If you’re struggling to pay your mortgage, don’t wait until you’ve missed a payment or are certain you won’t be able to make one. Call your lender immediately and ask for mortgage assistance as soon as possible. Financial counsellors in your area can help with programs to help you restructure your debts and pay things off.
Some lenders may not approve the amount you need due to the large childcare expenses, such as childcare costs of around 700 a month on average. With mortgage rules becoming more strict, many lenders now consider childcare costs when deciding whether to offer applicants a mortgage.
If you’re struggling to pay your mortgage, consider switching mortgages to Avant Money. It’s important to note that only one or two lenders did not consider childcare costs when assessing affordability. The typical U.S. household needs to spend $1984 a month for child care and $1973 a month for a mortgage. If you’re struggling to pay your mortgage, contact your lender as soon as possible, as they usually respond within 15 days of a missed payment.
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