This post brought to you by Fannie Mae. All opinions are 100% mine.
We’ve been looking to relocate closer to family and to move into a bigger home but the real estate market is so bad right now it’s just not possible. There are so many foreclosures and it seems the more people we talk to the more we hear of houses being foreclosed in their area. It’s so sad that so many people are losing their homes and sometimes I wonder how they can let it get that bad. It might just be as simple as people don’t what to do. That’s where a website like KnowYourOptions.com comes in handy! It’s run by Fannie Mae and it’s full of great information about how you can stay in your home when you are having financial problems or perhaps it’s so bad you just can’t afford it then they help you with options of leaving your home.
I looked around the site and one thing I noticed was that refinancing can sometimes be the easiest thing to do to lower your payments. Unless your home has dropped significantly in value then you can try to refinance to get a lower interest rate and lower payments. If you owe 20 more years on your mortgage and you truly can not afford your monthly payments you can refinance back to a 30 year mortgage and pay less per month. It may be as simple as that. Of course who want’s to extend their mortgage another 10 years but if that was the only way I could afford it, I’d do it in a heartbeat!
If you are struggling to make your mortgage payments I suggest you check out Know Your Options by Fannie Mae to see if there something that may help you. And of course start using coupons to save in other areas. It’s more money in your pocket!
