Did you know that it is possible to save money on your monthly mortgage payment without refinancing?
It is.
Your mortgage payment is made up of PITI – or Principal, Interest, Taxes and Insurance. When you refinance, you typically lower your Principal and Interest – but did you know that it is possible to lower your Taxes and Insurance without refinancing?
To lower your monthly mortgage payment without refinancing, first focus on your taxes. Many homes across the US have actually went down in value, so they should have lower tax assessments, right? Maybe. But if you haven’ t had your property taxes lowered recently and you think your property values have went down, be sure to contact your local county assessors office and find out how you can appeal your property tax bill. You might be surprised how easy it is.
Next up, it is time to get multiple homeowners insurance quotes from companies that you know and trust. You might be surprised at how different rates can be between companies. Also when speaking to the agent, ask them what kind of discounts they give you if you install one of the best home alarm systems that you can find and what other kinds of discounts are available.
By focusing on your Taxes and Insurance – it may be possible to save money on your monthly mortgage payment without refinancing.
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Thanks for posting this. Very helpful. With our economic status today, a loan modification may be the only way for a homeowner to save their home. But most banks that are big doesn’t reply with loan modification inquiries fast because they don’t care if they lose some loans to foreclosure.