In the last few articles, I introduced you to some basic concepts and terms, and some ways you can save money on your mortgage. In the process of compiling this information, I also realized that there are many other tips that you may need to know, especially in difficult economic times like now.
Today's first tip is an option that many lenders miss. While this doesn't save you money, you still have the full month's mortgage payment. This might not be a bad thing if the credit card bill arrives in January. First and foremost, you need to make sure that your lender has a program that you can find out about by contacting them. If you are looking for a refinancing lawyer then visit https://bracelaw.ca/real-estate-law/refinance/.
You cannot skip a payment without proper bank approval. they frowned, to say the least. It also doesn't mean that you will never make a payment. This is simply put on the back of the mortgage as an additional payment.
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If you are already on an accelerated payment program, you will probably never notice it unless it becomes an annual habit that is not recommended. If used wisely and responsibly, it can be beneficial. Another useful tip is to delay your mortgage payment date.
There are no strict rules for mortgages that will be issued on the 1st of every month or the 15th and 30th if you pay twice a month. If you got paid on the 30th or 31st, processing all of your mortgage payments by the next day on the 1st can make your life easier.
If you're still juggling multiple bank accounts or making monthly transfers to pay off your month-end mortgage payments, contact your bank to adjust your payment date to the 5th or 7th, or whatever date makes this easier-efficient.