- October 3, 2023
- Posted by: legaleseblogger
- Category: Related News
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Title: Seeking Advice on Mortgage Payments during Unstable Job Market
Introduction:
Hello everyone, I hope you’re doing well. I recently came to the end of my contract and am currently on the lookout for my next job. As many of you are probably aware, the job market is quite challenging at the moment. While my partner is still employed, we have a decent emergency fund that could sustain us for about 6-7 months if neither of us were working. With a bit of careful planning and budgeting, we could potentially stretch it to a year or even longer, thanks to my partner’s job.
Questioning Mortgage Payments:
Given the current circumstances, we’re cutting back on expenses wherever possible, but I had a specific concern about my mortgage payments. At present, my mortgage has an interest rate of 2.69%, and I’ve intentionally been overpaying to match the payments that would be required if I were paying current interest rates. However, with our income reduced by more than half, I am considering whether it’s wise to scale back on these overpayments and save around $1.5k monthly. By doing so, we could potentially extend our financial runway by a few more months until I secure a new job opportunity.
Considerations for Renewal and Principal Reduction:
Additionally, I will need to renew my mortgage in July, which makes me ponder the implications of making these payments. If I choose to allocate the funds elsewhere instead of making larger payments, it would mean that the money saved would not contribute to reducing the principal. However, continuing these extra payments could help reduce my outstanding mortgage amount by approximately $13-14k, ultimately minimizing my long-term debt.
Seeking Insights from the Community:
I understand that personal finance decisions are deeply individual, ultimately depending on numerous factors. Nonetheless, I highly value the wisdom and insights of this wonderful group. Therefore, I would sincerely appreciate any advice or thoughts that you may have regarding my situation and whether adjusting my mortgage payments is a sensible choice during these uncertain times.
Thank you all in advance for your support and guidance. I truly appreciate being a part of this community.
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Definitely cut back and pay the minimum at that rate since you get more money putting it in the bank right now.
Also you applied for unemployment I assume?
Cut back until you find a new job.
With 9ish months of runway before your renewal I would personally cut back on the extra payments in the event it takes time to get another contract. This will allow you the flexibility and if between now and the renewal you get something (say in 3 months) you can always throw on additional payments again as your mortgage allows. Then come March start considering your options for renewal to minimize how much interest you’ll pay going forward.
Yep no reason not to cut back.
Obviously cut back while you arenÔÇÖt working
Cut back. You need to operate in emergency mode and not in financially-optimal mode. Reassess once you land that new job.
Cut back even if you get a job. Invest the 1.5k and make massive overpayments to put you back in like the months leading up to renewal (subject to overpayment allowances)
Look for full time, better long term than contract and lenders will also view it significantly better.
Thank you very much everyone.
The unanimous response really reassures me.
Monday morning!
Cut back, goal is to make your payments and get you through it all till your back making some money. making extra-overpayments is just gravy, much like being able to “save” and invest is generally an above and beyond when many t people simply cannot afford to do that as it is.
This is probably a longshot but there might be some sort of EI benefits for self-employed people called special EI benefits, I would call them, and actually talk to someone since you know information on any government website is clear as mud.
Also try contacting recruiters about work, they have the pulse on the job market, and of course update your LinkedIn and other job site profiles.
I worked contact for about 8 years. During that time what kept me working was willing to take gigs even if the rate is a little on the low side.
Don’t be a primadonna and turn down lower rate gigs. Market rates change. If it’s 5, 10, 15 less go for it. At least you have revenue coming in.
General rule is to keep cash flow positive. By over paying now, in anticipation for renewal at higher rate, you will not reduce your interest by much. In fact, at 2.69, you should pay the bare minimum, take the rest and buy a HIGH INTEREST ETF( CASH, PSA, CSAV) that give you 5%. You are actually positive bt 2.11%.
At the time of renewal, take the interest earned, dump it in your balances.