Steps to take: – Save three to six months of your expenses in an emergency fund. – Stop paying off your debts and start saving. – Refrain from taking on new debt. – Consider selling high-priced assets (in case you can no longer afford them). – Get rid of unnecessary expenses.
Even if you have no plans to sell, you should refinance now to take advantage of the current low rates, which will allow you to sit tight and weather any market storms. Home values reflect different factors, including the overall economy, geopolitical events, and, as we have seen, a global epidemic.