The Real Estate Encyclopedia
How to Survive the Economic Reset?
Category - Mortgage Questions - Mortgage Loans FAQ's
How to Survive the Reset

Consolidate other debt Consider seeing a credit counselor if you have multiple sources of high-interest debt in addition to your home loan. You may be able to re-structure these into one lower-interest loan, enabling you to more easily make the higher home-loan payments

Cut expenses While it may not be in our nature, we can often make do with less. Look first for monthly expenses that qualify as luxuries (cable or satellite TV, high-speed internet, etc.). Cut down on meals away from home and look for other ways to shave unnecessary spending from your budget.

Start an Extra Savings Account Even if you can afford to make payments after an initial reset, the best way to prepare for potential rate increases in the future or unforeseen circumstances is to start setting aside a little additional money, just in case.

 
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Mortgage Questions - Mortgage Loans FAQ's
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