Give your mortgage an annual once over
If the last time you looked at your mortgage was when you closed escrow on your loan, it’s time to take it out for an annual once over.
New loan programs or lower interest rates as well as opportunities to leverage your home's equity can bring you lower mortgage payments and new investment opportunities.
Is a fixed rate mortgage the best choice for you?
Many of us opt for the certainty of a 20 year or 30 year fixed rate mortgage when we get our first mortgage. If you anticipate selling your home within the next 10 years, one of our hybrid loans may be a better financial fit for you. Hybrid loans typically have a lower fixed rate than a traditional 20 or 30 year mortgage. The savings you receive can well be worth switching to a hybrid loan.
Are your taxes and insurance up to date?
Even though your mortgage servicer is responsible for paying your taxes and insurance out of your escrow account, it just makes sense to periodically check to see that these payments are being made properly. While you’re at it, you’ll want to review your homeowner’s insurance policy. It’s a good idea to review your policy every year to make sure it covers recent home improvements, replacement costs for the contents of your home, and that its reconstruction coverage is keeping pace with inflation.
Also, as insurance has become more competitive, it is possible to save hundreds each year simply by shopping your company's competitors. Depending on your insurance needs, and who you are currently with, the savings could be substantial. One particular customer was able to save over $1,200 per year just by making four phone calls and about an hour's worth of time. Granted he had three cars, a rental properties and his home, but you must admit that $1,200 for an hour's work is still pretty awesome. If he had not been encouraged to do this check up, he would still be paying his higher premiums. If you could save even $200 for an hour's worth of time, would it be worth it? You Bet!
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