Big Mortgage Payments are Making it Difficult for Homeowners to Save Money

Seventy-seven percent of Americans with mortgage payments say they’re having trouble putting money away. That number from a new survey by The website’s Chief Financial Analyst, Greg McBride, warns not to buy more house than you can afford.

“You need to consider all of your expenses,” McBride told KTRH. “Your other financial goals. Whether it’s saving for retirement, maybe saving for a kid’s future education. You need to factor all that into the picture.”

McBride offers one way to make the situation more manageable for current mortgage holders. “Maybe look at refinancing that mortgage. Especially now with mortgage rates lower. You could trim those monthly payments.”

For more information on the survey, CLICK HERE.

New homeowner signing contract of house sale or mortgage papers

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