Tagbilaran City, Bohol Home Buying 101 Missing the Monthly Mortgage Payment
A mortgage is a loan provided by a reputable bank or any financial institution to a borrower given that he will pay it back on the agreed schedule. Before the approval of the mortgage, it is a must for the borrower to secure a collateral in the form of real estate property in Tagbilaran City, Bohol. Otherwise, the loan will be denied. It would be a problem if you miss your monthly mortgage. With that, here are the tips that you can do to avoid unwanted consequences:
Contact your lender. This should be an urgent thing to do. Contact your lender as soon as possible and explain to them the reason why you missed the payment. They might be able to offer you some solutions.
Be open with your lender. There’s no need for you to lie to your lender about something that concerns your mortgage fees. Take the initiative and tell your lenders that you might miss future payments ahead of time. They may give you some considerations.
Ask for some professional help. It’s not a crime to ask for a help from knowledgeable individuals. You can ask the help of a knowledgeable friend and a family member. You can also ask assistance from people involved in real property business in Tagbilaran City, Bohol like lawyers, real estate agents and brokers.
If you have missed some payments already, lenders might give you a higher interest rate. It will not lower your monthly payment. The worst possible scenarios that you may face are:
Higher interest rates. Once you missed a payment, the Tagbilaran City, Bohol lenders will most probably assess the possible fees that you will pay aside the monthly fee. Your payment will also be considered delinquent.
A hit on your credit card. A good score on your credit status means that you are a good and responsible payer. However, if you miss your monthly mortgage fee, there is a great possibility that it will affect your credit standing by some points.
Missing a mortgage fee will give you a negative feedback. It would be better if you pay your monthly mortgage fee in advance. Always remember that prevention is better than cure. Be sure to always pay on time to avoid unnecessary consequences.