How to manage your finances in the midst of high mortgage payments?

Since most homeowners are facing mortgage refinance with high-interest rates, some are forced to sell their homes because they can no longer afford the payments. However, according to experts, if homeowners run into financial difficulties, they can take steps to keep their homes before putting a "for sale" sign in front of their house.
Becky Western-MacFadden, the financial guidance director at Credit Canada, said, "Selling a home may be the only option for some homeowners, but they need to adjust their financial situation by examining their income and expenses, including home maintenance costs, car repairs, and medical bills."

The next step is to gather all potential ideas to find ways to increase income resources. This can involve considering a second job, requesting a raise at work, or renting out a room in the house.
According to experts, homeowners can also seek help from a financial advisor or a reputable financial planner to gain insights into a cost-effective and sustainable lifestyle.
Moreover, as the mortgage refinance deadline approaches, don't settle for the first offer presented by the lender. Try talking to other brokers because even a one or half a percent savings can help your financial situation.
Paying down your mortgage, choosing between fixed and variable interest rate mortgages, and finding the best rate offer can also help reduce the burden of monthly payments.

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