Set an Alert
There are many apps on both your phone and computer that can alert you when your mortgage payment is due. Now that you’re refinancing your mortgage, your due date may be on a different day than it was previously, so a reminder can be very beneficial for at least those first few months until you grow accustomed to the new due date. You can schedule multiple alerts with different apps and also have your significant other schedule one as well.
Sign Up for Automatic Payments
Most mortgage companies allow you to sign up for automatic payments. This allows you to schedule your mortgage payment to be made automatically on a specified day of the month. Ideally, you should schedule your payment to be made three days before it is actually due, in case the due date falls on a weekend. That way, you will never miss a payment.
Take Advantage of Any Tools Your Lender Provides
Mortgage companies want people who are refinancing a home to stay on track with their mortgage payments. So, they often offer many tools to help you do so, from email and text alerts to lender-specific apps. Check their website or call them to see what they offer and make sure you take advantage of anything that is going to help you stay current with your payments.
Create A Budget
Do you know where your money is going each month? Do you get to the end of the month and find that you’ve not been able to save enough to create a cushion against future bumps in the road? Creating a budget can help you get a handle on your money and make sure there is always enough there to cover your mortgage payment whether you’ve bought a new home or just completed refinancing your home.
Create A Bank Account Specifically for Your Mortgage Payment
If you’re having trouble making sure that there is enough money in your primary checking account to cover your mortgage, you may want to open another bank account specifically for your mortgage payment. Allocate a certain amount of money each month, preferably a bit more than your payment, and transfer it into a separate account that you pay your mortgage from. This will allow you to build up a little extra in case there is an emergency and keep unexpected expenses from leaving you short when your mortgage is due.
All the suggestions above can help you get on top of your mortgage payment after refinancing your mortgage. To get started with the refinance process, contact us today. At BrightPath, we have a variety of mortgage products and options for you.