Grief is most often associated with the loss of a loved one, but loss of employment can create painfully similar emotions. Whether your company has downsized, gone out of business, or you’ve lost your job for another reason, taking control of your finances during a time of uncertainty isn’t easy. At Quicken Loans, we’re here to listen to your unique situation. We’ll help you manage your home loan payment and other bills during this difficult occasion in your life.
How Can the Loss of Employment Affect Your Family’s Finances?
Many families are unprepared if a loss of employment occurs. After you’ve lost your job, dealing with your family’s finances may be the last thing on your mind. You may need to consider the following:
- Protecting your home and family
- Protecting your credit rating
- Maximizing your cash flow
- Planning for the future
When Should You Consider Taking the Next Financial Step During This Transition?
It’s understandable in a time of grief to want to put aside the financial attention of your home demands. This is a good opportunity to accept the help of close friends or family. It’s important to protect your home and family right now. Steps you’ll want to take quickly may include:
- Locate all bills and financial records
- Make a list of bills (credit cards, health insurance, car leases, etc.) and pay off urgent accounts as soon as possible
- Know which debts are yours in order to prevent paying a bill you don’t owe
- Manage life insurance, pension plans, and retirement funds
What Home Loan Options May Be Helpful During This Time?
When you need to bridge the sudden gap in your income, consider refinancing your mortgage to use some of the equity in your home. A cash-out refinance can be useful for meeting large, one-time expenses. Monthly payments will likely be substantially lower than the sum of your other bills because you will be repaying the loan over a greater period of time – as long as 30 years. If you’re looking to refinance but stay the course with your loan’s term, consider our YOURgage. Our most revolutionary and flexible home loan option, it’s customizable to your terms, whether it’s a 27-year or 19-year mortgage. The caring Home Loan Experts at Quicken Loans can help you determine if a refinance is appropriate for you.