Payment shock
Payment shock is the sudden increase in monthly mortgage payments that you may face when your mortgage is up for renewal. This can be a stressful and challenging situation for clients to navigate, but there are a few strategies you can use to overcome it.
Start by planning early: Ideally at least six months in advance of your mortgage renewal. This will give you time to evaluate your options, and make any necessary adjustments to your budget.
Explore different mortgage options and consider potentially refinancing your mortgage. You can also look at a longer amortization period to help reduce your monthly payments.
If you are expecting a tax refund or bonus from work, you can make extra payments on your mortgage before the renewal date to help reduce the principal amount and lower your monthly payments moving forward
It’s always a great idea to speak with a mortgage professional to help you navigate this renewal process and find the best mortgage option for your needs.
If your mortgage is up for renewal and you’d like an unbiased review of your mortgage, please call/text or email me.
