Life is unpredictable and you may face events during your lifetime that require you to be financially prepared so you can always fulfill your obligation to pay your mortgage.
Some of the most common unplanned events include:
- Unemployment or reduction in income
- A sudden illness in your family
- Home maintenance and/or repairs
- Divorce or separation
- Steep and unaffordable increase in your mortgage payment
Budgeting and saving for these emergencies is key to being financially prepared and to successful homeownership.