In the current housing bubble, hundreds of thousands of people, if not millions got themselves into risky mortgages. Often times people will not realize that they cannot afford their home until it is too late! If you’re having problems paying your mortgage and you want to refinance, do it before falling behind or making that late payment.
According to The Mortgage Blog, “banks really look at whether or not you can handle a mortgage payment responsibly. If you’ve been late on your mortgage more than 30 days, what we call a 30 day late, that counts against you.”
That’s a tip we should all keep in mind!
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Article Author: Joshua DorkinJoshua has written 570 articles for us.
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Joshua Dorkin (@jrdorkin) is the founder and CEO of BiggerPockets.Mr. Dorkin's vision for BiggerPockets has helped to propel it into becoming one of the top real estate destinations online. His vision for the site and its future has brought national press attention to both Mr. Dorkin and to BiggerPockets.
Joshua Dorkin
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The subprime meltdown has caused lenders to become even stricter with mortgage lates. You can be denied outright for a refinance, have a lower LTV amount to borrow, and most likely get a higher interest rate. It really pays to pay your mortgage. No pun intended.