Three
Money-Saving Tips for Your New City Mortgage
Call Marcella anytime on 845 544 4026
or email me at riggsmarcella@gmail.com or check out my website at
marcellariggs.com for brokers you can trust!!
Your
mortgage: you only think about it once a month (if you’re on autopay, maybe not
even that often). Why worry about it? If it ain’t broke, don’t fix it,
right?
Wrong!
Like
all aspects of your big-picture financial planning, keeping an eye on that mortgage
can be an extra wealth-building move. I can point to three reasons why
re-evaluating your New
City mortgage could pay dividends:
Three Money-Saving Tips for Your New City Mortgage
Down, Down,
Down…
Ok,
with interest rates continually making headlines, this one might be a
no-brainer. But some folks don’t realize just how attainable significant
savings may be: a drop of just a single percentage point in the New City mortgage rate
can make a gigantic difference. A general rule of thumb is that if you can
lower your interest rate by a percent or more, it usually makes sense to
refinance. It’s certainly worth looking into. Three Money-Saving Tips for Your New City Mortgage
Pay
More Sooner (Build Wealth Quicker)
Nobody wants
to part with more hard-earned cash than necessary, but extra money out now can
wind up saving a lot of greenbacks later. Making just one extra payment a year
will have you owning your home free and clear sooner – whereupon those payment
dollars become yours!
Sound
too painful? It needn’t. See if you can set up bi-weekly payments of half your
monthly mortgage amount. You'll be making 26 payments annually: the equivalent
of 13 monthly payments! Confirm with your lender that the extra payments go
toward principal. Three
Money-Saving Tips for Your New City Mortgage
Eye That
Equity
If you’ve got a PMI payment, you know that extra insurance doesn’t
come cheap. So why make the extra payment a single month longer than necessary?
By law, your lender is required to stop charging you PMI after you accrue 22%
equity in your home. But in many cases, once you hit 20% equity, simply writing
a letter to your lender will prompt them to allow you to stop paying PMI then
and there.
For
most of us, our home in New
City is one of the largest investments we’ll ever make. Got a real
estate question? I’m here all the time to supply you with friendly help and
advice! Hope you enjoyed your Three Money-Saving Tips for Your New
City Mortgage
Call Marcella anytime on 845 544 4026
or email me at riggsmarcella@gmail.com or check out my website at
marcellariggs.com for brokers you can trust!!
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