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Overburdened with debt during COVID-19?

Julie Brenneman is a local Financial Mortgage Broker and owner of The Mortgage Centre-Hometown Financial. Julie has several offices in various cities and towns and has the ability to shop you the best rates as a broker specialist. She has a great local team at her home office located at 395 Dundas street who are helpful, friendly and dedicated to your mortgage needs. Julie is very involved in the communities she serves and has a great website and social media presence offering additional free information to Oxford County and surrounding areas.

If you are interested in learning more about how you can get help with how you can defer your mortgage payments or if you need some refinancing advise, I would definitely give this blog a read and reach out to her direct for more information based on your personal situation. Several of my clients and other Real Estate Agents have put their trust in Julie and Hometown Financial.

Check out her website for more details at www.lowermyratenow.ca

During this time, debt can seem overwhelming, and trying to figure out how to spend your money wisely can be a challenge. We have come up with 5 ways to keep yourself afloat and relieve some stress.
 
1. Prioritize your Debts
Housing and related shelter costs should top the list on this one. Failing to pay your mortgage [if you haven’t deferred payments] during this time can result in foreclosure on the property. Most lenders do have programs in place to help support you during this time and allow a skip-a-payment option for the time being. Utilities are ranked up there as well, as you may accrue fees during this time. If you are facing financial hardship – contact your providers and see how they can help you out.
 
2. Consider Refinancing to Free up Some Cash
Refinancing now is another strategy to pay down high interest debt, or other bills and lump them into one mortgage payment that may save you hundreds of dollars monthly! You may have enough equity to pull out some extra cash as well to help you out while regular pay checks are not coming in. Consider talking to a mortgage professional (me) and see what your options are right now.

4. Talk to Your Credit Card Companies
Most companies are allowing deferred payments on more than just your mortgage. Reach out to your companies today to see if this is an option for you. Credit cards, lines of credit, personal loans and auto loans are all things you may be able to save on while you are off.
 
5. Talk to Your Auto Insurance Companies
Your auto insurance premium may drop as well if you are working from home or not working at all. As you are using your vehicle less and not using it for work travel, this may change the monthly/annual payment on your insurance. Talk to your insurance agent or company today and see what options you have.
 
6. Seek Advice From a Professional
There may be even MORE ways to save you money or help you out – consider talking to a professional financial advisor to see how they can guide you in the right direction. The government offers support in multiple different ways right now, and you may not be utilizing it to your full advantage.


If you are considering refinancing, or just need mortgage advice, feel free to reach out to me anytime at 519-539-6153.

Julie Brennerman, The Mortgage Centre