raise your income (Obviously this is much easier said than done) but there are a few creative ways to approach it. Whether it’s mustering up the courage to ask for a raise, exploring a new side hustle (hello Rover!), or up-skilling yourself with online courses.
5.) Keep an eye on interest rates. If they drop below what you’re currently paying, refinancing could be a smart move.
Grab my guide for first time buyers - I cover everything a first time buyer needs to know.
Source: How To Get Rid Of PMI | Rocket Mortgage.
How Many U.S. Households Are Considered ‘House Poor’? – theMReport.com
