5 Most Effective Ways to Protect Yourself Financially During Hard Times
2022 has brought tough economic challenges to many Americans. Even if you were able to keep up with your bills just last year, the current economy may have you wondering how to make your monthly payments.
But don’t lose hope! Continue reading to discover options for paying your mortgage, car loan, credit cards and more.
Like many people, you may have bought a home during good financial times. But when the economy takes a turn, it can be hard to keep up with payments.
Fortunately, there are mortgage assistance programs that can help.
Before taking action, you should contact your mortgage servicer to see what kinds of mortgage help it is currently offering. If you have a Government Sponsored Enterprise (GSE)-backed loan (like FHA, VA, USDA, Fannie Mae or Freddie Mac), you may be eligible for mortgage payment relief. Forms of relief may include deferred payments and home foreclosure help.
Another option is a mortgage refinance, which replaces your current home loan with a new, lower-interest loan. Home refinance rates today are relatively low, so it may be a good time to refinance your home loan and bring your monthly payment down.
If you need money, a cash-out refinance may be a good option. This lets you refinance and get cash out in exchange for a home loan that is more than you owe on your house.