5 Ways to Pay Your Mortgage During the COVID-19 Crisis

Posted on: May 5th, 2020 by , No Comments

Pay your mortgage

The COVID-19 pandemic has affected economies all over the world. It can be overwhelming thinking about how to pay your mortgage and other expenses during these uncertain times.

If you’ve been laid off, furloughed, or are unable to work due to the COVID-19 crisis, this guide has everything you need to know about paying your mortgage. We’ve rounded up some tips to help you stay above water financially.

1. Speak to Your Lender

If you’re struggling with how to pay off your mortgage, the first thing you should do is to speak to your lender. They will likely have COVID-19 assistance programs that can help get you through the next several months.

Mortgage assistance programs include partial payments or temporary forbearance on a month-to-month basis. These also won’t impact your credit score or mortgage standing during this time. Many major banks are also suspending foreclosures and evictions during this crisis.

2. Use Your Equity to Pay Your Mortgage

If you have equity built up in your home, you may be able to use it for living expenses over the next year. Liquidating cash can help you make your mortgage payments until you can resume working.

3. Sell Your Home

The COVID-19 pandemic has impacted everyone financially. If you had planned to move before the crisis hit, know that you can still do so. You can sell your Dallas area home while remaining safe inside.

Through video conferencing and drive-thru closings, the process can be done safely and seamlessly. Selling your home for cash removes the hassle of open houses and endless showings. You’ll be able to move on to the next chapter of your life as planned before the virus hit.

4. Government Assistance

If you are unable to work because of COVID-19, it may be time to look to government assistance and unemployment if you’re eligible. These programs are designed for emergencies. While it’s tough to ask for help, know that you’re not alone in doing so.

5. Look at Your Budget and Expenses

Now is a great time to take stock of your finances. If you’re out of work or on a reduced schedule, use some of your extra time to look at your expenses. Make some adjustments where you can and trim anything that isn’t necessary.

Cancel subscription services you don’t use and make calls to other service providers. Many companies are allowing temporary payment relief during this crisis. If you do have income coming in, learning how to pay off your mortgage faster will save you on fees and interest while they are low.

What Happens When You Pay off Your Mortgage During COVID-19?

Knowing how to pay your mortgage during the COVID-19 pandemic can be overwhelming. Whether you want to suspend your payments, refinance, or sell, know that you have safe and affordable options available to you.

If you’re ready to take the next step towards getting your house sold, fill out the contact form here to get in touch with a real estate professional who can help. You can have a virtual consultation right from the comfort of your own home.