Below are a few ways you can adjust your mortgage so that it better aligns with your current income.
If you suddenly find that you cannot afford your mortgage payments after beginning a new job, refinancing may be an option. While lenders do not always want to refinance if you have just started a new job, it will depend on several factors.
Another option for adjusting your home loan after changing jobs is getting a consolidation loan. If you have other loans, you can find a lender who will consolidate them all into one monthly sum.
Most people don't realize it, but it is possible to have your home loan modified if you change jobs. However, this is a difficult task without help because some banks may not be able to assist you.
If you are having problems paying more than just your mortgage after changing jobs, it may be time to consider filing for bankruptcy. Chapter 13 will allow you to keep your home and the equity you have in it.
Refinance
If you suddenly find that you cannot afford your mortgage payments after beginning a new job, refinancing may be an option. While lenders do not always want to refinance if you have just started a new job, it will depend on several factors.
Many times, as long as you are still in the same profession, they will be happy to help. Other factors lenders take into consideration are payment history and credit score.
Maintaining a solid credit score is essential when financing your home. You may even want to consider building your credit prior to starting a new career.
Loan Consolidation
Another option for adjusting your home loan after changing jobs is getting a consolidation loan. If you have other loans, you can find a lender who will consolidate them all into one monthly sum.
They will typically work with you to give you a lower payment than you currently have. In addition, consolidating your loans will make it much easier for you to keep track of regular payments.
Loan Modification
Most people don't realize it, but it is possible to have your home loan modified if you change jobs. However, this is a difficult task without help because some banks may not be able to assist you.
If you would like to modify your home loan, contact a loan modification lawyer. Loan modifications can lower your monthly payments and sometimes they can even lower the principal owed.
Chapter 13 Bankruptcy
If you are having problems paying more than just your mortgage after changing jobs, it may be time to consider filing for bankruptcy. Chapter 13 will allow you to keep your home and the equity you have in it.
You will still be required to pay the mortgage, but other loans will be forgiven. This loan forgiveness could make it easier for you to make your mortgage payments.
There are a variety of reasons that people change jobs. Ideally, they would be switching to a higher-paying job, but that is not always the case.
There are a variety of reasons that people change jobs. Ideally, they would be switching to a higher-paying job, but that is not always the case.
This is especially true now that the COVID-19 pandemic is wreaking havoc on the economy. If you are struggling to pay your home loan after getting a new job, don't get discouraged.
There are steps you can take to adjust your payments. Speak with a financial specialist today to help you make the best decision for you and your family.
