Long-term travel is rapidly becoming a popular way of life for many people who are seeking adventure and new experiences. However, traveling long-term often raises concerns about managing mortgage payments while away. In this blog post, we will provide some tips on managing your mortgage payments while traveling long-term, so you can enjoy your adventures without any financial worries.
Notify Your Lender
The first step in managing your mortgage payments while traveling is to notify your lender. It is important to inform your lender about your travel plans and the length of time you intend to be away. This will help them prepare your account accordingly and avoid issues or misunderstandings.
In addition, notifying your lender can also help you identify any possible issues with your mortgage account that need to be addressed before you leave. This can include payment issues, interest rates, or other terms.
To notify your lender, you can call them or email them. You may need to provide specific information, such as your travel dates, the location of your trip, and your contact details while traveling. Make sure you understand the requirements for notification and that you comply with them to avoid any problems.
Working with a reputable mortgage broker can make the notification process easier and smoother. Experts from YesCanDo Money recommend finding a broker who can guide you through the notification process, ensuring that you comply with the lender’s requirements and that your account is set up properly. A mortgage broker can also help you understand any specific terms or conditions in your mortgage agreement that may affect your travel plans. For example, some lenders require borrowers to maintain a certain level of occupancy in their homes, or they may require additional insurance coverage if the property is left unoccupied for an extended period.
By working with a mortgage broker, you can ensure that you comply with all of these requirements and avoid any issues or penalties with your mortgage account.
Set Up Automatic Payments
Setting up automatic payments is another effective way to manage your mortgage payments while traveling. Automatic payments are recurring, scheduled payments that are automatically debited from your bank account each month. This ensures that your mortgage payments are made on time without requiring any action from you.
To set up automatic payments, you can either do it online or contact your lender’s customer service. You will need to provide your bank account details, payment frequency, and payment amount. Setting up automatic payments saves you time and effort and gives you peace of mind knowing that your mortgage payments are taken care of.
Consider Hiring a Property Manager
Hiring a property manager is an option if you own a rental property or if you plan to rent out your home while traveling. A property manager is responsible for maintaining your property, collecting rent, and handling all tenant issues. They can also ensure that your mortgage payments are made on time.
While hiring a property manager incurs additional costs, it can be worth it if you have a lot of tenants or if you’re traveling for an extended period. It eliminates the need to manage your rental property while traveling and can also help you avoid legal and financial problems.
Keep Track of Your Mortgage Account Online
Keeping track of your mortgage account online is another way to manage your mortgage payments while traveling. Most lenders offer online account management tools that allow you to view your account balance, payment history, and upcoming payments. You can also set up alerts and notifications to remind you of your payment due dates.
To access your mortgage account online, you will need to register on your lender’s website and create an account. Once logged in, you can view your mortgage account and make payments online. Keeping track of your mortgage account online helps you stay on top of your payments and avoid any late fees or penalties.
Rent Out Your Property
Renting out your property while traveling is another option to generate income and manage your mortgage payments. By renting out your property, you can cover your mortgage payments and even earn additional income while you travel.
Before renting out your property, you need to consider several factors such as finding a trustworthy tenant, determining the rental price, and preparing the property for rent. You may also want to hire a property manager to handle all rental issues if you’re traveling.
In conclusion, managing your mortgage payments while traveling long-term requires careful planning and preparation. Notifying your lender, setting up automatic payments, hiring a property manager, keeping track of your mortgage account online, and renting out your property are some effective ways to manage your mortgage payments while traveling. By following these tips, you can enjoy your long-term travels without worrying about your mortgage payments.
