The last thing I want for my buyers…
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
Utah County Homes, The Bennetts 