Dream homes have a way of crumbling into nightmares when you find yourself struggling to pay the mortgage every month. While the professional Jacksonville movers of All My Sons are here to help you when you’re ready to move, we also want to help you keep your home while managing to take care of your mortgage.

Refinancing

Whether or not you should refinance your mortgage will depend on how old your loan is and the difference between your current interest rate and your new interest rate. The beginning of your loan is the time where you’ll be paying the most interest. It’s best that you strongly think about refinancing if you have a newer mortgage. One thing to think about with refinancing is that doing so will cause you to lose all of your amortization as well as some closing costs.

PMI

Chances are good that you’re paying private mortgage insurance (PMI) if your initial down payment was less than 20 percent. In order to lower your PMI, pay back enough of your mortgage that you gain 20 percent equity. Once that’s done, call your lender and ask about lowering your PMI.

Longer Loan

Even a 15- or 20-year loan can cause you no end of financial grief. Switch to a 30-year loan so that you can lower the amount that you pay each month. Two things to keep in mind with this option are that your interests rates will increase, but you can still make more mortgage payments if you like.

Talk with your lender to see what else you can do about easing the burden of paying your mortgage.