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How Hard-Working Families Manage Their Monthly Mortgage Payment in College

Apr 12, 2018

Once you have taken that important step and finalized the purchase of your new home along with your new mortgage loan, you must keep a close eye on your finances to keep yourself financially secure. Many families struggle every month to make their mortgage payments on time, but you do not have to be one of them.

Keep a Close Budget

As a hard-working family, you are willing to make the sacrifices necessary now to help you live in the home of your dreams, grow roots in your new community and keep your family financially secure. 

Consider these four tips for managing your monthly mortgage payments well. While creating a new budget for each month may not be your idea of a fun time, it can make much of your financial planning easier.

Budget for Emergencies

Be sure to keep track of all of your receipts or go cash-only for some of your purchases to ensure that you do not overspend in one area, thus reducing the amount of money available to you for making your mortgage payment. Within your budget, you should be actively saving for emergencies, particularly those related to your house.

Find a Loan Officer

While your mortgage will cover the cost of purchasing your home from the bank over a certain term limit, it does not cover the cost for regular maintenance and emergency repairs on your home, which can be surprisingly expensive. 

If you are having trouble making your mortgage payments, find a loan officer who may be able to help you. For example, you may be eligible to refinance your home or to get a loan modification. You may also want to discuss a longer loan term, which will decrease your monthly mortgage payment.

Make On-Time Payments

It is vital to make each of your mortgage payments on time. While some loan companies offer forgiveness for your first late payment, many tack on huge fees and penalties, which can make you fall even further behind on payments. 

Consider automating your mortgage payment, or request a due date change to make your payment time match up with your paycheck schedule. To feel financially secure even with your new mortgage payments, you must ensure that you have a savings plan in place, have a properly prepared budget and have a monthly mortgage payment that you can actually afford.

If your payment is higher than you would like, you should work with your loan officer to find a way to work around this, such as with a longer loan term or refinancing, or you must find more money in your monthly budget to meet your needs. With a bit of ingenuity and plenty of hard work, you can feel perfectly comfortable with making your mortgage payments completely and on time.

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