{"id":10889,"date":"2022-12-05T15:20:52","date_gmt":"2022-12-05T22:20:52","guid":{"rendered":"https:\/\/mortgagesolutions.net\/?p=10889"},"modified":"2022-12-07T15:25:00","modified_gmt":"2022-12-07T22:25:00","slug":"staying-current-home-loan-recession","status":"publish","type":"post","link":"https:\/\/mortgagesolutions.net\/2022\/12\/05\/staying-current-home-loan-recession\/","title":{"rendered":"Staying Current on Your Home Loan During a Recession"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">The current state of the economy has caused many homeowners to feel concerned about their mortgage payments. Most experts agree that after two consecutive quarters of negative gross domestic product (GDP), the U.S. economy has <\/span><a href=\"https:\/\/www.forbes.com\/advisor\/investing\/are-we-in-a-recession\/#:~:text=According%20to%20the%20general%20definition,in%20the%20summer%20of%202022.\"><span style=\"font-weight: 400;\">entered into a state of recession<\/span><\/a><span style=\"font-weight: 400;\">. Staying current on your home loan in the middle of a recession can feel challenging, but there are strategies you can use to protect yourself financially. Below, we\u2019ve shared some tips on how to stay current on your mortgage payments during an economic slump.<\/span><!--more--><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">What Happens to Your Mortgage During a Recession?<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Right now, many homeowners are feeling stressed due to the financial burdens being imposed by the slowed state of the economy. Pay cuts and layoffs are common during times like these. You may be wondering if you happen to lose your job or receive a reduction in your salary, what will happen to your mortgage?<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Unfortunately, a downturn in the economy doesn\u2019t inhibit your provider from collecting your mortgage payments. You still have to pay your mortgage on time, regardless of what\u2019s going on with the U.S. economy. You can, however, request to place your mortgage in <\/span><a href=\"https:\/\/mortgagesolutions.net\/2020\/06\/08\/forbearance-home-mortgage-loans\/\"><span style=\"font-weight: 400;\">forbearance<\/span><\/a><span style=\"font-weight: 400;\"> if you experience financial hardship. And if mortgage rates drop, you may also be able to refinance your current home loan for a lower rate, so long as you qualify.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Tips for Staying Current on Your Home Loan<\/span><\/h2>\n<p><span style=\"font-weight: 400;\">Everyone goes through a financial rough patch at least once in their life. But even when hard times hit, it\u2019s still important to stay on top of your mortgage payments. Use these strategies to protect your finances and stay current on your <\/span><a href=\"https:\/\/mortgagesolutions.net\/find-a-loan\/purchase\/\"><span style=\"font-weight: 400;\">home loan<\/span><\/a><span style=\"font-weight: 400;\">:<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Tip #1: Build your emergency fund.\u00a0<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If you\u2019re worried about what the coming year may bring, you may want to build a financial cushion to protect yourself in case something happens. Focusing on your emergency fund can not only provide you with peace of mind but also help you come out of a hard situation relatively unscathed.\u00a0<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Tip #2: Create a budget and stick to it.<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Now is a good time to create a budget if you don\u2019t have one already. Creating a budget can help you become more aware of your expenses and avoid unnecessary costs. This way, you can put more money in your savings or emergency fund in case you\u2019re impacted by the recession.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Tip #3: Work out a plan with your lender.<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Don\u2019t be afraid to reach out to your lender. They\u2019re financial experts and are there to guide and support you during your homeownership journey. If you\u2019re having trouble making payments, your lender may be willing to work out a payment plan or direct you towards other possible solutions like forbearance or foreclosure assistance.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h3><span style=\"font-weight: 400;\">Tip #4: Consider refinancing your current home loan.<\/span><\/h3>\n<p><span style=\"font-weight: 400;\">If mortgage rates are lower than your current home loan rate, you could try to apply for a refinance. Refinancing your loan may help reduce your rate, lower your payments, and avoid a financially difficult situation. Keep in mind, you\u2019ll need to be able to prove that you can make the new payments and qualify for the loan.<\/span><\/p>\n<p>&nbsp;<\/p>\n<h2><span style=\"font-weight: 400;\">Have Concerns About Your Current Home Loan?<\/span><\/h2>\n<p><a href=\"https:\/\/mortgagesolutions.net\/contact-us\/\"><span style=\"font-weight: 400;\">Call today<\/span><\/a><span style=\"font-weight: 400;\"> to speak to an expert at Mortgage Solutions Financial and get the professional advice you need.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The current state of the economy has caused many homeowners to feel concerned about their mortgage payments. Most experts agree&#8230;  <a class=\"excerpt-read-more\" href=\"https:\/\/mortgagesolutions.net\/2022\/12\/05\/staying-current-home-loan-recession\/\" title=\"Read Staying Current on Your Home Loan During a Recession\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":7,"featured_media":10890,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[36,50],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.9.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Staying Current on Your Home Loan During a Recession | Mortgage Solutions Financial<\/title>\n<meta name=\"description\" content=\"Has the economy got you worried about your mortgage? 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